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~I Tf,AR EETII~IC~ ALJC~~LTST 24 2009 290 <br />WIIE AS, the Eoard of Public Worlcs {"Eoard") for the City of South Fend, Indi a <br />(6GCity") exists and operates under the authority of Indiana Code §36-4-9-5 and 36-4-9-6, as <br />arner~ded fro tune-to-tirrae; and <br />WI-IE AS, pursuant to Intercreditor .Agree ant y and ong the Easiness <br />Develop ant Corporation ("EDC"), the Indiana Small EL~siness Develop ant Corporation as <br />ad inistrator of the Enterprise Development Fand ("ISEI3C"'), the City of 13~Iisawaka <br />{`''T/Iishawaka""} and the City of South Eend {"City") the City provided pertain funds to CED to <br />be aced to establish d implement a revolving loan fund; and <br />W1dE .AS, CEL? has subsequently ceased to operate and there remains certain <br />o~.~tst ding loan and grant agree ants which require further ad inistratioe actions including, <br />beat not li ited to ad inistration of a loan agree ant between CED and First Choice Fire <br />eater Restoration, I~L,C {"First Choice"}; and <br />WIdE AS, First Choice has ade certain org izational ch gas and, accordingly, <br />Darrell Rains {"Mains"'} is no longer a member of First Choice; and <br />WILE AS, Rains and has requested that CED release its security interest against his <br />personal property taken by CED at the tune of the loan agree ant between CED d First <br />Choice; d <br />WIdE AS, First Choice is agreeable to executing a new to agree ant upon release <br />CED"s the security interest in Mains property and to execute a new loan and security agreement <br />with the City; and <br />WIIE AS, the City, acting by and through its Eoard of Public Works, desires to serve <br />as ad inistrator of CED funds d any concomitant outstanding to or grant agreements, <br />including ad inistration of the First Choice to agreement. <br />T I' , E "I' I.~~ by the Eoard of Public Works of the City <br />of South Eend, Indi a as follows: <br />T'he Eoard hereby agrees to serve as ad inistrator of CED funds, and to <br />ad inister d oversee any and all outstanding loan or grant agreements <br />previously entered into by CED including, bat not li ited to, the loan agree ant <br />between CED and First Choice Fire Water Restoration, I,L,C, <br />2. ~'he security interest in Darrell Rains's property is hereby released, and the Eoard <br />hereby agrees to execute a new loan agreement and secln°ity agree ant with First <br />Choice Fire ~ Water Restoration, I,L,C, <br />3. 'T'his Resolution shall be in full force and effect after its adoption by the Eoard of <br />Public Works for the City of South Eend, Indi a. <br />ADC)PT"ED at a eating of the South Eend Redevelopment Commission held on .August <br />24, 2009 at 130 County-City Euilding, 227 West Jefferson Eoulevard, South Eend, Indiana <br />4~~601! , <br />CITE' ®F S~3IJTI-I EE~TI7 <br />ECA C}F PIJELIC Wl~ S <br />s/ Donald Inks <br />sJ Carl I,ittreli <br />