My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
08-25 Authorizing the City to Issue One or More Series of its Taxable Economic Development Tax Increment Revenue Bonds and Approving and Authorizing Other Actions in Respec Thereto in Connection With the J. C. Hart Development Project
sbend
>
Public
>
Common Council
>
Legislation
>
Upcoming Bills
>
2025
>
03-10-2025
>
08-25 Authorizing the City to Issue One or More Series of its Taxable Economic Development Tax Increment Revenue Bonds and Approving and Authorizing Other Actions in Respec Thereto in Connection With the J. C. Hart Development Project
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
2/19/2025 11:09:27 AM
Creation date
3/5/2025 12:59:07 PM
Metadata
Fields
Template:
City Council - City Clerk
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
81
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
The forms of the Bonds, the Indenture and the Loan Agreement (collectively, the <br /> "Financing Documents"), and a form of this proposed Ordinance were submitted to, and approved <br /> by,the Economic Development Commission,which documents were incorporated by reference in <br /> the resolution heretofore adopted by the Economic Development Commission, which resolution <br /> has been transmitted to the Common Council in accordance with the Act. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br /> CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: <br /> SECTION I. Findings; Public Benefits. It is hereby found that the financing of a portion <br /> of the economic development facilities for the Project referred to in the Financing Documents <br /> previously approved by the Economic Development Commission and presented to this Common <br /> Council, the issuance and sale of the Bonds, the use (or deemed use) of a portion of the proceeds <br /> of the Bonds by the Developer for the financing of a portion of the costs of the Project,the payment <br /> of the Bonds from the Riverwalk Allocation Area TIF Revenues and other sources pursuant to the <br /> Financing Documents,and the securing of the Bonds under the Indenture comply with the purposes <br /> and provisions of the Act and will be of benefit to the health, prosperity, economic stability and <br /> general welfare of the City and its citizens. <br /> SECTION II. Approval of Financing. At the public hearing held before the Economic <br /> Development Commission, the Economic Development Commission considered whether the <br /> Project would have an adverse competitive effect on any similar facilities located in or near the <br /> City. This Common Council hereby confirms the findings set forth in the Economic Development <br /> Commission's resolutions and concludes that the Project will be of benefit to the health,prosperity, <br /> economic stability, and general welfare of the citizens of the City. <br /> SECTION III. Copies of Financing Documents on File. The substantially final <br /> forms of the Financing Documents shall be incorporated herein by reference and shall be inserted <br /> in the minutes of the Common Council and kept on file by the Clerk of the City(the"Clerk"). In <br /> accordance with the provisions of Indiana Code 36-1-5-4, two (2) copies of the Financing <br /> Documents are on file in the office of the Clerk for public inspection. <br /> SECTION IV. Authorization of the Bonds; Terms of the Bonds. The City shall <br /> issue the Bonds in one(1)or more series in the maximum aggregate principal amount not to exceed <br /> Seventeen Million Dollars ($17,000,000), which Bonds shall mature not later than twenty-five <br /> (25) years after the date of issuance of the Bonds, and shall bear interest at a per annum rate not <br /> exceeding eight percent(8%)per annum. The Bonds may be issued on a draw basis. Principal and <br /> interest on the Bonds shall be payable on February 1 and August 1 of each year, beginning not <br /> sooner than February 1,2026. The Bonds may be issued as serial bonds and/or term bonds subject <br /> to mandatory sinking fund redemption. The Bonds shall be subject to optional redemption prior <br /> to maturity and subject to redemption as otherwise provided in the Financing Documents. The <br /> Bonds shall be issued in minimum denominations of One Hundred Thousand Dollars ($100,000) <br /> and integral multiples of One Thousand Dollars ($1,000) in excess thereof. The Bonds are to be <br /> issued for the purpose of procuring funds to (a) pay all or a portion of the cost of acquisition, <br /> design, construction, renovation, improvement and equipping, as the case may be, of the Project, <br /> (b)pay capitalized interest on the Bonds for a period not to exceed one(1) year following project <br /> completion (if necessary), (c) fund a debt service reserve fund (if necessary), and (d) pay all <br /> 3 <br />
The URL can be used to link to this page
Your browser does not support the video tag.