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BILL NO. 44-18
<br /> ORDINANCE NO. 10613-18
<br /> AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF AN AGGREGATE
<br /> PRINCIPAL AMOUNT OF NOT TO EXCEED $4,205,000 OF CITY OF SOUTH BEND,
<br /> INDIANA,ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 2018
<br /> (POTAWATOMI ZOO PROJECT)AND AUTHORIZING AND APPROVING OTHER
<br /> ACTIONS IN RESPECT THERETO
<br /> STATEMENT OF PURPOSE AND INTENT
<br /> The City of South Bend, Indiana (the "City") is a political subdivision of the State of
<br /> Indiana, and by virtue of Indiana Code 36-7-11.9 and 36-7-12, as amended (the "Act"), is
<br /> authorized and empowered to adopt this Ordinance and to carry out its provisions.
<br /> The South Bend Economic Development Commission (the "Commission") has rendered
<br /> its Report concerning the proposed financing of economic development projects and economic
<br /> development facilities consisting of the Potawatomi Zoo,located at 500 Greenlawn Avenue in the
<br /> City (the "Zoo") for the Potawatomi Zoological Society, Inc., an Indiana nonprofit corporation
<br /> (the "Corporation"), for the construction, expansion, renovation, equipping, furnishing, and
<br /> improving, as the case may be, of the Project (described below).
<br /> The Commission, after a public hearing held on September 13, 2018, has adopted a
<br /> Resolution which has been transmitted to the Common Council of the City (the "Common
<br /> Council") (i) finding that the financing of all or a portion of the costs (or reimbursement of the
<br /> Corporation of all or a portion of the costs) of the construction, expansion, renovation, equipping,
<br /> furnishing and improving, as the case may be, of the Zoo, including, without limitation, the
<br /> construction, equipping and furnishing of a new, modern visitor-centric front entrance building
<br /> that will include a gift shop, universally accessible gathering plaza, public restrooms and a
<br /> separate, more secure entrance for field trips and group visits and that will double the Zoo's
<br /> education space, allowing for more classes, camps and educational experiences, and completion
<br /> of various deferred maintenance improvements throughout the Zoo which will enhance the safety
<br /> of visitors to the Zoo, staff and animals and necessary to maintain the Zoo's accreditation,
<br /> including, without limitation, repair, replacement, renovation or enhancement of guest pathways
<br /> and parking lots, animal holding and exhibit areas, HVAC improvements, roofs, patron fencing,
<br /> animal containment fencing and exhibitory, and electrical work throughout the Zoo (collectively,
<br /> the "Project') will not have an adverse competitive effect on any similar facilities already
<br /> constructed or operating in or about the City; (ii)further fording that the proposed financing of the
<br /> cost of the Project will be of benefit to the health and general welfare of the City and its citizens;
<br /> (iii)further finding that the proposed financing of the cost of the Project complies with the purposes
<br /> and provisions of the Act; (iv) approving the financing of the cost of the Project and certain of the
<br /> costs of issuing the Bonds and funding a debt service reserve for the bonds,including the form and
<br /> terms of the Financing Documents (defined herein) and the Bonds from the City to the
<br /> bondholders, more fully described below, and this Ordinance, presented to the Commission; and
<br /> (v) recommending that this Common Council find that the proposed financing of the cost of the
<br /> Project will be of benefit to the health and general welfare of the City and its citizens,and complies
<br /> with the purposes and provisions of the Act, and that this Common Council adopt an ordinance
<br /> approving such financings.
<br /> This Common Council believes it is in the best interests of the City and its citizens to
<br /> provide a program for financing economic development projects and economic development
<br /> facilities for developers or users thereof through the issuance of tax-exempt bonds. The City, as
<br /> requested by the Corporation, has determined to issue, sell and deliver economic development
<br /> revenue bonds in one or more series to be designated the"City of South Bend, Indiana, Economic
<br /> Development Revenue Bonds, Series 2018 (Potawatomi Zoo Project)" in an aggregate principal
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