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Item 3.b.iv <br />BILL NO. __________ <br /> <br />ORDINANCE NO. ____________ <br /> <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA, AUTHORIZING A <br />DIRECT LOAN TO THE DEVELOPER OF AN <br />ECONOMIC DEVELOPMENT FACILITY (LINCOLN PARK <br />PROJECT) AND APPROVING OTHER MATTERS IN <br />CONNECTION THEREWITH <br /> <br /> <br />STATEMENT OF PURPOSE AND INTENT <br /> <br /> <br />The City of South Bend, Indiana (the “City”), is a municipal corporation and political <br />subdivision of the State of Indiana and by virtue of I.C. 36-7-11.9, I.C. 36-7-12 and I.C. 36-7-14 <br />(collectively, the “Act”), is authorized and empowered to adopt this ordinance (this “Ordinance”) <br />and to carry out its provisions. <br />The Act declares that the financing and refinancing of economic development facilities (as <br />defined in the Act) constitutes a public purpose. <br />Pursuant to the Act, the City is authorized to make loans for the purpose of financing, <br />reimbursing or refinancing all or a portion of the costs of acquisition, construction, renovation, <br />installation and equipping of economic development facilities in order to foster diversification of <br />economic development and creation or retention of opportunities for gainful employment in or <br />near the City. <br />Affordable HomeMatters Indiana LLC, a single member limited liability company owned <br />and operated by Intend Indiana, Inc., an Indiana nonprofit corporation (the “Developer”) has <br />informed the City that it desires to acquire and construct certain economic development facilities <br />within the City which will consist of up to ninety-two (92) single-family detached homes <br />containing two (2) to four (4) bedrooms of which (i) at least forty (40) homes will be sold to <br />households earning less than eighty percent (80%) of the Area Median Income (“AMI”), (ii) at <br />least seventeen (17) homes will be sold to households earning between eighty percent (80%) of <br />AMI and one hundred twenty percent (120%) of AMI, and (iii) the remainder will be sold at the <br />market rate, with an approximate total development cost of Twenty-five Million Dollars <br />($25,000,000), on certain parcels of real property generally located in the Lincoln Park <br />neighborhood in the City (collectively, the “Project”), and has requested that the City make a loan <br />to the Developer on a draw basis for the purposes of financing or reimbursing the Developer for a <br />portion of the costs of acquisition and construction of the Project.