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BILL NO. __________ <br /> <br />ORDINANCE NO. ____________ <br /> <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA, AUTHORIZING A <br />DIRECT LOAN TO THE DEVELOPER OF AN ECONOMIC <br />DEVELOPMENT FACILITY (BEACON HEIGHTS <br />PROJECT) AND APPROVING OTHER MATTERS IN <br />CONNECTION THEREWITH <br /> <br /> <br />STATEMENT OF PURPOSE AND INTENT <br /> <br /> <br />The City of South Bend, Indiana (the “City”), is a municipal corporation and political <br />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 <br />(collectively, the “Act”), is authorized and empowered to adopt this ordinance (this “Ordinance”) <br />and to carry out its provisions. <br />The Act declares that the financing and refinancing of economic development facilities (as <br />defined in the Act) constitutes a public purpose. <br />Pursuant to the Act, the City is authorized to make loans for the purpose of financing, <br />reimbursing or refinancing all or a portion of the costs of acquisition, construction, renovation, <br />installation and equipping of economic development facilities in order to foster diversification of <br />economic development and creation or retention of opportunities for gainful employment in or <br />near the City. <br />Beacon Apartments Preservation LLC, an Indiana limited liability company (the <br />“Developer”) has informed the City that it desires to construct, renovate and/or rehabilitate certain <br />economic development facilities within the City which will consist of up to one hundred seventy- <br />four (174) affordable housing rental units in the existing Beacon Heights development in the River <br />West Development Area in the City, with an approximate total redevelopment cost of Forty-Seven <br />Million Dollars ($47,000,000) including a private investment of no less than Forty-Seven Million <br />Dollars ($47,000,000) to be expended by the Developer (collectively, the “Project”), and has <br />requested that the City make a loan to the Developer for the purposes of financing or reimbursing <br />the Developer for a portion of the costs of construction, renovation and/or rehabilitation of the <br />Project. <br />The Project will be located in or physically connected to, and will directly serve and <br />benefit, the River West Development Area and the River West Development Area Allocation Area <br />(the “Allocation Area”).