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Item 3.a.ii <br /> <br />DMS 43599284.1 <br />NOTICE OF PUBLIC HEARING OF THE <br />SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION <br /> <br /> Notice is hereby given that the South Bend Economic Development Commission (the <br />“Commission”) will hold a public hearing on Tuesday, July 9, 2024, at 4:00 p.m., in the Board of <br />Public Works meeting room located on the 13th floor of the County-City Building, 227 West <br />Jefferson Boulevard, South Bend, Indiana, concerning the funding of a forgivable loan to 466 <br />Works Community Development Corporation, an Indiana nonprofit corporation (the <br />“Developer”), in an amount not to exceed $3,500,000 on a draw basis (the “Loan”) to be <br />evidenced by the Developer’s promissory note (the “Note”) to finance a portion of the <br />construction of economic development projects and facilities within the meaning of Indiana <br />Code 36-7-11.9 and 36-7-12 (the “Act”), consisting of up to thirty (30) single-family detached <br />homes containing two (2) to four (4) bedrooms of which at least forty percent (40%) of the <br />homes will be sold to households earning one hundred twenty percent (120%) or less of the Area <br />Median Income, with an approximate total development cost of $8,873,000, on certain parcels of <br />real property generally located in the Southeast neighborhood in the City of South Bend, Indiana <br />(the “City”) (collectively, the “Project”). <br />The Loan will be made by the City pursuant to the Act, an ordinance (the “Loan <br />Ordinance”) proposed for adoption by the Common Council of the City (the “Council”), a <br />Financing and Loan Agreement between the City and the Developer (the “Loan Agreement”), <br />and a Funding and Reimbursement Agreement between the City and the South Bend <br />Redevelopment Commission (the “Funding Agreement” and with the Loan Ordinance and the <br />Loan Agreement, collectively, the “Financing Agreements”). <br />Copies of the form of the Financing Agreements will be on file with the Clerk of the City <br />and are available for public inspection at the office of the Clerk of the City during regular <br />business hours daily, except Saturdays, Sundays and legal holidays. <br /> At the time and place fixed for the public hearing, all taxpayers, residents or interested <br />persons will be given an opportunity to express their views for or against the proposed financing <br />for the Project in writing or in person. Following the public hearing, the Commission will <br />consider whether the financing of the Project will have an adverse competitive effect on any <br />similar facilities already constructed or operating in the City. If the Commission shall find for <br />itself and on behalf of the City that the proposed financing will be of benefit to the health and <br />welfare of the City and complies with the purposes and provisions of the Act, the Commission <br />will adopt a resolution approving the proposed financing and the form of the Financing <br />Agreements, including the Loan in the aggregate principal amount not to exceed Three Million <br />Five Hundred Thousand Dollars ($3,500,000), and the form of the proposed Loan Ordinance to <br />be recommended to the Council for adoption. <br /> SOUTH BEND ECONOMIC <br /> DEVELOPMENT COMMISSION <br /> <br /> <br />[TO BE PUBLISHED ONE TIME IN THE SOUTH BEND TRIBUNE ON FRIDAY, JUNE 28, 2024]