Resolution No. 3672 (Authorizing TIF Fund Forgivable Loan Beacon Heights) - Signed

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RESOLUTION NO. 3672 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE USE OF RIVER WEST TIF REVENUES FOR THE BEACON HEIGHTS PROJECT AND OTHER 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 is committed to improving the City of South Bend, Indiana (the “City”) by administering and funding projects that support economic development, public infrastructure, and neighborhood revitalization; and WHEREAS, the Commission is currently negotiating a development agreement (the “Development Agreement”) with Beacon Apartments Preservation LLC, an Indiana limited liability company (the “Developer”), for the construction, renovation and/or rehabilitation of up to one hundred seventy-four (174) affordable housing units in the existing Beacon Heights development in the River West Development Area (as hereinafter defined) in the City, with an approximate total redevelopment cost of Forty-Seven Million Dollars ($47,000,000) including a private investment of no less than Forty-Seven Million Dollars ($47,000,000) to be expended by the Developer (collectively, the “Project”); and WHEREAS, the Commission has previously adopted a declaratory resolution, as subsequently confirmed and amended, which (i) declared the River West Development Area (the “River West Development Area”) as an economic development area pursuant to Section 41 of the Act, (ii) designated the River West Development Area as an allocation area pursuant to Section 39 of the Act (the “River West Allocation Area”), for the purpose of capturing property tax proceeds derived from incremental assessed valuation of real property in such allocation area which is in excess of the “base assessed value” (such property tax proceeds, hereinafter referred to as “River West TIF Revenues”), (iii) created the River West Allocation Area Fund (the “River West Allocation Fund”) into which all River West TIF Revenues are deposited, all pursuant to and as described Section 39 of the Act, and (iv) approved an economic development plan for the River West Development Area (the “Plan”); and WHEREAS, subject to the final terms of the Development Agreement to be approved by the Commission, the Commission would agree to contribute River West TIF Revenues in an amount of up to One Million Two Hundred Fifty Thousand Dollars ($1,250,000), subject to appropriation, toward the cost of the Project, subject to the completion of all procedures required by law; and WHEREAS, the Commission has sufficient River West TIF Revenues on deposit in the River West Allocation Fund to contribute River West TIF Revenues toward costs of the Project, which will directly serve and benefit, or be physically located in or connected to, the River West Allocation Area; and