37-26 Authorizing the City to Fund Its Taxable Economic Development Revenue Note, Series 2026 (Beacon Heights Project) and Approving and Authorizing Other Actions in Respect Thereto (Substitute)

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