58-25 Authorizing a Direct Loan to the Developer of an Economic Development Facility (Low-Barrier Intake Emergency Shelter Project) and Approving other Matters in Connection Therewith

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Filed in Clerk's Office BILL NO. 58-25 Bianca Tirado ORDINANCE NO. City Clerk, South Bend, IN AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING A DIRECT LOAN TO THE DEVELOPER OF AN ECONOMIC DEVELOPMENT FACILITY (LOW-BARRIER EMERGENCY SHELTER PROJECT) AND APPROVING OTHER MATTERS IN CONNECTION THEREWITH STATEMENT OF PURPOSE AND INTENT The City of South Bend, Indiana (the "City"), is a municipal corporation and political subdivision of the State of Indiana and by virtue of I.C. 36-7-11.9, I.C. 36-7-12, I.C. 36-7-14 and I.C. 36-7-25 (collectively, the "Act"), is authorized and empowered to adopt this ordinance (this "Ordinance") and to carry out its provisions. The Act declares that the financing and refinancing of economic development facilities(as defined in the Act) constitutes a public purpose. Pursuant to the Act, the City is authorized to make loans for the purpose of financing, reimbursing or refinancing all or a portion of 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. New Day Intake Center, Inc., an Indiana nonprofit corporation (the "Developer") has informed the City that it desires to acquire and construct certain economic development facilities within the City which will consist of the construction, renovation or rehabilitation of certain real property in the City to develop a no less than one hundred and ten (110) bed lower-barrier emergency shelter, with an approximate total development cost of Fourteen Million Dollars ($14,000,000) (collectively, the "Project"), and has requested that the City make a loan to the Developer on a draw basis for the purposes of financing or reimbursing the Developer for a portion of the costs of acquisition and construction of the Project. The Project will be located in or physically connected to, and will directly serve and benefit, the River West Development Area and the River West Allocation Area(the "River West Allocation Area"). The Project will directly serve and benefit the South Side Development Area, the South Side Allocation Area (the"South Side Allocation Area"), the River East Development Area, and