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BILL NO. __________ <br /> <br />ORDINANCE NO. ____________ <br /> <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE <br />CITY TO ISSUE ONE OR MORE SERIES OF ITS TAXABLE <br />ECONOMIC DEVELOPMENT REVENUE BONDS AND <br />APPROVING AND AUTHORIZING OTHER ACTIONS IN <br />RESPECT THERETO IN CONNECTION WITH THE <br />COLFAX CORNER ML, LLC PROJECT <br /> <br /> <br />STATEMENT OF PURPOSE AND INTENT <br /> <br /> <br />Indiana Code 36-7-11.9 and 12, as amended from time to time (collectively, the “Act”), <br />declares that the financing and refinancing of economic development facilities constitutes a public <br />purpose. <br />Pursuant to the Act, the City of South Bend, Indiana (the “City”) is authorized to issue <br />revenue bonds for the purpose of financing, reimbursing or refinancing the costs of acquisition, <br />construction, renovation, installation and equipping of economic development facilities in order to <br />foster diversification of economic development and creation or retention of opportunities for <br />gainful employment in or near the City. <br />The South Bend Redevelopment Commission (the “Redevelopment Commission”), the <br />governing body of the South Bend Department of Redevelopment and the Redevelopment District <br />of the City (the “District”), exists and operates under the provisions of Indiana Code 36-7-14, as <br />amended from time to time (the “Redevelopment Act”). <br />The Redevelopment Commission has previously declared an area within the City as an <br />economic development area and known as the “River West Development Area” (the “Area”) and <br />designated portions of the Area as allocation areas in accordance with Section 39 of the <br />Redevelopment Act for the purposes of capturing ad valorem property taxes levied and collected <br />on all taxable real property from the incremental assessed value in such Area. <br />The City, the Redevelopment Commission and Colfax Corner ML, LLC (the “Developer”), <br />have entered into an Economic Development Agreement, dated as of December 18, 2025 (the <br />“Development Agreement”), whereby the Developer has agreed that the Developer will undertake <br />the acquisition, development, construction, equipping, renovation, and/or reconstruction of space <br />in the former South Bend Tribune building, along with new construction of an adjacent building <br />along Main and Colfax in the City to include approximately 202,000 rentable square feet of flexible <br />workspace and ground-floor retail, as more fully described in the Development Agreement (the <br />“Project”).