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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INDIANA DEVELOPMENT FINANCE AUTHORITY LOAN, SERVICING AND DISBURSEMENT AGREEMENT BROWNFIELD REDEVELOPMENT LOAN TO THE CITY OF SOUTH BEND, INDIANA This LOAN, SERVICING AND DISBURSEMENT AGREEMENT (the "Loan Agreement") is made and entered into by and between the INDIANA DEVELOPMENT FINANCE AUTHORITY (the "IDFA") and the CITY OF SOUTH BEND, INDIANA, a qualified entity pursuant to Indiana Code 13-19-5 et. se ., (the "Borrower"). WHEREAS, the Borrower has applied for a partially forgivable loan from the Brownfields Cleanup Revolving Loan Fund (tlie "BCRLF"), guidelines for which have been modeled after the Indiana Environmental Remediation Revolving Loan Fund (the "ERRLF") as established in accordance with Indiana Code 13-19-5, in an amount not to exceed One Million Dollars ($1,000,000) (the "Loan"); and Whereas the Loan is meant to assist the Borrower in financing the costs of hazardous substance remediation activities at a Brownfield site (as defined in IC 13-11-2-19.3) located in South Bend, Indiana and referred to locally as the Fredrickson Park site, thereby encouraging future use of the site as an outdoor environmental education facility (the "Brownfields Project"), a description of which is attached hereto and made a part hereof as Attachment A; and WHEREAS the Brownfields Project, for the purpose of this Loan Agreement, consists of hazardous substance remediation activities and other tasks (the "Project Activities") outlined in the Groundwater Sampling and Analysis Plan (the "SAP") and the Remediation Work Plan (the "RWP") (collectively the "Remediation Plans"), incorporated by reference herein, as approved by the Indiana Department of Environmental Management (the "IDEM"); and WHEREAS, the Borrower and IDFA have identified Economic Development Goals for the Brownfields Project, as described in Attachment C, attached hereto and incorporated by reference herein; and WHEREAS, the Brownfields Project qualifies as a priority for a partially forgivable Loan, consistent with IC 13-19-5-15, because it is located within one-half mile of an elementary school; and WHEREAS, in Resolution G37-2002 (the "Resolution"), a copy of which is attached hereto and made a part hereof as Attachment B, the IDFA approved making such a partially forgivable Loan in accordance with Indiana Code 13-19-5, but only upon the terms and conditions set forth in the Resolution and this Loan Agreement; and WHEREAS, the Loan will be evidenced by the Borrower's special, limited obligation revenue bonds (the "Bonds") authorized by the Ordinances (as hereinafter defined); and WHEREAS, the Ordinances and the Bonds are incorporated into this Agreement by reference, and specimens of the Bonds are attached to this Agreement. NOW, THEREFORE, IN CONSIDERATION of the above premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: