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11182-25 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 Respect Thereto in Connection With the J. C. Hart Development Project
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11182-25 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 Respect Thereto in Connection With the J. C. Hart Development Project
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The Economic Development Commission has rendered a report concerning the proposed <br /> financing or refinancing of economic development facilities for the Developer. <br /> Following a public hearing,pursuant to Section 24 of the Act, the Economic Development <br /> Commission found that the financing of a portion of the costs of the Project complies with the <br /> purposes and provisions of the Act and that each such financing will be of benefit to the health and <br /> public welfare of the City. <br /> The Economic Development Commission has considered whether the financing of the <br /> Project will have an adverse competitive effect or impact on any similar facility or facility of the <br /> same kind already constructed or operating in the corporate boundaries of the City. <br /> Pursuant to and in accordance with the Act, the City desires to provide funds necessary to <br /> finance a portion of the costs of the Project by issuing the Bonds. <br /> The Act provides that such Bonds may be secured by a trust indenture between an issuer <br /> and a corporate trustee. <br /> The City intends to issue the Bonds consistent with the terms of this Ordinance, and <br /> pursuant to a Trust Indenture for the Bonds, to be dated as of the first day of the month in which <br /> the Bonds are issued (the "Indenture"), by and between the City and a corporate trustee to be <br /> selected by the City, in order to secure funds necessary to provide for the financing of a portion of <br /> the costs of the Project in accordance with the terms of a Loan Agreement with the Developer, to <br /> be dated as of the first day of the month in which the Bonds are issued (the "Loan Agreement"), <br /> by and between the City and the Developer with respect to the use(or deemed use)of the proceeds <br /> of the Bonds and the completion of the Project. <br /> No member of the Common Council of the City (the "Common Council") has any <br /> pecuniary interest in any employment, financing agreement or other contract made under the <br /> provisions of the Act and related to the Bonds authorized herein, which pecuniary interest has not <br /> been fully disclosed to the Common Council, and no such member has voted on any such matter, <br /> all in accordance with the provisions of Section 16 of the Act. <br /> The forms of the Bonds, the Indenture and the Loan Agreement (collectively, the <br /> "Financing Documents"), and a form of this proposed Ordinance were submitted to, and approved <br /> by, the Economic Development Commission,which documents were incorporated by reference in <br /> the resolution heretofore adopted by the Economic Development Commission, which resolution <br /> has been transmitted to the Common Council in accordance with the Act. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br /> CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: <br /> SECTION I. Findings;Public Benefits. It is hereby found that the financing of a portion <br /> of the economic development facilities for the Project referred to in the Financing Documents <br /> previously approved by the Economic Development Commission and presented to this Common <br /> Council, the issuance and sale of the Bonds, the use (or deemed use) of a portion of the proceeds <br /> of the Bonds by the Developer for the financing of a portion of the costs of the Project,the payment <br /> of the Bonds from the Riverwalk Allocation Area TIF Revenues and other sources pursuant to the <br /> Financing Documents,and the securing of the Bonds under the Indenture comply with the purposes <br /> and provisions of the Act and will be of benefit to the health, prosperity, economic stability and <br /> general welfare of the City and its citizens. <br /> SECTION II. Approval of Financing. At the public hearing held before the Economic <br /> Development Commission, the Economic Development Commission considered whether the <br /> Project would have an adverse competitive effect on any similar facilities located in or near the <br /> City. This Common Council hereby confirms the findings set forth in the Economic Development <br /> Commission's resolutions and concludes that the Project will be of benefit to the health,prosperity, <br /> economic stability, and general welfare of the citizens of the City. <br /> SECTION III. Copies of Financing Documents on File. The substantially final <br /> forms of the Financing Documents shall be incorporated herein by reference and shall be inserted <br /> in the minutes of the Common Council and kept on file by the Clerk of the City(the"Clerk"). In <br /> 2 <br />
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