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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refinancing or reimbursement of such costs will be of benefit to the health and public welfare of the City. The Economic Development Commission has considered whether the financing of the Project will have an adverse competitive effect or impact on any similar facility or facility of the same kind already constructed or operating in the corporate boundaries of the City. Pursuant to and in accordance with the Act, the City desires to provide funds necessary to finance, refinance or reimburse a portion of the costs of the Project by issuing the Bonds. The Act provides that such Bonds may be secured by a trust indenture between an issuer and a corporate trustee. The City intends to issue the Bonds consistent with the terms of this Ordinance, and pursuant to a Trust Indenture for the Bonds, to be dated as of the first day of the month in which the Bonds are issued (the "Indenture"), by and between the City and a corporate trustee to be selected by the City,in order to secure funds necessary to provide for the financing,refinancing or reimbursing of a portion of the costs of the Project in accordance with the terms of a Financing and Loan Agreement with the Developer,to be dated as of the first day of the month in which the Bonds are issued (the "Financing Agreement"),by and between the City and the Developer with respect to the use (or deemed use)of the proceeds of the Bonds and the completion of the Project. No member of the Common Council of the City (the "Common Council") has any pecuniary interest in any employment, financing agreement or other contract made under the provisions of the Act and related to the Bonds authorized herein,which pecuniary interest has not been fully disclosed to the Common Council, and no such member has voted on any such matter, all in accordance with the provisions of Section 16 of the Act. The forms of the Bonds, the Indenture and the Financing Agreement (collectively, the "Financing Documents"),and a form of this proposed Ordinance were submitted to,and approved by,the Economic Development Commission,which documents were incorporated by reference in the resolution heretofore adopted by the Economic Development Commission, which resolution has been transmitted to the Common Council in accordance with the Act. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: SECTION I. Findings;Public Benefits. It is hereby found that the financing,refinancing or reimbursing of a portion of the costs of the economic development facilities constituting the Project referred to in the Financing Documents previously approved by the Economic Development Commission and presented to this Common Council, the issuance and sale of the Bonds,the use(or deemed use)of a portion of the proceeds of the Bonds by the Developer for the financing, refinancing or reimbursing of a portion of the costs of the Project, the payment of the Bonds from the Project TIF Revenues, the Project IDD Revenues, and other sources pursuant to the Financing Documents, and the securing of the Bonds under the Indenture comply with the purposes and provisions of the Act and will be of benefit to the health, prosperity, economic stability and general welfare of the City and its citizens. 3