No. 2394 approving a Development Agreement with Douglas Road Retail Partners L.P., Douglas Road Partners L.P. and the City of South Bend, Indiana and other related matters

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r I. PROJECT DEFINITION AND FINDINGS A. Bond Project Definition. The term "Bond Project" shall mean the construction ofright-of--way improvements for the expansion and improvement of Douglas Road from two (2) lanes to four (4) lanes from just west of State Road 23 and Douglas Road intersection to the Mishawaka City limits and for other related improvements, including but not limited to additional turn lanes near intersections, curbing and other streetscape in the right-of--way along the expanded stretch of Douglas Road and improvements to provide for additional storm water drainage resulting from the expanded road improvements. B. Project Definition. The term "Project" shall be mean the purchase of right-of- way necessary to construct the Bond Project, any expenses related to or incidental to the Bond Project, including but not limited to engineering or geotechnical fees, and the Bond Project. C. Findings. By the approval and execution of this Agreement, the Commission and the Board hereby agree and find that the Project and entering into this Agreement are in the best interests of the citizens of City of South Bend, Indiana. II. OBLIGATIONS WITH RESPECT TO THE FINANCINGS A. Commission Bond Obligations. The Commission shall issue tax-exempt redevelopment revenues bonds (the "Bonds") in the approximate amount of One Million One Hundred Thousand 00/100 Dollars ($1,100,000.00) and at a fixed interest rate of not to exceed six and one-half percent (6.500%), for a term of not to exceed twenty (20) years payable solely from TIF Revenues in the Area, subject to the completion of all of the procedures related to such action under Indiana law. The Bonds are anticipated to be sold to or privately placed by Wells Fargo Brokerage Services, LLC ("Wells Fargo") on a 15-year maturity schedule. The Commission's obligation to issue the Bonds is contingent upon the Developer's obligation to provide sufficient security to provide for Wells Fargo's purchase or placement of the Bonds, as discussed in subsection (B). To the extent necessary for Wells Fargo to place the Bonds, the Commission agrees to pledge available TIF Revenues in excess of those necessary to pay the debt service payments on the Bonds first to replenish the debt service reserve fund (or reimburse the provider of the security used to fulfill the Debt Service Reserve Obligation (as defined in subsection B) if the security remains in place for the full amount (or the Developer if the Developer already reimbursed the security provider for such draw and the security remains in place for the full amount) but without • 4