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�SiJB� CITY OF SOUTH BEND <br /> O PETE BUTTIGIEG, MAYOR <br /> 1865 <br /> October 17, 2017 Filed in Olerk'S Office <br /> Mr.Tim Scott,President <br /> South Bend Common Council OCT 2 7 <br /> 4th Floor County-City Building <br /> South Bend IN 46601 KAREEMAH FOWLER <br /> CITY CLERK,SOUTM l��ND, IN <br /> RE: My SB Parks&Trails Redevelopment Bond <br /> Dear President Scott, <br /> Attached is A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br /> INDIANA,APPROVING AND AUTHORIZING THE ISSUANCE OF BONDS OF THE CITY OF <br /> SOUTH BEND REDEVELOPMENT DISTRICT AND RELATED MATTER. <br /> The My SB Parks&Trails initiative seeks to leverage over$12 million worth of private funds and grants <br /> to make a transfoimative impact throughout the city's shared green spaces. The entire portfolio of <br /> projects includes parks improvements to 32 parks and dozens of miles of trails,throughout every <br /> neighborhood in the city, benefiting six focus areas: neighborhood improvement,public safety, social <br /> equity, ecological stewardship,public health, and economic impact. Every defined project has been <br /> established through a substantial amount of resident engagement, including dozens of community forums, <br /> hundreds of hours of stakeholder&neighborhood sessions, and thousands of pieces of written feedback. <br /> These are all documented through City Plan 2025,Parks&Recreation Master Plan 2014,Riverfront <br /> Parks&Trails Conceptual Framework, City Cemetery Master Plan,Coal Line Trail Plan,and various <br /> neighborhood plans. The projects have been additionally informed by a substantial amount of <br /> professional consultation, industry benchmarks,and certified research. When complete,the My SB Parks <br /> &Trails investments will fundamentally change the landscape of South Bend to benefit every resident for <br /> many generations to come. <br /> This resolution approves of the issuance of Redevelopment District Bonds in a principal amount not to <br /> exceed $12,200,000 to fund improvements to Pulaski,Leeper,Howard, and Seitz Parks as well as repairs <br /> and improvements to the mixed use Riverfront Trail throughout the River West TIF District. The bonds <br /> would be payable from TIF Revenues from the River West Development Area Allocation Area and also <br /> backed up by a tax levy(to be used only if TIF Revenues were ever insufficient)to secure a better bond <br /> rating and lower interest rates which will result in a lower cost of borrowing. The Redevelopment District <br /> bonds are proposed to be issued in early 2018. <br /> Thank you for your consideration. We will attend the Committee and Council meeting along with <br /> representatives from Barnes&Thornburg&Umbaugh to address any questions. <br /> Cordially, <br /> Aaron Perri James Mueller <br /> Executive Director Executive Director <br /> Venues Parks&Arts Community Investment <br /> EXCELLENCE ( ,ACCOUNTABILITY I INNOVATION I INCLUSION I EMPOWERMENT I <br />