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

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i SUBSTITUTE BILL ORDINANCE NO. 1 1 ' AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE ISSUANCE OF ITS "ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1999 (SOUTHFIELD VILLAGE, INC. PROJECT), IN ONE OR MORE SERIES IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED TWENTY MILLION DOLLARS ($20,000,000) AND APPROVING AND AUTHORIZING OTHER ACTIONS IN RESPECT THERETO STATEMENT OF PURPOSE AND INTENT: The South Bend Economic Development Commission (the "Commission") has rendered a Report concerning the financing of economic development facilities described as (i) the acquisition of real property (the "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 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; and (vi) paying certain costs associated with the issuance of the Bonds (collectively, the "Project"). The Property on which the Project will be constructed is located in the City and is southeast of the intersection of Miami and Kern Roads, west of Southfield Circle and south of Ridge Trail (once extended from Southfield Circle to Miami Road). The Project will be owned and operated by Southfield Village, Inc., an Indiananonprofiteorporation (the "Borrower"). On March 8,1999, the Common Council of the City (the "Council") adopted an inducement resolution relating to the proposed financing of the Project (the "Inducement Resolution"). The Borrower is now prepared to proceed with the proposed Project as described in the Council's Inducement Resolution. The Commission, after a public hearing, adopted a resolution, which resolution has been previously transmitted hereto, finding that the financing of the Proj ect of the Borrower complies with the purposes and provisions of IC 36-7-11.9 and 36-7-12 and that such financing will be of benefit to the health, prosperity, economic stability and general welfare of the Cit}~ and its citizens. The Commission also has approved by resolution the substantially final forms of the Loan ODMAU'CDOCSISBDOCS 133484\6