Resolution No. 3603 (Intend Indiana Loan Agreement)

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WHEREAS, the Commission has determined that it anticipates having sufficient River West TIF Revenues on deposit in the River West Allocation Fund over the Term to contribute River West TIF Revenues toward costs of the Project as provided in the Development Agreement, which will directly serve and benefit, or be physically located in or connected to, the River West Allocation Area; and WHEREAS, the Commission now desires to approve the form of the Development Agreement and agree to contribute a total amount of not to exceed $5,000,000 of River West TIF Revenues subject to annual appropriations of not more than $1,125,000 each year during the Term toward the cost of the Project all as described in the Development Agreement and subject to the completion of all procedures required by law, and authorize and approve other actions related thereto, subject to the terms and conditions set forth below; NOW, THEREFORE, BE IT RESOLVED BY THIS SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: SECTION 1. The Commission hereby finds and determines that the Project, and the use of River West TIF Revenues to contribute to the Project as described herein, directly serves and benefits the River West Allocation Area, furthers the purposes for which the River West Economic Development Area was created, and helps accomplish the Plan. SECTION 2. The Commission hereby authorizes the contribution of not to exceed $5,000,000 of River West TIF Revenues subject to annual appropriations of not more than $1,125,000 each year during the Term toward the cost of the Project, subject to the completion of all procedures required by law. The use of River West TIF Revenues as described herein shall be junior and subordinate to any currently outstanding or future bonds or lease obligations of the Commission payable from River West TIF Revenues. SECTION 3. The Commission hereby authorizes the President or Vice President to execute and deliver and the Secretary or other officer to attest and deliver the Development Agreement in the form submitted to the Commission at this meeting, together with such changes in the form and substance thereof as may be approved by the President or Vice -President of the Commission upon the advice and recommendation of the Commission's legal counsel, provided, however, no changes to the Development Agreement shall commit the Commission to contribute more than $5,000,000 subject to annual appropriations of not more than $1,125,000 each year toward the Project, with any such changes to be conclusively evidenced by the execution, attestation and delivery of the Development Agreement. SECTION 4. The Commission hereby authorizes a public hearing to be held on the appropriation of an amount of River West TIF Revenues in an amount not to exceed $1,125,000 to provide funding to reimburse the City for the first draw on the loan between the City and the Developer as described in the Development Agreement and further authorizes the staff of the Department of Community Investment, with assistance from counsel, to cause the notice of such hearing to be published and posted as required by law. SECTION 5. This resolution shall take effect immediately upon adoption by the Commission. 2