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 JUN 6 3 2'125 AMENDMENT NO. 1 TO LOAN AGREEMENT Bianca Ttrado City Clerk, South Bend, IN This AMENDMENT NO. 1 TO LOAN AGREEMENT, dated as of June 1, 2025 ("Amendment") between DELTA VENTURES LTD., an Indiana Nonprofit Corporation duly organized and existing and authorized to do business under the laws of the State of Indiana, under common control with Monreaux LLC ("Borrower"), and the CITY OF SOUTH BEND, INDIANA ("Issuer"), a municipal corporation duly organized and validly existing under the laws of the State of Indiana. WHEREAS, the Issuer issued its forgivable Taxable Economic Development Revenue Note, Series 2023 ("Series 2023 Note") in the aggregate principal amount of$2,300,000; and WHEREAS, the Borrower entered into a Loan Agreement with the Issuer dated as of December 1, 2023 ("Original Agreement"); WHEREAS,the Borrower has consented to the amendments as described herein; and WHEREAS, the parties now desire to amend the Original Agreement; THE BORROWER AND THE ISSUER HEREBY COVENANT AND AGREE AS FOLLOWS: Section 1. The Issuer and the Borrower hereby agree to revise the maximum issuance amount of the Series 2023 Note from $2,300,000 to an amount not to exceed $3,300,000 pursuant to the provisions of the Original Agreement, as hereby amended. Section 2. The Issuer and the Borrower hereby agree to increase the maximum private investment total from $13,700,000 to$17,700,000. Section 3. The Issuer and the Borrower hereby agree to amend the definition of the Project as follows: "Project" means the construction of site work and infrastructure improvements needed to serve the redevelopment and development 4921-3958-6362.1