Resolution Nos. 3637 & 3638 RIF Bonds (Drewrys Portage Elwood) - Signed

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SOUTH BEND REDEVELOPMENT COMMISSION RESOLUTION NO. 3637 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF TAX INCREMENT REVENUE BONDS FOR THE PURPOSE OF PROVIDING FUNDS FOR THE COSTS OF CERTAIN LOCAL PUBLIC IMPROVEMENTS THAT SUPPORT RESIDENTIAL HOUSING DEVELOPMENT AND INCIDENTAL EXPENSES IN CONNECTION THEREWITH AND ON ACCOUNT OF THE ISSUANCE OF THE BONDS WHEREAS, the South Bend Redevelopment Commission (the “Commission”), the governing body of the South Bend Department of Redevelopment 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 previously designated and declared an area in the City of South Bend, Indiana (the “City”) known as the River West Development Area as an economic development area (the “Area”) and designated portions of the Area from time to time as allocation areas pursuant to Section 39 of the Act (each such allocation area within the Area, excluding the Riverwalk Allocation Area designated by Resolution No. 3627 adopted by the Commission on January 9, 2025, an “Allocation Area” and collectively, the “Allocation Areas”); and WHEREAS, the Commission has previously created an allocation fund for each of the Allocation Areas (each an “Allocation Fund and collectively, the “Allocation Funds”), and has provided that tax increment revenues derived from each respective Allocation Area (collectively, the “Tax Increment”) shall be deposited into the respective Allocation Fund; and WHEREAS, the Commission previously has adopted Resolution No. 3633 at a meeting held on April 10, 2025, preliminarily determining to issue bonds for the purpose of financing the cost of certain local public improvements in or serving the Allocation Areas that support the redevelopment of the Drewrys Site located at 1408 Elwood Avenue in the City (the “Project Site”) into a new residential housing development, including without limitation (i) continued environmental remediation of the Project Site, (ii) the construction of new streets, curbs, sidewalks and tree lawns, (iii) the construction of a storm sewer system, (iv) the installation of sanitary sewer lines, (v) the installation of water main lines and a lateral connection system and (vi) the installation of street lighting, (items (i) through and including (vi), collectively, the “Project”); and WHEREAS, the Commission now deems it advisable to issue bonds of the District issued in the name of the City and payable solely out of Tax Increment pledged therefor and any legally available revenues of the Commission, designated as the “City of South Bend, Indiana Redevelopment District Taxable Tax Increment Revenue Bonds, Series 2025 (Residential Infrastructure Fund Loan)” (with such further or different designation as the President of the Commission shall approve) (the “Bonds”), in one or more series, in an original principal amount not to exceed Two Million Five Hundred Seventy Thousand Dollars ($2,570,000) (the “Authorized Amount”) for the purpose of providing funds to pay for all or any portion of (a) the costs related