Resolution No. 2024-3 (Intend Indiana)

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3 SECTION 3. The Commission hereby determines that the Project will not have a material adverse competitive effect on any similar facilities already constructed or operating in or near the City. SECTION 4. The Commission hereby approves the report with respect to the Project presented at this meeting. The Secretary of this Commission is directed to submit such report to the executive director or chairman of the plan commission of the City. SECTION 5. The Commission hereby finds, determines, ratifies and confirms that making the Loan to the Developer on a draw basis with each annual draw amount totaling not more than $1,250,000, in an aggregate amount not to exceed Five Million Dollars ($5,000,000) over a term of five (5) years, to finance a portion of the cost of the Project, will be of benefit to the health and general welfare of the City, will serve the public purposes referred to above in accordance with the Act, and fully comply with the Act. Furthermore, the Commission hereby finds and determines that the Loan shall be subject to forgiveness upon satisfaction of certain conditions described in the Financing Agreements, and acknowledges that, in the event that the Loan is forgiven, the consideration received by the City for the Loan being forgiven is the completion of the Project by the Developer and the economic benefits resulting to the City therefrom. SECTION 6. The financing of the Project by making the Loan to the Developer on a draw basis, in an aggregate amount not to exceed Five Million Dollars ($5,000,000), is hereby approved. SECTION 7. The Commission hereby approves and recommends to the Common Council of the City the terms of the following documents in the form presented at this meeting: (a) the Loan Agreement (including the promissory note from the Developer); (b) the Funding Agreement; and (c) the Ordinance. SECTION 8. Any officer of the Commission is hereby authorized and directed, in the name and on behalf of the Commission, to execute any and all other agreements, documents and instruments, perform any and all acts, approve any and all matters, and do any and all other things deemed by him or her to be necessary or desirable in order to carry out and comply with the intent, conditions and purposes of this resolution (including the preambles hereto and the documents mentioned herein), the Project and the making of the Loan, and any such execution, performance, approval or doing of other things heretofore effected be, and hereby is, ratified and approved. SECTION 9. The Secretary of this Commission shall transmit this resolution, together with the forms of the Financing Agreements approved by this resolution, to the Common Council. SECTION 10. This resolution shall be in full force and effect upon adoption. *****