Resolution No. 3675 & Development Agreement (Beacon Heights) - Signed

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RESOLUTION NO. 3675 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROPRIATING CERTAIN FUNDS IN CONNECTION WITH A DIRECT LOAN TO THE DEVELOPER OF AN ECONOMIC DEVELOPMENT FACILITY (BEACON HEIGHTS PROJECT) WHEREAS, the South Bend Redevelopment Commission (the “Commission”), the governing body of the South Bend Department of Redevelopment and the Redevelopment District of the City of South Bend, Indiana (the “District”), exists and operates under the provisions of Indiana Code 36-7-14, as amended from time to time (the “Act”); and WHEREAS, the Commission is committed to improving the City of South Bend, Indiana (the “City”) by administering and funding projects that support economic development, public infrastructure, and neighborhood revitalization; and WHEREAS, the Commission has previously adopted a declaratory resolution, as subsequently confirmed and amended, which (i) declared the River West Development Area (the “River West Development Area”) as an economic development area pursuant to Section 41 of the Act, (ii) designated the River West Development Area as an allocation area pursuant to Section 39 of the Act (the “River West Allocation Area”), for the purpose of capturing property tax proceeds derived from incremental assessed valuation of real property in such allocation area which is in excess of the “base assessed value” (such property tax proceeds, hereinafter referred to as “River West TIF Revenues”), (iii) created the River West Allocation Area Fund into which all River West TIF Revenues are deposited, all pursuant to and as described in Section 39 of the Act, and (iv) approved an economic development plan for the River West Development Area; and WHEREAS, Beacon Apartments Preservation LLC, an Indiana limited liability company (the “Developer”), has informed the City that it desires to construct, renovate and/or rehabilitate certain economic development facilities within the City which will consist 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 Developer, on certain parcels of real property which are located in or physically connected to, and will directly serve and benefit, the River West Development Area and the River West Allocation Area (collectively, the “Project”), and has requested that the City make a loan to the Developer for the purposes of financing or reimbursing the Developer for a portion of the costs of construction, renovation and/or rehabilitation of the Project; and WHEREAS, the Common Council of the City adopted its loan ordinance (the "Loan Ordinance") on June 22, 2026, which Loan Ordinance authorizes the issuance and funding of a forgivable loan from the City to the Developer (the “Loan”) in the total aggregate principal amount not to exceed One Million Two Hundred Fifty Thousand Dollars ($1,250,000) to finance a portion of the Project;