36-25 An Ordinance of the Common Council of the City of South Bend, Indiana, Amending the Loan Agreement and Approving and Authorizing Actions in Respect Thereto (Monreaux Project)

Home Browse Search

Filed in Clerk's Office AI 03 2025 BILL NO. Bianca Tirado City Clerk, South Bend, IN ORDINANCE NO. AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AMENDING THE LOAN AGREEMENT AND APPROVING AND AUTHORIZING ACTIONS IN RESPECT THERETO STATEMENT OF PURPOSE AND INTENT The City of South Bend, Indiana ("Issuer"), entered into a Loan Agreement with Delta Ventures Ltd. ("Borrower"), dated as of December 1, 2023 ("Original Agreement") and issued its forgivable Taxable Economic Development Revenue Note, Series 2023 ("Series 2023 Note") in the aggregate principal amount of$2,300,000. The Borrower has consented to certain amendments to the Original Agreement and Series 2023 Note, and this ordinance authorizes Amendment No. 1 to Loan Agreement to amend the Original Agreement. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA,THAT: Section 1. The Issuer hereby approves Amendment No. 1 to Loan Agreement ("Amendment"). Section 2. The substantially final form of the Amendment shall be incorporated herein by reference and shall be inserted in the minutes of the Common Council and kept on file by the Clerk. In accordance with the provisions of IC 36-1-5-4,two (2)copies of the Amendment are on file in the office of the Clerk for public inspection. Section 3. The Mayor,Controller and the Clerk are authorized and directed to execute the Amendment,and such other documents approved or authorized herein and any other document 4915-3888-6458.1