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Authorizing Submission of application for loan by the Indiana development finance authority relating to Bosch
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Authorizing Submission of application for loan by the Indiana development finance authority relating to Bosch
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Last modified
5/20/2009 2:44:18 PM
Creation date
10/28/2008 3:29:26 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
1/22/2001
Ord-Res Number
9192-01
Bill Number
5-01
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1200 COUNTY-CITY BUILDING <br />SOUTH BEND, INDIANA 46601-1830 <br />PHONE 219/ 235-9371 <br />FAx 219/235-9021 <br />TDD 219/ 235-5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />COMMUNITY ~L ECONOMIC DEVELOPMENT <br />JON R. HUNT <br />EXECUTIVE DIRECTOR <br />Ms. Charlotte Pfeifer <br />President, South Bend Common Council <br />435 County-City Building <br />South Bend, Indiana 46601 <br />Re: An Ordinance of the Common Council of the City of South Bend, Indiana <br />Authorizing the Submission of an Application for a Loan from the Environmental <br />Remediation Revolving Loan Fund Administered by the Indiana Development <br />Finance Authority Relating to the Robert Bosch Corporation Retention Project and <br />to Loan the Proceeds Thereof to the Robert Bosch Corporation <br />Dear Ms. Pfeifer: <br />Attached for filing please find the above-referenced Ordinance for first reading by <br />the Common Council at its January 8, 2001 meeting. This Ordinance authorizes the submission of <br />an application for a loan from the Indiana Development Finance Authority ("IDFA") which <br />administers the Environmental Remediation Revolving Loan Program (the "Program") and <br />Environmental Remediation Loan Fund (the "Fund") for the assessment and remediation of <br />"brownfield sites" located throughout Indiana. The Ordinance further approves the loan of the <br />proceeds to Robert Bosch Corporation ("Bosch") in accordance with the ternls of the Agreement for <br />the Use and Rehabilitation of Real Property (the "Agreement") previously entered into by and <br />between the City and Bosch. Pursuant to the terms of the Agreement, the City has agreed to use its <br />best efforts to borrow up to $1,300,000 from IDFA (the "Loan")through the Program and Bosch has <br />agreed to repay the Loan in accordance with the repayment schedule set forth in the Agreement <br />subject to certain forgiveness provisions set forth in the Agreement as permitted by the Program. <br />The terms of the Program and the Fund require that the Loan be secured by the <br />payments to be made by Bosch to the City pursuant to the Agreement. In addition, IDFA requires <br />additional security for the Loan in the event that Bosch does not make repayments as provided in <br />the Agreement. Accordingly, the Redevelopment Commission (the "Commission") has adopted a <br />resolution pledging available tax increment revenues (the "TIF Revenues") from the Airport <br />Economic Development Area to the repayment of the Loan in the unlikely event that Bosch defaults <br />on its repayment obligations under the Agreement. The City shall have no obligation with respect <br />to the payment of principal of or interest on the Loan other than the payment to be made by Bosch <br />under the Agreement or, if Bosch fails to make such payments, from the TIF Revenues: <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL LIL PROGRAM <br />PAMELA C. MFYER DONALD E. INKS MANAGEb1ENT <br />219/235-9660 2191235-9371 ELIZABETH LEONARD <br />FAX: 2191235-0607 219/235-9371 <br />
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