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CITY OF SOUTH BE.ND i ECONOMIC DEVELOPMENT COMMISSION February 6, 2025 <br />about 8% is pretty common when the developer is purchasing the bonds. <br />Overview of Documents for Approval <br />i. Report of the South Bend Economic Development Commission <br />Concerning the Proposed Financing of Economic Development <br />Facilities for J.C. Hart Company, Inc. <br />ii. Form of Trust Indenture <br />iii. Form of Loan Agreement <br />iv. Form of Common Council Bond Ordinance <br />The motion was made by Commissioner Luis Zapata and seconded by <br />Commissioner Karen White. On the motion to approve the Project report, <br />Form of Trust Indenture, Form of Loan Agreement, and Form of Common <br />Council Bond Ordinance: <br />• Rafael Morton, Vice -President: NOT PRESENT <br />• Renata Matousova, Secretary: YEA <br />• Luis Zapata, Commissioner: YEA <br />• Karen White, Commissioner: YEA <br />The motion carried with 3 YEAs; the Commission approved the project <br />report for the Riverwalk Project on February 6, 2025. <br />b. Public Hearing on Project and Economic Development Revenue <br />Bond Financing <br />A notice was published in the South Bend Tribune on January 24, 2025, <br />regarding the public hearing to consider the approval of the issuance by <br />the Issuer of a maximum principal amount of $17,000,000 of its City of <br />South Bend, Indiana, Taxable Economic Development Tax Increment <br />Revenue Bonds, Series 2025 (J.C. Hart Development Project) (the <br />"Bonds"), in one or more series for the Riverwalk Project. <br />A Public Hearing regarding the Riverwalk Project was opened to the public <br />for comments and considerations. Murray Miller asked what would happen <br />if there were shortfalls in the TI F. Mr. Rompola stated that if there is not <br />enough TIF for whatever reason, if residents didn't pay their taxes, or if the <br />property didn't assess out or something happened with the tax rate or <br />state laws, the developer would be obligated by the tax payer agreement <br />and if they didn't pay under the taxpayer agreement, the city would have <br />the ability to put a tax lien on the property. The Public Hearing was closed. <br />c. Resolution No. 2025-1: Approving and Authorizing Certain Actions <br />and Proceedings with Respect to Certain Proposed Taxable <br />Economic Development Tax Increment Revenue Bonds and Related <br />Matters <br />