Resolution No. 2025-1 - Laserfiche WebLink

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RESOLUTION NO.2025-1 RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION APPROVING AND AUTHORIZING CERTAIN ACTIONS AND PROCEEDINGS WITH RESPECT TO CERTAIN PROPOSED TAXABLE ECONOMIC DEVELOPMENT TAX INCREMENT REVENUE BONDS AND RELATED MATTERS WHEREAS, the City of South Bend, Indiana (the "City"), is authorized by I.C. 36-7-11.9 and I.C. 36-7-12 (collectively, the "Act") to issue revenue bonds for the financing of economic development facilities, and to provide the proceeds of the revenue bond issue to another entity to finance the acquisition, construction, renovation, installation and equipping of said facilities; and WHEREAS, The City, the South Bend Redevelopment Commission (the "Redevelopment Commission") and J.C. Hart Company, Inc. (together with any affiliate thereof as permitted by the Development Agreement (as defined herein), collectively, the "Developer"), have entered into an Economic Development Agreement, dated as of January 9, 2025 (the "Development Agreement"); and WHEREAS, the Developer desires to finance (i) a portion of the costs of the development and construction of 2 buildings housing approximately 291 apartments and an approximately 398 space structured garage (the "Project"), which Project shall be located in the Riverwalk Allocation Area designated by the Redevelopment Commission; and WHEREAS, the Developer has advised the South Bend Economic Development Commission (the "Commission") and the City that it proposes that the City issue economic development tax increment revenue bonds in an amount not to exceed Seventeen Million Dollars ($17,000,000) (the "Bonds") under the Act for the purpose of procuring funds to (a) pay all or a portion of the cost the Project, (b) pay capitalized interest on the Bonds, if necessary, for a period of not to exceed one (1) year following project completion, and (c) pay all incidental expenses on account of the issuance of the Bonds; and WHEREAS, the Commission has studied the Project and the proposed financing of the Project and its effect on the health and general welfare of the City and its citizens; and WHEREAS, the completion of the Project is expected to result in the further diversification of industry and the creation of approximately six (6) new permanent jobs and approximately 225 temporary construction jobs and the expansion of further business opportunities in the City; and WHEREAS, pursuant to I.C. § 36-7-12-24, the Commission published notice of a public hearing (the "Public Hearing") on the proposed issuance of the Bonds to finance the Project; and WHEREAS, on the date hereof the Commission held the Public Hearing on the Project and considered any adverse competitive effect the Project may have on similar facilities in the area served by the Project; NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION, AS FOLLOWS: