HomeMy WebLinkAbout5A2 Resolution No. 3585 (SB TIF-EDC Forgivable Loan (Monreaux) - Additional Appropriation RDC)
4856-2014-2982.1
RESOLUTION NO. 3585__________
SOUTH BEND REDEVELOPMENT COMMISSION
ADDITIONAL APPROPRIATION RESOLUTION
WHEREAS, the South Bend ("City") Redevelopment Commission ("Commission") has
established the River West Development Allocation Area No. 1 ("Allocation Area") in the River
West Development Area and in order to undertake certain local public improvements, including
the construction of site work and infrastructure improvements needed to serve the development,
construction and equipping of a four-story building containing at least sixty-five thousand
(65,000) square feet which will include the incorporation of the historic masonry features
preserved by the Commission; and (ii) a minimum of sixty (60) total apartment units of which no
fewer than twenty-three (23) apartment units will be exclusively available for tenants at fifty
percent (50%) or lower of the AMI and no fewer than an additional twenty-three (23) apartment
units will be exclusively available for tenants at eighty percent (80%) or lower of AMI ("Delta
Project"), on certain real estate acquired by Delta Ventures Ltd., an Indiana Nonprofit
Corporation ("Delta") and Monreaux LLC each in or physically connected to the Allocation
Area;
WHEREAS, the Common Council of the City adopted its loan ordinance ("Delta Loan
Ordinance") on December 11, 2023, which Delta Loan Ordinance authorizes the issuance and
funding of its Taxable Economic Development Revenue Note, Series 2023 (Monreaux Project)
to be issued in one or more series ("Series 2023 Note") from the City to Delta, in an amount not
to exceed $2,300,000, as evidence of a loan to Delta ("Delta Loan"), to finance a portion of the
Delta Project;
WHEREAS, the Commission has pledged TIF Revenues (as defined in the Delta Loan
Ordinance) on hand or to be on hand to the funding of the Series 2023 Note; and
WHEREAS, the Commission has published notice in accordance with IC 5-3-1 and IC 6-
1.1-18-5, and on December 14, 2023, held a public hearing regarding the appropriation of the
proceeds of the TIF Revenues to the funding of the Series 2023 Note;
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT COMMISSION, AS FOLLOWS:
1. An appropriation in an amount not to exceed Two Million Three Hundred
Thousand Dollars ($2,300,000), and interest earned thereon, is hereby made to be applied to the
funding of the Series 2023 Note, as evidence of the Delta Loan, and the funds to meet this
appropriation will be provided out of TIF Revenues collected in the Allocation Area. This
appropriation is in addition to all other appropriations provided for in the existing budget and tax
levy of the South Bend Redevelopment District for the current year.
4856-2014-2982.1
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2. The fiscal officer of the Commission is hereby authorized and directed to provide
information to the Department of Local Government Finance concerning this appropriation.
3. This resolution shall be in full force and effect immediately upon its adoption.
Adopted at a meeting of the Commission held on December 14, 2023, in South Bend,
Indiana.
SOUTH BEND REDEVELOPMENT
COMMISSION
Marcia Jones, President
ATTEST:
_______________________________
Vivian Sallie, Secretary