Resolution No. 3605 (Affordable HomeMatters Indiana Additional Appropriations)

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RESOLUTION NO.3605 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROPRIATING CERTAIN FUNDS IN CONNECTION WITH A DIRECT LOAN TO THE DEVELOPER OF AN ECONOMIC DEVELOPMENT FACILITY (LINCOLN PARK PROJECT) 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 (the "District"), 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 of South Bend, Indiana (the "City") by administering and funding projects that support economic development, public infrastructure, and neighborhood revitalization; 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 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; and WHEREAS, Affordable HomeMatters Indiana LLC, a single member limited liability company owned and operated by Intend Indiana, Inc., an Indiana nonprofit corporation (the "Developer"), has informed the City that it desires to acquire and construct certain economic development facilities within the City which will consist of up to ninety-two (92) single-family detached homes containing two (2) to four (4) bedrooms of which (i) at least forty (40) homes will be sold to households earning less than eighty percent (80%) of the Area Median Income ("AMI"), (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 will be sold at the market rate, with an approximate total development cost of Twenty-five Million Dollars ($25,000,000), on certain parcels of real property generally located in the Lincoln Park neighborhood in the City (collectively, the "Project"), and has requested that the City make a loan to the Developer on a draw basis for the purposes of financing or reimbursing the Developer for a portion of the costs of acquisition and construction of the Project; and WHEREAS, the Common Council of the City adopted its loan ordinance (the "Loan Ordinance") on July 22, 2024, which Loan Ordinance authorizes the issuance and funding of a forgivable loan from the City to the Developer on an annual draw basis (the "Loan") over a five (5) year period, with each annual draw amount totaling not more than $1,125,000, in the total