11289-26 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

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in all respects to the rights of Developer's senior lenders. Interest will begin to accrue on the Outstanding Amount beginning on the Trigger Date at the Prime Rate (as defined in the Loan Agreement)plus three percent(3.0%)until the Outstanding Amount is fully paid by the Developer. In the event that the Loan is forgiven, it is hereby acknowledged that the consideration received by the City for the Loan being forgiven is the completion of the Project by the Developer and the economic benefits resulting to the City therefrom. (b) The Loan does not and shall never constitute an indebtedness of,or a charge against the general credit or taxing power of,the City. Forms of the Financing Agreements are before this meeting and are by this reference incorporated in this Ordinance, and the Clerk of the City is hereby directed, in the name and on behalf of the City, to insert them into the minutes of the Common Council and to keep them on file. SECTION IV. Execution and Delivery of Financing Agreements. The Mayor, the Clerk and the Controller of the City are hereby authorized and directed, in the name and on behalf of the City,to execute or endorse and deliver the Financing Agreements, submitted to the Common Council, which are hereby approved in all respects. SECTION V. Changes in Financing Agreements. The Mayor, the Clerk and the Controller of the City are hereby authorized, in the name and on behalf of the City,without further approval of the Common Council or the Commission, to approve such changes in the Financing Agreements as may be permitted by the Act, such approval to be conclusively evidenced by their execution thereof. SECTION VI. General. The Mayor, the Clerk and the Controller of the City, and each of them, are hereby authorized and directed,in the name and on behalf of the City,to execute or endorse any and all agreements, documents and instruments,perform any and all acts, approve any and all matters, and do any and all other things deemed by them, or either of them, to be necessary or desirable in order to carry out and comply with the intent, conditions and purposes of this Ordinance(including the preambles hereto and the documents mentioned herein), the Project, the making of the Loan, and the securing of the Loan under the Financing Agreements, and any such execution, endorsement, performance or doing of other things heretofore effected be, and hereby is, ratified and approved. SECTION VII. Counsel for the Developer will notify the Attorney for the South Bend Common Council,in writing,of the status of litigation involving the Owner's project at PS90 in Harlem, New York. SECTION VIII. The Developer will report to the Common Council in person or virtually, at a Common Council meeting, every six (6) months, together with any resident who also desire to appear and speak, on the status of the project. SECTION IX. Binding Effect. The provisions of this Ordinance and the Financing Agreements shall constitute a binding contract between the City and the Developer, and after making the Loan, this Ordinance shall not be repealed or amended in any respect which would adversely affect the rights of the Developer. SECTION X. Repeal. All ordinances or parts of ordinances in conflict herewith are hereby repealed. SECTION XI. Effective Date. This Ordinance shall be in full force and effect immediately upon adoption and compliance with I.C. 36-4-6-14. SECTION XII. Copies of Financing Agreements on File. Two copies of the Financing Agreements incorporated into this Ordinance were duly filed in the office of the Clerk of the City, and are available for public inspection in accordance with I.C. 36-1-5-4. [Signature Page Follows] 3