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3 <br /> “Project” means the construction, renovation or rehabilitation of certain real property in <br />the City to develop a no less than one hundred and ten (110) bed lower-barrier emergency <br />shelter, with an approximate total development cost of Fourteen Million Dollars ($14,000,000) <br />including a private investment of no less than Ten Million Dollars ($10,000,000) to be expended <br />by the Borrower. <br /> “Project Fund” means the Project Fund established and held by the City or by a <br />financial institution or custodian selected by the City for such purpose, as the case may be, for <br />purposes of paying Costs of Construction of the Project. <br />“Redevelopment Commission” means the South Bend Redevelopment Commission, <br />governing body of the District. <br />“River East Development Area” means the economic development area within the <br />District previously established by the Redevelopment Commission in accordance with Indiana <br />Code 36-7-14. <br />“River West Development Area” means the economic development area within the <br />District previously established by the Redevelopment Commission in accordance with Indiana <br />Code 36-7-14. <br />“South Side Development Area” means the economic development area within the <br />District previously established by the Redevelopment Commission in accordance with Indiana <br />Code 36-7-14. <br />“State” means the State of Indiana. <br />“Tax Increment Revenues” means the property tax proceeds received by the <br />Redevelopment Commission which are derived from the assessed valuation of real property in <br />each of the Allocation Areas in excess of the assessed valuation described in Indiana Code 36-7- <br />14-39(b)(1) and Indiana Code 36-7-14-39(b)(2), as such statutory provision exists on the date of <br />execution of this Agreement, such revenues consisting of (i) $465,377 from the South Side <br />Development Area Allocation Area, (ii) $2,475,686 from the River West Development Area <br />Allocation Area, and (iii) $1,058,937 from the River East Development Area Allocation Area. <br />Section 1.2. Exhibits. The following Exhibits are attached to and by reference made a <br />part of this Agreement. <br />Exhibit A. Copy of Authorizing Resolution. <br />(End of Article I)