Resolution No. 2026-02 Recommending Loan - Signed

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RESOLUTION NO. 2026-02 A RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION AUTHORIZING A DIRECT LOAN TO THE DEVELOPER OF AN ECONOMIC DEVELOPMENT FACILITY (BEACON HEIGHTS PROJECT) AND APPROVING OTHER MATTERS IN CONNECTION THEREWITH WHEREAS, the City of South Bend, Indiana (the “City”), is a municipal corporation and political subdivision of the State of Indiana and by virtue of I.C. 36-7-11.9, I.C. 36-7-12 and I.C. 36-7-14 (collectively, the “Act”) and has previously established the South Bend Economic Development Commission (the “Commission”) to investigate, study, and survey the need for additional job opportunities, industrial diversification, water services, and pollution control facilities in the City, and recommend actions to improve or promote job opportunities, industrial diversification, water services, and availability of pollution control facilities in the City; and WHEREAS, the Act declares that the financing and refinancing of economic development facilities (as defined in the Act) constitutes a public purpose; and WHEREAS, pursuant to the Act, the City is authorized to make loans for the purpose of financing, reimbursing or refinancing all or a portion of the costs of acquisition, construction, renovation, installation and equipping of economic development facilities in order to foster diversification of economic development and creation or retention of opportunities for gainful employment in or near the City; and WHEREAS, Beacon Apartments Preservation LLC, an Indiana limited liability company (the “Developer”) has informed the City that it desires to construct, renovate and/or rehabilitate certain economic development facilities within the City which will consist of up to one hundred seventy-four (174) affordable housing units in the existing Beacon Heights development in the River West Development Area in the City, with an approximate total redevelopment cost of Forty- Seven Million Dollars ($47,000,000) including a private investment of no less than Forty-Seven Million Dollars ($47,000,000) to be expended by the Developer (collectively, the “Project”), and has requested that the City make a loan to the Developer for the purposes of financing or reimbursing the Developer for a portion of the costs of construction, renovation and/or rehabilitation of the Project; and WHEREAS, the Project will be located in or physically connected to, and will directly serve and benefit, the River West Development Area and the River West Development Area Allocation Area (the “Allocation Area”); and WHEREAS, the Developer has advised the City and the Commission regarding the Project, and requested that the City make a loan to the Developer pursuant to the Act in a total amount not to exceed One Million Two Hundred Fifty Thousand Dollars ($1,250,000) for the purpose of financing or reimbursing a portion of the costs of the Project (the “Loan”) as described in the proposed Financing and Loan Agreement between the City and the Developer (the “Loan Agreement”); and