08-25 Authorizing the City to Issue One or More Series of its Taxable Economic Development Tax Increment Revenue Bonds and Approving and Authorizing Other Actions in Respec Thereto in Connection With the J. C. Hart Development Project

Home Browse Search

an area,presently part of the Area, as a separate allocation area pursuant to Indiana Code 36-7-14- 39 to be known as the "Riverwalk Allocation Area" (the "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"). The Developer has advised the City,the South Bend Economic Development Commission (the"Economic Development Commission")and the Redevelopment Commission concerning the Project, and has requested that the City authorize and issue its taxable economic development tax increment revenue bonds under the Act, to be designated as the "City of South Bend, Indiana, Taxable Economic Development Tax Increment Revenue Bonds, Series 2025 (J.C. Hart Development Project)"(with such further series or different series designation as determined to be necessary or appropriate) (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. The Economic Development Commission has rendered a report concerning the proposed financing or refinancing of economic development facilities for the Developer. Following a public hearing,pursuant to Section 24 of the Act,the Economic Development Commission found that the financing of a portion of the costs of the Project complies with the purposes and provisions of the Act and that each such financing will be of benefit to the health and public welfare of the City. The Economic Development Commission has considered whether the financing of the Project will have an adverse competitive effect or impact on any similar facility or facility of the same kind already constructed or operating in the corporate boundaries of the City. Pursuant to and in accordance with the Act, the City desires to provide funds necessary to finance a portion of the costs of the Project by issuing the Bonds. The Act provides that such Bonds may be secured by a trust indenture between an issuer and a corporate trustee. The City intends to issue the Bonds consistent with the terms of this Ordinance, and pursuant to a Trust Indenture for the Bonds, to be dated as of the first day of the month in which the Bonds are issued (the "Indenture"), by and between the City and a corporate trustee to be selected by the City, in order to secure funds necessary to provide for the financing of a portion of the costs of the Project in accordance with the terms of a Loan Agreement with the Developer, to be dated as of the first day of the month in which the Bonds are issued (the "Loan Agreement"), by and between the City and the Developer with respect to the use(or deemed use)of the proceeds of the Bonds and the completion of the Project. No member of the Common Council of the City (the "Common Council") has any pecuniary interest in any employment, financing agreement or other contract made under the provisions of the Act and related to the Bonds authorized herein, which pecuniary interest has not been fully disclosed to the Common Council, and no such member has voted on any such matter, all in accordance with the provisions of Section 16 of the Act. 2