Resolution Nos. 3637 & 3638 RIF Bonds (Drewrys Portage Elwood) - Signed

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RESOLUTION NO. 3638 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROPRIATING THE PROCEEDS OF TAX INCREMENT REVENUE BONDS OF THE SOUTH BEND REDEVELOPMENT DISTRICT, INCLUDING INVESTMENT EARNINGS THEREON, AND RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission (the “Commission”), the governing body of the South Bend Department of Redevelopment and the Redevelopment District of the City of South Bend, Indiana, exists and operates under the provisions of Indiana Code 36- 7-14, as amended from time to time (the “Act”); and WHEREAS, the Commission has previously designated and declared an area in the City of South Bend, Indiana (the “City”) known as the River West Development Area as an economic development area (the “Area”) and designated portions of the Area from time to time as allocation areas pursuant to Section 39 of the Act (each such allocation area within the Area, excluding the Riverwalk Allocation Area designated by Resolution No. 3627 adopted by the Commission on January 9, 2025, an “Allocation Area” and collectively, the “Allocation Areas”); and WHEREAS, the Commission previously has adopted Resolution No. 3633 at a meeting held on April 10, 2025, preliminarily determining to issue bonds for the purpose of financing the cost of certain local public improvements in or serving the Allocation Areas that support the redevelopment of the Drewrys Site located at 1408 Elwood Avenue in the City (the “Project Site”) into a new residential housing development, including without limitation (i) continued environmental remediation of the Project Site, (ii) the construction of new streets, curbs, sidewalks and tree lawns, (iii) the construction of a storm sewer system, (iv) the installation of sanitary sewer lines, (v) the installation of water main lines and a lateral connection system and (vi) the installation of street lighting, (items (i) through and including (vi), collectively, the “Project”); and WHEREAS, the Commission by its Resolution No. 3637 (the “Bond Resolution”), adopted on April 24, 2025, approved the issuance of the “City of South Bend, Indiana Redevelopment District Taxable Tax Increment Revenue Bonds, Series 2025 (Residential Infrastructure Fund Loan)” (the “Bonds”) in one or more series, in an original principal amount not to exceed Two Million Five Hundred Seventy Thousand Dollars ($2,570,000) (the “Authorized Amount”) for the purpose of providing funds to pay for all or any portion of (a) the costs related to the Project, (b) funding of a debt service reserve to secure the payment of the Bonds, if necessary, and (c) the costs of issuance and expenses incurred in connection with and on account of the issuance and sale of the Bonds; and WHEREAS, the Commission did not include the proceeds of the Bonds in the regular budget for the year 2025; and WHEREAS, there are insufficient funds available or provided for in the existing budget and tax levy which may be applied to the costs of the Project and the costs associated therewith, and the issuance of the Bonds have been authorized to procure the necessary funds and a necessity exists for the making of the additional appropriation set out herein; and