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2 <br />ARTICLE I. <br /> <br />DEFINITIONS AND EXHIBITS <br />Section 1.1. Terms Defined. As used in this Agreement, the following terms shall have <br />the following meanings unless the context clearly otherwise requires: <br />“Act” means, collectively, Indiana Code 36-7-11.9, Indiana Code 36-7-12, Indiana Code <br />36-7-14, and Indiana Code 36-7-25, each as amended. <br />“Allocation Area” means the River West Development Area Allocation Area previously <br />established by the Redevelopment Commission within the River West Development Area in <br />accordance with Indiana Code 36-7-14-39 for the purposes of capturing incremental ad valorem <br />real property taxes levied and collected on all taxable property in such allocation area. <br />“Allocation Fund” means the River West Development Area Allocation Area Allocation <br />Fund established under Indiana Code 36-7-14 for the Tax Increment Revenues collected in the <br />Allocation Area. <br />“Authorizing Resolution” shall have the meaning set forth in the recitals hereof. <br />“Borrower” means Beacon Apartments Preservation LLC, an Indiana limited liability <br />company, duly organized and validly existing under the laws of the State of Indiana and qualified <br />to do business in the State of Indiana, or any successors thereto. <br />“City” means the City of South Bend, Indiana, a municipal corporation duly organized and <br />validly existing under the laws of the State. <br /> “Costs of Construction” means the costs of providing for an “economic development <br />facility” as defined and set forth in the Act, including any legal, accounting, management, program <br />or consulting fees and expenses of the Borrower, the City or the District, and any other costs <br />permitted under the Act related thereto. <br />“Development Agreement” means the Development Agreement, dated as of July 1, 2026, <br />by and between the Borrower, the City and the Redevelopment Commission. <br />“District” means the Redevelopment District of the City. <br />“Loan” means the loan from the City to the Borrower in the original aggregate principal <br />amount of not to exceed $1,250,000, which will be made under the terms of the Loan Agreement, <br />the proceeds of which will be used by the Borrower to pay a portion of the Costs of Construction <br />for the Project. <br />“Loan Agreement” means the Financing and Loan Agreement, dated as of July 1, 2026, <br />between the City and the Borrower. <br />“Project” means the construction, renovation and/or rehabilitation of up to one hundred <br />seventy-four (174) affordable housing rental units in the existing Beacon Heights development in <br />the River West Development Area in the City, with an approximate total redevelopment cost of <br />Forty-Seven Million Dollars ($47,000,000) including a private investment of no less than Forty- <br />Seven Million Dollars ($47,000,000) to be expended by the Borrower.