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Bill No. 17-72 CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR PEACE:"_l� a x x October 17,2017 `;lerk's office Mr.Tim Scott, President South Bend Common Council XT � 2017 4°i Floor County-City Building South Bend IN 46601 KAREEMAH FOWLER CITY CLERK,5QU1 M MNb,IN RE: My SB Parks& Trails Redevelopment Bond Dear President Scott, Attached is 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 MATTER. The My SB Parks&Trails initiative seeks to leverage over$12 million worth of private funds and grants to make a transformative impact throughout the city's shared green spaces. The entire portfolio of projects includes parks improvements to 32 parks and dozens of miles of trails,throughout every neighborhood in the city,benefiting six focus areas: neighborhood improvement,public safety, social equity,ecological stewardship,public health,and economic impact. Every defined project has been established through a substantial amount of resident engagement, including dozens of community forums, hundreds of hours of stakeholder&neighborhood sessions,and thousands of pieces of written feedback. These are all documented through City Plan 2025, Parks&Recreation Master Plan 2014, Riverfront Parks&Trails Conceptual Framework,City Cemetery Master Plan,Coal Line Trail Plan,and various neighborhood plans. The projects have been additionally informed by a substantial amount of professional consultation, industry benchmarks, and certified research. When complete,the My SB Parks &Trails investments will fundamentally change the landscape of South Bend to benefit every resident for many generations to come. This resolution approves of the issuance of Redevelopment District Bonds in a principal amount not to exceed$12,200,000 to fund improvements to Pulaski,Leeper, Howard,and Seitz Parks as well as repairs and improvements to the mixed use Riverfront Trail throughout the River West TIF District. The bonds would be payable from TIF Revenues from the River West Development Area Allocation Area and also backed up by a tax levy(to be used only if TIF Revenues were ever insufficient)to secure a better bond rating and lower interest rates which will result in a lower cost of borrowing. The Redevelopment District bonds are proposed to be issued in early 2018. Thank you for your consideration. We will attend the Committee and Council meeting along with representatives from Barnes&Thornburg&Umbaugh to address any questions. Cordially, Aaron Perri James Mueller Executive Director Executive Director Venues Parks&Arts Community Investment EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION I EMPOWERMENT ly.