Resolution No. 2025-2 Recommending Loan (New Day Intake Center, Inc.)

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RESOLUTION NO.2025-2 A RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION AUTHORIZING A DIRECT LOAN TO THE DEVELOPER OF AN ECONOMIC DEVELOPMENT FACILITY (LOW -BARRIER EMERGENCY SHELTER PROJECT) AND APPROVING OTHER MATTERS IN CONNECTION THEREWITH WHEREAS, 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") has previously established the South Bend Economic Development Commission (the "Commission") to investigate, study, and survey the need for additional job opportunities, industrial diversification, water services, and pollution control facilities in the City, and recommend actions to improve or promote job opportunities, industrial diversification, water services, and availability of pollution control facilities in the City; and WHEREAS, the Act declares that the financing and refinancing of economic development facilities (as defined in the Act) constitutes a public purpose; and WHEREAS, 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; and WHEREAS, 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) including a private investment of no less than Ten Million Dollars ($10,000,000) to be expended by the Developer (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; and WHEREAS, 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"); and WHEREAS, 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 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"); and