EDC Packet 7.9.24 - Laserfiche WebLink

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2 The Developer has requested from the City and the City of South Bend Economic Development Commission (the “Commission”) that the City make a loan to the Developer on a draw basis pursuant to the Act in a total amount not to exceed Three Million Five Hundred Thousand Dollars ($3,500,000) for the purpose of financing or reimbursing a portion of the costs of the Project (the “Loan”) as described in the proposed Financing and Loan Agreement between the City and the Developer (the “Loan Agreement”). The completion of the Project will result in the creation of jobs, the diversification of industry and the creation of business opportunities in the City. Pursuant to I.C. § 36-7-12-24, the Commission published notice of a public hearing on the proposed financing of a portion of the Project costs (the “Public Hearing”). On the date specified in the notice of the Public Hearing, the Commission conducted the Public Hearing, and adopted its evaluative report and resolution, which have been transmitted to the Common Council, finding that the financing of a portion of the Project complies with the purposes and provisions of the Act and that such financing will be of benefit to the health and welfare of the City and its citizens. The Commission has performed all actions required of it by the Act preliminary to the adoption of this Ordinance and has approved and forwarded to the Common Council the forms of: (1) the Loan Agreement; (2) the Funding and Reimbursement Agreement (the “Funding Agreement”) between the City and the South Bend Redevelopment Commission (the “Redevelopment Commission”); and (3) this Ordinance (the Loan Agreement, the Funding Agreement, and this Ordinance, collectively, the “Financing Agreements”). Pursuant to Indiana Code 36-7-14-39(b)(4), the Redevelopment Commission may use certain incremental property taxes, among other purposes, to reimburse the City for expenditures (including loans) made for local public improvements (which include buildings, parking facilities, and all expenses reasonably incurred in connection with the acquisition and redevelopment of property) that are physically located in or physically connected to the Allocation Area. The Redevelopment Commission has adopted its Resolution No. 3602 on June 27, 2024, determining, subject to annual appropriation by the Redevelopment Commission, to make available tax increment revenues on deposit in the allocation fund for the Allocation Area (the “South Side TIF Revenues”) to simultaneously reimburse the City for its costs incurred to fund each draw on the Loan to the Developer with respect to the Project. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: SECTION I. Findings; Public Benefits. The Common Council hereby finds and determines that the Project involves the acquisition and construction of an “economic development facility” as that phrase is used in the Act; that the Project will increase employment opportunities and increase diversification of economic development in the City, will improve and promote the economic stability, development and welfare in the City, will encourage and promote the expansion of industry, trade and commerce in the City and the location of other new industries in the City; that the public benefits to be accomplished by the making of the Loan to the Developer