Authorizing issuance of Economic Development Revenue Bonds, Series 1999 (Southfield Village), not to exceed $20,000,000

Home Browse Search

FINDINGS OF FACT REGARDING THE COMPETITIVE IMPACT OF THE PROJECT REGARDING SOUTHFIELD VILLAGE, INC. Based on a careful consideration of evidence and testimony submitted to the South Bend Economic Development Commission, the Commission hereby makes the following findings of fact with respect to the competitive impact on similar facilities already constructed or operating in the City of South Bend, Indiana (the "City"), as a result of a proposed economic development facilities project of Southfield Village, Inc. (the "Borrower") 1. The Project consists of (i) the acquisition ofreal property; (ii) the acquisition, construction, installation and equipping of a senior living facility consisting of a sixty (60) bed skilled nursing facility, sixty-four (64) assisted living units, and a multipurpose common area containing a resident activity area, dining area and an administrative office area on said real property; (iii) the construction of an extension to Ridge Trail located in the City so that it intersects with Miami Road and which will be adjacent to such facilities; (iv) establishing a debt service reserve fund for the payment of principal of and interest on the Bonds; (v) paying a portion of the interest on the bonds referred to herein; and (vi) paying certain costs associated with the issuance of said bonds (the "Project"). 2. The total cost of the Project is presently estimated not to exceed Twenty Million Dollars ($20,000,000), plus incidental costs in connection with the issuance of one or more series of economic development revenue bonds of the City, the proceeds of which will be used to finance the Project. 3. It is presently estimated that upon completion of the acquisition, construction, installation and equipping of the Project the Borrower will