EDC Packet Signed from 2.6.2025 - Laserfiche WebLink

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BILL NO. ORDINANCE NO. AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, 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 RESPECT THERETO IN CONNECTION WITH THE J.C. HART DEVELOPMENT PROJECT STATEMENT OF PURPOSE AND INTENT Indiana Code 36-7-11.9 and 12 (collectively, the "Act") declares that the financing and refinancing of economic development facilities constitutes a public purpose. Pursuant to the Act, the City of South Bend, Indiana (the "City") is authorized to issue revenue bonds for the purpose of financing, reimbursing or refinancing the costs of acquisition, construction, renovation, installation and equipping of economic development facilities in order to foster diversification of economic development and creation or retention of opportunities for gainful employment in or near the City. The South Bend Redevelopment Commission (the "Redevelopment Commission"), the governing body of the South Bend Department of Redevelopment and the Redevelopment District of the City (the "District"), exists and operates under the provisions of Indiana Code 36-7-14, as amended from time to time (the "Redevelopment Act"). The Redevelopment Commission has previously declared an area within the City as an economic development area and known as the "River West Development Area" (the "Area") and designated the Area as an allocation area in accordance with Section 39 of the Redevelopment Act for the purposes of capturing ad valorem property taxes levied and collected on all taxable real property from the incremental assessed value in such Area. The City, the Redevelopment Commission and J.C. Hart Company, Inc. (together with any affiliate thereof as permitted by the Development Agreement (as defined herein), collectively, the "Developer"), have entered into an Economic Development Agreement, dated as of January 9, 2025 (the "Development Agreement"), whereby the Developer has agreed that the Developer will undertake the development and construction of 2 buildings housing approximately 291 apartments and an approximately 398 space structured garage (the "Project"). The Redevelopment Commission on January 9, 2025, approved and adopted its Resolution No. 3627 for the purpose of making additional amendments to the Area and its plan to designate