11258-26 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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BILL NO. 05-26 ORDINANCE NO. 11258-26 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE CITY TO ISSUE ONE OR MORE SERIES OF ITS TAXABLE ECONOMIC DEVELOPMENT REVENUE BONDS AND APPROVING AND AUTHORIZING OTHER ACTIONS IN RESPECT THERETO IN CONNECTION WITH THE COLFAX CORNER ML, LLC PROJECT STATEMENT OF PURPOSE AND INTENT Indiana Code 36-7-11.9 and 12, as amended from time to time (collectively, the "Act"), declares that the financing and refinancing of economic development facilities constitutes a public purpose. Pursuant to the Act, the City of South Bend, Indiana (the "City") is authorized to issue revenue bonds for the purpose of financing, reimbursing or refinancing the costs of acquisition, construction,renovation, installation and equipping of economic development facilities in order to foster diversification of economic development and creation or retention of opportunities for gainful employment in or near the City. The South Bend Redevelopment Commission (the "Redevelopment Commission"), the governing body of the South Bend Department of Redevelopment and the Redevelopment District of the City (the "District"), exists and operates under the provisions of Indiana Code 36-7-14, as amended from time to time(the"Redevelopment Act"). The Redevelopment Commission has previously declared an area within the City as an economic development area and known as the "River West Development Area" (the "Area") and designated portions of the Area as allocation areas in accordance with Section 39 of the Redevelopment Act for the purposes of capturing ad valorem property taxes levied and collected on all taxable real property from the incremental assessed value in such Area. The City,the Redevelopment Commission and Colfax Corner ML,LLC(the"Developer"), have entered into an Economic Development Agreement, dated as of December 18, 2025 (the "Development Agreement"),whereby the Developer has agreed that the Developer will undertake the acquisition, development, construction, equipping, renovation, and/or reconstruction of space in the former South Bend Tribune building, along with new construction of an adjacent building along Main and Colfax in the City to include approximately 202,000 rentable square feet of flexible workspace and ground-floor retail, as more fully described in the Development Agreement (the "Project'). 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 on all taxable real property from the incremental assessed value located in the Lafayette North Allocation Area (such tax increment revenues, the "Lafayette North Allocation Area TIF 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").