Authorizing Submission of application for loan by the Indiana development finance authority relating to Bosch

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The City has represented in Section 9 of the Agreement that it is eligible to borrow up to $1,300,000 from the Indiana Development Finance Authority ("IDFA") pursuant to the Environmental Remediation Revolving Loan Program (the "Program") established under Indiana Code 13-19-5, as amended (the "Program Act"), for the purpose of providing funding from the Environmental Remediation Loan Fund (the "Fund") administered by IDFA for the assessment and remediation of "brownfield sites" located throughout the State. Under the terms of the Agreement, the City has agreed to use its best efforts to borrow up to $1,300,000 from IDFA (the "Loan") and loan the proceeds thereof to Bosch for purposes of remediating environmental conditions at, on, under or emanating from the Property, including, but not limited to, demolition, asbestos and lead paint removal, and environmental testing and assessment ofthe Property (the "Program Activities"). Bosch has agreed pursuant to the Agreement to repay the Loan in accordance with the terms described therein. IDFA requires further assurance of the City to repay the Loan from funds available to the City in the unlikely event that Bosch does not make repayments as provided in the Agreement. The Redevelopment Commission (the "Commission") has adopted a resolution pledging available tax increment revenues as described in said resolution (the "TIF Revenues") from the Airport Economic Development Area to the repayment of the Loan in the unlikely event that Bosch does not make repayments as provided in the Agreement. It is intended that the City shall have no other obligation with respect to the payment of principal of or interest on the Loan other than (i) the payments made by Bosch or (ii) if Bosch fails to make such payments, from the TIF Revenues. It is possible for the Loan to consist of a portion not to exceed twenty percent (20%) of the total amount of the Loan which is forgivable by the Authority (the "Forgivable Portion") if C:\WINDOWS\TEMP\#99498-2.WPD -2-