5A3 Resolution No. 3639 Authorizing Use TIF (Monreaux) - Signed

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RESOLUTION NO. 3639 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING USE OF INCREASED TIF REVENUES TO FUND LOAN AND APPROVING SUBSTANTIALLY FINAL FORM OF FIRST AMENDMENT TO DEVELOPMENT AGREEMENT WHEREAS, the South Bend ("City") Redevelopment Commission ("Commission") has established the River West Development Area ("Area") and the River West Development Allocation Area No. 1 ("Allocation Area") and adopted an economic development plan, as amended (collectively, as amended, "Plan") for the Area; WHEREAS, pursuant to IC 36-7-14-11(3) and (4), the Commission has the duty to promote the use of land in the manner that best serves the interests of the City and its citizens and the duty to cooperate with the City and all departments and agencies thereof in the manner that best serves the purposes of the redevelopment statute; WHEREAS, the Commission has entered into a development agreement ("Development Agreement") effective as of November 20, 2023, with Delta Ventures Ltd., an Indiana Nonprofit Corporation ("Delta" or "Borrower") and the Monreaux LLC for the construction of the Project (as defined in the Development Agreement); WHEREAS, certain circumstances have changed since the execution of the Development Agreement and the Commission desires to amend the Development Agreement to increase the forgivable loan amount and recognize certain changes in the Project; WHEREAS, the Commission will use the property tax proceeds on hand and to be on hand in the allocation fund for the Allocation Area from the assessed valuation of real property in the Allocation Area in excess of the assessed valuation described in IC 36-7-14-39(b)(1) as reduced by the credit provided for in IC 36-7-14-39.5 as such statutory provisions exist on the date of the issuance of the Series 2023 Note ("TIF Revenues"); WHEREAS, the Commission desires to increase the forgivable loan amount to be funded from TIF Revenues to an amount not to exceed Three Million Three Hundred Thousand Dollars ($3,300,000); and WHEREAS, a substantially final form of the First Amendment to Development Agreement to be entered into between the Commission and the Borrower is attached hereto and incorporated herein as Exhibit 1; NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION THAT: Section 1. Public Purpose. The Commission hereby finds and determines that: (a)promoting redevelopment and economic development in the Area is a valid corporate and public purpose for which the Commission may spend public funds;