05-26 Ordinance Authorizing the City to Issue One or More Series of its Taxable Economic Development Tax Increment Revenue Bonds and Approving and Authorizing Other Actions in Respect Thereto in Connection With the Colfax Corner ML, LLC Project

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The Redevelopment Commission on December 18, 2025, approved and adopted its Resolution No. 3661 for the purpose of making certain amendments to the Area and its plan to designate an area,presently part of the Area, as a separate allocation area pursuant to Section 39 of the Redevelopment Act to be known as the "Lafayette North Allocation Area" (the "Lafayette North Allocation Area")for purposes of capturing ad valorem property taxes levied and collected North on all taxable real property from the incremental evenues, thessed value"Lafayetteocated North 1Allocat Lafayette on Area TIF Allocation Area (such tax increment Revenues"). Prior to the issuance of the Bonds (as hereinafter defined), the City and the Indiana Economic Development Corporation (the "IEDC") expect to enter into an agreement (the "IDD Agreement") that establishes an innovation development district within the City in accordance with Indiana Code 36-7-32.5, as amended from time to time (the "IDD Act"), to be known as the "South Bend Downtown IDD"(the"South Bend IDD"). The IDD Agreement will provide for the capturing of funds referred to as"net increment," as defined in Section 8 of the IDD Act, generated by business activity within the South Bend IDD (the "State IDD Funds"), which accordance with Sections 18 and nds will be deposited in a 119 oD fund f the IDDtActished by the in IEDC for the South Bend IDD The Developer has consulted with the City, the South Bend Economic Development Commission (the "Economic Development Commission") and the Redevelopment Commission concerning the Project, and has requested that the City authorize and issue its taxable economic development revenue bonds under the Act, to be designated as the"City of South Bend, Indiana, Taxable Economic Development Revenue Bonds, Series 2026(Colfax Corner ML,LLC Project)" (with such further series,different series,or one or more subseries designation as determined to be necessary or appropriate) (the "Bonds"), a portion of the net proceeds of such Bonds to be used for the purpose of financing, refinancing or reimbursing a portion of the costs of the Project, capitalized interest on the Bonds, if necessary, a debt service reserve fund from proceeds of the Bonds or the cost of a reserve surety,if necessary, and costs relating to the issuance of the Bonds. Prior to the issuance of the Bonds,the Redevelopment Commission will pledge the portion of the Lafayette North Allocation Area TIF Revenues derived from the parcels comprising the Project Site (as defined in the Development Agreement) to the payment of debt service on the Bonds (the"Project TIF Revenues"). Prior to the issuance of the Bonds,pursuant to the terms of the IDD Agreement,the IEDC will take such actions and enter into such agreements necessary to pledge or otherwise obligate the State IDD Funds attributable to the Project to the payment of debt service on the Bonds (the "Project IDD Revenues"). The Economic Development Commission has rendered a report concerning the proposed financing or refinancing of economic development facilities for the Developer. Following a public hearing,pursuant to Section 24 of the Act,the Economic Development Commission found that the financing, refinancing or reimbursing of a portion of the costs of the Project complies with the purposes and provisions of the Act and that each such financing, 2