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required by Section 3.2 of the Loan Agreement, or (ii) the repayment of any principal not
<br /> previously forgiven and remaining outstanding and interest, if any, of the Loan on the Maturity
<br /> Date. In the event that the Developer abandons the Project or otherwise fails to proceed to
<br /> substantially complete the Project as required by the Loan Agreement and the Development
<br /> Agreement between the Redevelopment Commission and the Developer (the "Development
<br /> Agreement"), the repayment of any outstanding amount of the Loan (the"Outstanding Amount")
<br /> will be on a date not later than thirty (30) days from the date when the City's Department of
<br /> Community Investment, on behalf of the City,provides written notice to the Developer that,in its
<br /> sole discretion, it has determined that the Developer has abandoned or failed to proceed with the
<br /> Project as required by the Loan Agreement and the Development Agreement (the date of such
<br /> written notice being the"Trigger Date"). Interest will begin to accrue on the Outstanding Amount
<br /> beginning on the Trigger Date at the Prime Rate (as defined in the Loan Agreement) plus three
<br /> percent (3.0%) until the Outstanding Amount is fully paid by the Developer. In the event that the
<br /> Loan is forgiven, it is hereby acknowledged that the consideration received by the City for the
<br /> Loan being forgiven is the completion of the Project by the Developer and the economic benefits
<br /> resulting to the City therefrom.
<br /> (b) The Loan does not and shall never constitute an indebtedness of,or a charge against
<br /> the general credit or taxing power of,the City. Forms of the Financing Agreements are before this
<br /> meeting and are by this reference incorporated in this Ordinance, and the Clerk of the City is
<br /> hereby directed, in the name and on behalf of the City, to insert them into the minutes of the
<br /> Common Council and to keep them on file.
<br /> SECTION IV. Execution and Delivery of Financing Agreements. The Mayor, the
<br /> Clerk and the Controller of the City are hereby authorized and directed, in the name and on behalf
<br /> of the City,to execute or endorse and deliver the Financing Agreements, submitted to the Common
<br /> Council, which are hereby approved in all respects.
<br /> SECTION V. Changes in Financing Agreements. The Mayor, the Clerk and the
<br /> Controller of the City are hereby authorized, in the name and on behalf of the City,without further
<br /> approval of the Common Council or the Commission, to approve such changes in the Financing
<br /> Agreements as may be permitted by the Act, such approval to be conclusively evidenced by their
<br /> execution thereof.
<br /> SECTION VI. General. The Mayor, the Clerk and the Controller of the City, and
<br /> each of them,are hereby authorized and directed, in the name and on behalf of the City,to execute
<br /> or endorse any and all agreements, documents and instruments, perform any and all acts, approve
<br /> any and all matters, and do any and all other things deemed by them, or either of them, to be
<br /> necessary or desirable in order to carry out and comply with the intent, conditions and purposes of
<br /> this Ordinance(including the preambles hereto and the documents mentioned herein), the Project,
<br /> the making of the Loan, and the securing of the Loan under the Financing Agreements, and any
<br /> such execution, endorsement, performance or doing of other things heretofore effected be, and
<br /> hereby is, ratified and approved.
<br /> SECTION VII. Binding Effect. The provisions of this Ordinance and the Financing
<br /> Agreements shall constitute a binding contract between the City and the Developer, and after
<br /> making the Loan, this Ordinance shall not be repealed or amended in any respect which would
<br /> adversely affect the rights of the Developer.
<br /> SECTION VIII. Repeal. All ordinances or parts of ordinances in conflict herewith
<br /> are hereby repealed.
<br /> SECTION IX. Effective Date. This Ordinance shall be in full force and effect
<br /> immediately upon adoption and compliance with I.C. § 36-4-6-14.
<br /> SECTION X. Copies of Financing Agreements on File. Two copies of the
<br /> Financing Agreements incorporated into this Ordinance were duly filed in the office of the Clerk
<br /> of the City, and are available for public inspection in accordance with I.C. § 36-1-5-4.
<br /> [Signature Page Follows]
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