Resolution No. 3603 (Intend Indiana Loan Agreement)

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RESOLUTION NO.3603 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE USE OF RIVER WEST TIF REVENUES FOR A HOUSING DEVELOPMENT PROJECT AND APPROVING A FORM OF A DEVELOPMENT AGREEMENT FOR SUCH HOUSING DEVELOPMENT PROJECT AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the governing body of the South Bend Department of Redevelopment and the Redevelopment District of the City of South Bend, Indiana, exists and operates under the provisions of Indiana Code 36- 7-14, as amended from time to time (the "Act"); and WHEREAS, the Commission is committed to improving the City by administering and funding projects that support economic development, public infrastructure, and neighborhood revitalization; and WHEREAS, the Commission desires to enter into a development agreement (the "Development Agreement") with Affordable HomeMatters Indiana LLC, a single member limited liability company owned and operated by Intend Indiana Inc., an Indiana nonprofit corporation (the "Developer"), pursuant to which the Developer proposes to undertake the construction of up to ninety-two (92) single-family detached homes containing two (2) to four (4) bedrooms of which pursuant to the terms of the Development Agreement (i) at least forty (40) homes will be sold to households earning less than eighty percent (80%) of the Area Median Income ("AMP'), (ii) at least seventeen (17) homes will be sold to households earning between eighty percent (80%) of AMI and one hundred twenty percent (120%) of AMI, and (iii) the remainder of homes to be sold at the market rate, with an approximate total development cost of $25,000,000, on certain parcels of real property generally located in the Lincoln Park neighborhood in the City (collectively, the "Project"); and WHEREAS, the Commission has previously adopted a declaratory resolution, as subsequently confirmed and amended, which (i) declared the River West Economic Development Area (the "River West Economic Development Area") as an economic development area pursuant to Section 41 of the Act, (ii) designated the River West Economic Development Area as an allocation area pursuant to Section 39 of the Act (the "River West Allocation Area"), for the purpose of capturing property tax proceeds derived from incremental assessed valuation of real property in such allocation area which is in excess of the "base assessed value" (such property tax proceeds, hereinafter referred to as "River West TIF Revenues"), (iii) created the River West Allocation Area Fund (the "River West Allocation Fund") into which all River West TIF Revenues are deposited, all pursuant to and as described Section 39 of the Act, and (iv) approved an economic development plan for the River West Economic Development Area (the "Plan"); and WHEREAS, under the terms of the proposed Development Agreement, the Commission would agree to contribute River West TIF Revenues in an annual amount of up to One Million One Hundred Twenty-five Thousand Dollars ($1,125,000), subject to annual appropriation, over a five (5) year period (the "Term") for a total amount of not to exceed Five Million Dollars ($5,000,000) toward the cost of the Project, subject to the completion of all procedures required by law; and