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<br /> <br /> <br />2 <br />The Redevelopment Commission on December 18, 2025, approved and adopted its <br />Resolution No. 3661 for the purpose of making certain amendments to the Area and its plan to <br />designate an area, presently part of the Area, as a separate allocation area pursuant to Section 39 <br />of the Redevelopment Act to be known as the “Lafayette North Allocation Area” (the “Lafayette <br />North Allocation Area”) for purposes of capturing ad valorem property taxes levied and collected <br />on all taxable real property from the incremental assessed value located in the Lafayette North <br />Allocation Area (such tax increment revenues, the “Lafayette North Allocation Area TIF <br />Revenues”). <br />Prior to the issuance of the Bonds (as hereinafter defined), the City and the Indiana <br />Economic Development Corporation (the “IEDC”) expect to enter into an agreement (the “IDD <br />Agreement”) that establishes an innovation development district within the City in accordance <br />with Indiana Code 36-7-32.5, as amended from time to time (the “IDD Act”), to be known as the <br />“South Bend Downtown IDD” (the “South Bend IDD”). <br />The IDD Agreement will provide for the capturing of funds referred to as “net increment,” <br />as defined in Section 8 of the IDD Act, generated by business activity within the South Bend IDD <br />(the “State IDD Funds”), which funds will be deposited in a local IDD fund established by the <br />IEDC for the South Bend IDD in accordance with Sections 18 and 19 of the IDD Act. <br />The Developer has consulted with the City, the South Bend Economic Development <br />Commission (the “Economic Development Commission”) and the Redevelopment Commission <br />concerning the Project, and has requested that the City authorize and issue its taxable economic <br />development revenue bonds under the Act, to be designated as the “City of South Bend, Indiana, <br />Taxable Economic Development Revenue Bonds, Series 2026 (Colfax Corner ML, LLC Project)” <br />(with such further series, different series, or one or more subseries designation as determined to be <br />necessary or appropriate) (the “Bonds”), a portion of the net proceeds of such Bonds to be used <br />for the purpose of financing, refinancing or reimbursing a portion of the costs of the Project, <br />capitalized interest on the Bonds, if necessary, a debt service reserve fund from proceeds of the <br />Bonds or the cost of a reserve surety, if necessary, and costs relating to the issuance of the Bonds. <br />Prior to the issuance of the Bonds, the Redevelopment Commission will pledge the portion <br />of the Lafayette North Allocation Area TIF Revenues derived from the parcels comprising the <br />Project Site (as defined in the Development Agreement) to the payment of debt service on the <br />Bonds (the “Project TIF Revenues”). <br />Prior to the issuance of the Bonds, pursuant to the terms of the IDD Agreement, the IEDC <br />will take such actions and enter into such agreements necessary to pledge or otherwise obligate <br />the State IDD Funds attributable to the Project to the payment of debt service on the Bonds (the <br />“Project IDD Revenues”). <br />The Economic Development Commission has rendered a report concerning the proposed <br />financing or refinancing of economic development facilities for the Developer. <br />Following a public hearing, pursuant to Section 24 of the Act, the Economic Development <br />Commission found that the financing, refinancing or reimbursing of a portion of the costs of the <br />Project complies with the purposes and provisions of the Act and that each such financing,