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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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 funds will be deposited in a local IDD fund established by the IEDC for the South Bend IDD in accordance with Sections 18 and 19 of the IDD Act. 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, 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 2