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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the River East Allocation Area(the"River East Allocation Area"and together with the River West Allocation Area and South Side Allocation Area, collectively, the"Allocation Areas"). The Developer has requested from the City and the City of South Bend Economic Development Commission (the "Commission") that the City make a loan to the Developer on a draw basis pursuant to the Act in a total amount not to exceed Four Million Dollars ($4,000,000) for the purpose of financing or reimbursing a portion of the costs of the Project (the "Loan") as described in the proposed Financing and Loan Agreement between the City and the Developer(the "Loan Agreement"). The completion of the Project will result in the creation of jobs, the diversification of industry and the creation of business opportunities in the City. Pursuant to I.C. § 36-7-12-24, the Commission published notice of a public hearing on the proposed financing of a portion of the Project costs (the"Public Hearing"). On the date specified in the notice of the Public Hearing, the Commission conducted the Public Hearing, and adopted its evaluative report and resolution, which have been transmitted to the Common Council, finding that the financing of a portion of the Project complies with the purposes and provisions of the Act and that such financing will be of benefit to the health and welfare of the City and its citizens. The Commission has performed all actions required of it by the Act preliminary to the adoption of this Ordinance and has approved and forwarded to the Common Council the forms of: (1) the Loan Agreement; (2) the Funding and Reimbursement Agreement (the "Funding Agreement") between the City and the South Bend Redevelopment Commission (the "Redevelopment Commission"); and (3) this Ordinance (the Loan Agreement, the Funding Agreement, and this Ordinance, collectively, the"Financing Agreements"). Pursuant to Indiana Code 36-7-14-39(b)(4) and Indiana Code 36-7-25-3(a), the Redevelopment Commission may use certain incremental property taxes, among other purposes, to reimburse the City for expenditures (including loans) made for local public improvements (which include buildings, parking facilities, and all expenses reasonably incurred in connection with the acquisition and redevelopment of property) that are physically located in or physically connected to, or directly serve or benefit, each of the Allocation Areas. The Redevelopment Commission has adopted its Resolution No. 3646 on August 14,2025, determining, subject to appropriations thereof by the Redevelopment Commission, to make available certain tax increment revenues on deposit in the allocation fund for (i) the River West Allocation Area(the"River West TIF Revenues"), (ii)the South Side Allocation Area(the"South Side TIF Revenues"), and(iii)the River East Allocation Area(the"River East TIF Revenues"and together with the River West TIF Revenues and the South Side TIF Revenues, collectively, the "TIF Revenues")to simultaneously reimburse the City for its costs incurred to fund each draw on the Loan to the Developer with respect to the Project. NOW,THEREFORE,BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA,AS FOLLOWS: 2