9408-03 Authorizing the issuance of Bonds to evidence a loan from the Indiana Department of Environmental Management Brown-Fields Cleanup Revolving Loan Fund

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ORDINANCE NO. l~o~ "~3 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AUTHORIZING THE ISSUANCE OF BONDS TO EVIDENCE A LOAN FROM THE INDIANA DEPARTMENT OF ENVIRONMENTAL MANAGEMENT BROWN-FIELDS CLEANUP REVOLVING LOAN FUND ADMINISTERED BY THE INDIANA DEVELOPMENT FINANCE AUTHORITY, PLEDGING A PORTION OF THE CITY'S COUNTY OPTION INCOME TAX REVENUES TO SECURE SUCH BONDS, AND OTHER MATTERS CONNECTED THEREWITH STATEMENT OF PURPOSE AND INTENT The City of South Bend, Indiana (the "City") owns certain Brownfield property near South Bend Avenue and Howard Street in the northeast portion of the City, commonly known as Fredrickson Park, and more particularly described on Exhibit "A" hereto (the "Property"). The City has previously investigated the environmental condition of the Property and has determined to undertake certain non-time critical removal activities and other general environmental activities in connection with the environmental remediation of the Property in order to make the property suitable for future redevelopment (the "Project") The City has determined to borrow an amount not to exceed One Million Dollars ($1,000,000) from the Indiana Department of Environmental Management ("IDEM") Brownfields Cleanup Revolving Loan Fund (the "Fund"), administered by the Indiana Development Finance Authority ("IDFA") for the purpose of providing funding from the Fund for the assessment and general remediation of a "Brownfield site" located on the Property (the "Loan").