Resolution No. 3633 (TIR Bonds Drewrys Site) - Signed

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RESOLUTION NO. 3633 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION PRELIMINARILY DETERMINING TO ISSUE TAX INCREMENT REVENUE BONDS OF THE REDEVELOPMENT DISTRICT OF THE CITY OF SOUTH BEND, INDIANA 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 and as an allocation area pursuant to Section 39 of the Act (the “Area”); and; WHEREAS, the Commission desires to finance the cost of certain local public improvements in or serving the Area 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 reasonably expects to fund the costs of the Project with proceeds of bonds issued by or on behalf of the Commission (the “Bonds”), in the maximum principal amount of Two Million Five Hundred Seventy Thousand Dollars ($2,570,000); and WHEREAS, the Bonds will be payable from a pledge of tax increment revenues collected in the Area (the “Tax Increment”) and any legally available revenues of the Commission; and WHEREAS, the Commission may enter into one or more Financial Assistance Agreements, Funding Agreements, Grant Agreements, and/or Financial Aid Agreements, together with any subsequent amendments thereto, with the Indiana Finance Authority as part of its residential infrastructure fund program and/or residential housing infrastructure assistance program, established and existing pursuant to Ind. Code 5-1.2-15.5 (the “IFA Program”), pertaining to the Project and the financing of the Project if the Bonds are sold to the IFA Program; NOW, THEREFORE, BE IT RESOLVED BY THIS SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: 1.The Commission hereby makes a preliminary determination to issue the Bonds in one or more series for the purpose of financing all or a portion of the costs of the Project and paying related costs. The Bonds shall be in the maximum principal amount of Two Million Five Hundred Seventy Thousand Dollars ($2,570,000), with a final maturity not later than twenty (20) years from the date of issuance, and shall bear a per annum interest rate not to exceed five and