9645-05 Authorizing the city to issue its adjustable rate demand for the Stanley Clark School

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S REPORT OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION CONCERNING PROPOSED FINANCING OF AN ECONOMIC DEVELOPMENT FACILITY FOR THE STANLEY CLARK SCHOOL, INCORPORATED The South Bend Economic Development Commission (the "Commission") proposes to recommend to the Common Council of the City of South Bend, Indiana (the "City"), that it loan to The Stanley Clark School, Incorporated, an Indiana nonprofit corporation (the "Borrower"}, the proceeds of an economic development revenue bond financing in an amount not to exceed Fifteen Million Dollars ($15,000,000) to pay the costs related to (a)(i) the improvement, expansion, and renovation of the educational facility commonly known as Fannin Hall to include four kindergarten rooms, three preschool rooms, alarge-motor multipurpose room and an atelier; (ii) the improvement, expansion and renovation of the educational and administrative facility commonly known as Martin Hall to provide for, among other improvements, additional classrooms, common rooms and office space; (iii) improvements to roads, walkways, parking lots and other educational facilities on the same site, including site improvements and landscaping; and (iv) water retention improvements (collectively, the "2005 Project"), all of which are to be located on the Borrower's approximately thirty-two (32) acre site at 3123 Miami Street in the City (the "Site"} and (b)(i) the rebuilding of the educational facility on the Site commonly known as the Lower School to provide for up-to-date technology and amenities; (ii) the construction of a fine arts center and an improved media center on the Site which may include an auditorium, additional fine arts and music classrooms and improved media equipment and technology; and (iii) the relocation and construction of athletic fields or facilities on the Site or on an approximately four (4) acre site located on the northeast corner of High Street and Donmoyer Avenue, near and including 744 Donmoyer Avenue and the property BDDBOI 4177119v1