17-72 Authorizing the issuance of bonds for the Redevelopment Districts

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RESOLUTION NO. A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING AND AUTHORIZING THE ISSUANCE OF BONDS OF THE CITY OF SOUTH BEND REDEVELOPMENT DISTRICT 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 (the "District"), exists and operates under the provisions of Indiana Code 36-7-14, as amended from time to time(the"Act"); and WHEREAS, with the approval of the Common Council (the "Common Council") of the City of South Bend, Indiana (the "City"), the Commission has previously created, amended and expanded an economic development area within the City currently designated as the River West Development Area (the "Area"), designated the Area as an allocation area (the "Allocation Area") under the Act and adopted an Economic Development Plan (as amended from time to time,the"Plan"),which sets forth various economic development projects for the Area; and WHEREAS, the Act authorizes the Commission to approve of the issuance of bonds of the District, in the name of the City, in anticipation of revenues of the District and to use the proceeds of such bonds to finance local public improvements located in or serving the Area, all subject to approval of the Common Council pursuant to Section 25.1 of the Act; and WHEREAS, the Commission has adopted Resolution No. 3415 at a meeting held on October 12, 2017, contemplating the issuance of bonds of the District in one (1)'or more series and in an aggregate principal amount not to exceed Twelve Million Two Hundred Thousand Dollars ($12,200,000) (the "Bonds") for the purpose of financing the cost of certain local public improvements in or serving the Area, including without limitation (i) renovations and upgrades at Pulaski, Leeper and Seitz Parks and improvements to the mixed use riverfront trail; (ii) other infrastructure improvements to park and recreation areas in or serving the Area, all of which will enhance the cultural attractiveness of the Area and the City; and (iii) any and all improvements related to any of the improvements described in clauses (i) or (ii) (clauses (i) through and including (iii), collectively, the "Projects") and to pay related and incidental expenses to be incurred in connection therewith and on account of the issuance of the Bonds; and WHEREAS,the Commission has determined that sufficient funds will be available to the Commission to make the payments of the principal of and interest on the Bonds with such funds being derived from tax increment revenues collected in the Allocation Area (the "TIF Revenues"); however, if such funds, including the TIF Revenues, are insufficient for such purpose,the Commission will levy a special tax upon the taxable property of the District, which is coterminous with the boundaries of the City, pursuant to Section 27 of the Act (the "Special Tax"); and WHEREAS, Section 25.1 of the Act requires the approval of the legislative body of the City before the Bonds may be issued and the Common Council as the legislative body of the City now desires to approve of the issuance of the Bonds;