18-71 MOU with St. Joseph County Public Library and Community Foundation regarding the Community Education Center Project

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Filed in Clerk's Office NOV 2 0 2018 BILL NO. 18-71 KAREEMAH FOWLER CITY CLERK,SOUTH BEND,IN RESOLUTION NO. A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF UNDERSTANDING REGARDING THE ST. JOSEPH COUNTY PUBLIC LIBRARY'S PROPOSED PROJECTS WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the St. Joseph County Public Library,St.Joseph County, Indiana(the"Public Library"),the City of South Bend, Indiana (the "City"), and the Community Foundation of St. Joseph County, Inc. are proposing to enter into a Memorandum of Understanding(the"Memorandum of Understanding") to set forth the agreements of each of the parties thereto with respect to the construction,equipping, and furnishing of a new approximately 38,000 square foot building for use as a community and education center to provide new and flexible spaces for community meeting and training, events and conferences and a larger auditorium to meet increasing demand for program space and allow for a more diverse range of programs and community events and any and all projects and improvements related thereto to be located near the Main Branch of the Public Library located at 304 South Main Street in the City(collectively, the"Project"); and WHEREAS, in accordance with the Memorandum of Understanding, the City is considering the issuance of its Economic Development Revenue Bonds (Community Education Center Project) in an aggregate principal amount necessary to provide $4,000,000 of proceeds to the Project (the "Bonds"), pursuant to a Trust Indenture between the City and a corporate trustee to be selected by the City, the net proceeds of which will be provided to the St. Joseph County Public Library (the "Public Library"), pursuant to a Financing Agreement between the Public Library and the City, to be applied to a portion of the costs of the Project and to fulfill the City's obligations under the Memorandum of Understanding; and WHEREAS, the Project will be located in the River West Economic Development Area Allocation Area,previously established and designated by the Commission in accordance with the Act(the"Allocation Area"); and WHEREAS, the Memorandum of Understanding provides for the Bonds to be secured by and paid from tax increment revenues expected to be received by the Commission from the Allocation Area(the"Tax Increment Revenues"); and WHEREAS, the Commission, at a meeting held on November 8, 2018, adopted (i) Resolution No. 3462 pledging the Tax Increment Revenues to the payment of the principal of and interest on the Bonds and (ii) Resolution No. 3463 approving of the Memorandum of Understanding and authorizing its execution; and