6A3 TIF Pledge Resolution No. 3630 -Taxable Econ. Dvlpmnt. Tax Increment (J.C. Hart) - Signed

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RESOLUTION NO. 3630 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION PLEDGING CERTAIN TAX INCREMENT REVENUES TO THE PAYMENT OF CERTAIN TAXABLE ECONOMIC DEVELOPMENT TAX INCREMENT REVENUE BONDS OF THE CITY OF SOUTH BEND FOR THE J.C. HART DEVELOPMENT PROJECT WHEREAS, the South Bend Redevelopment Commission (the “Commission”), the governing body of the City of South Bend, Indiana, Department of Redevelopment (the “Department”) 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 has heretofore adopted a declaratory resolution (as subsequently confirmed and amended from time to time, the “Declaratory Resolution”) designating an area known as the River West Development Area (the “Area”) as an economic development area pursuant to the Act, designating the Area as an allocation area pursuant to Section 39 of the Act (the “Allocation Area”), and approving an economic development plan for the Area (the “Plan”); and WHEREAS, the Commission on January 9, 2025, approved and adopted its Resolution No. 3627 for the purpose of making additional amendments to the Area and the Plan including to designate a portion of the Allocation Area as a separate allocation area pursuant to Section 39 of the Act to be known as the Riverwalk Allocation Area (“Riverwalk Allocation Area”) for purposes of capturing ad valorem property taxes levied and collected on all taxable real property from the incremental assessed value located in the Riverwalk Allocation Area (such tax increment revenues, including any future tax increment revenues generated as a result of the redesignation of the Riverwalk Allocation Area, the “Riverwalk Allocation Area TIF Revenues”); and WHEREAS, the Commission and J.C. Hart Company, Inc. (the “Company”), have entered into a Development Agreement, dated as of January 9, 2025 (the “Development Agreement”), whereby the Company agreed that the Company, or an affiliate thereof will undertake the development and construction of 2 buildings housing approximately 291 apartments and an approximately 398-space structured garage to be located in Riverwalk Allocation Area (the “Project”); and WHEREAS, the City is considering the issuance of its City of South Bend, Indiana, Taxable Economic Development Tax Increment Revenue Bonds, Series 2025 (J.C. Hart Development Project), in a maximum aggregate principal amount not exceeding $17,000,000 (the “Bonds”), a portion of the net proceeds of such Bonds to be used for the purpose of financing a portion of the costs of the Project; and WHEREAS, the Commission desires to pledge a portion of the Riverwalk Allocation Area TIF Revenues consisting of: (i) ninety percent (90%) of the Riverwalk Allocation Area TIF Revenues (the “90% Pledge Revenues”), and (ii) an additional annual amount equal to six percent