Resolution No. 2024-3 (Intend Indiana)

Home Browse Search

2 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”); and WHEREAS, the Commission has studied the Project and the proposed financing of the Project and its effect on the health and general welfare of the City and its citizens; and WHEREAS, the completion of the Project results in the diversification of industry, the creation of jobs and the creation and retention of business opportunities in the City; and WHEREAS, pursuant to I.C. § 36-7-12-24, the Commission published notice of a public hearing (the “Public Hearing”) on the proposed financing of a portion of the costs of the Project, and the Commission held the public hearing on the Project on July 9, 2024; and WHEREAS, there has been submitted to the Commission prior to this meeting substantially final forms of: (a) the Loan Agreement; (b) the Funding and Reimbursement Agreement (the “Funding Agreement”) between the City and the South Bend Redevelopment Commission (the “Redevelopment Commission”); and (c) the Ordinance of the Common Council (the “Common Council”) authorizing the Loan (the “Ordinance” and, together with the Loan Agreement and the Funding Agreement, collectively, the “Financing Agreements”); and WHEREAS, 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; and WHEREAS, the Redevelopment Commission has adopted its Resolution No. 3603 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 “River West 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 RESOLVED BY THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION AS FOLLOWS: SECTION 1. The Commission hereby finds, determines, ratifies and confirms that the diversification of industry, the retention of business opportunities and the retention of opportunities for gainful employment within the jurisdiction of the City is desirable, serves a public purpose, and is of benefit to the health and general welfare of the City; and that it is in the public interest that the City take such action as it lawfully may to encourage the diversification of industry, the retention of business opportunities, and the retention of opportunities for gainful employment within the jurisdiction of the City. SECTION 2. The Commission hereby determines that the Project is an “economic development facility” within the meaning of I.C. 36-7-11.9-3.