11122019 Board of Public Works Meeting

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REGULAR MEETING NOVEMBER 12, 2019 336 ATTEST: s/Linda M. Martin, Clerk ADOPT RESOLUTION NO. 41-2019— A RESOLUTION OF THE CITY OF SOUTH BEND INDIANA, BOARD OF PUBLIC WORKS AUTHORIZING THE TRANSFER OF REAL PROPERTY TO THE SOUTH BEND REDEVELOPMENT AUTHORITY Upon a motion made by Ms. Maradik, seconded by Ms. O'Sullivan and carried, the following Resolution was adopted by the Board of Public Works: RESOLUTION NO.41-2019 A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA, BOARD OF PUBLIC WORKS AUTHORIZING THE TRANSFER OF REAL PROPERTY TO THE SOUTH BEND REDEVELOPMENT AUTHORITY WHEREAS, the City of South Bend, Indiana, Board of Public Works (the "Board") exists pursuant to Indiana Code Section 36-4-9-5, holds real property owned by the City of South Bend, Indiana (the "City") pursuant to Indiana Code Section 36-9-6-3, and is authorized to transfer such property to another governmental entity pursuant to Indiana Code Section 36-1-11- 8; and WHEREAS, the Board owns certain real property in the City commonly known as Cleveland Road from its intersection with Portage Avenue to its intersection with Ameritech Drive, as more particularly described on Exhibit A (the "Property"); and WHEREAS, the South Bend Redevelopment Authority (the "Authority") was created pursuant to I.C. 36-7-14.5 (the "Act") as a separate body corporate and politic serving as an instrumentality of the City of South Bend, Indiana (the "City"), to finance local public improvements for lease to the South Bend Redevelopment Commission (the "Commission") and which is permitted by the Act to acquire real property in order to accomplish the purposes of the Authority under the Act; and WHEREAS, pursuant to declaratory resolutions previously adopted and amended from time to time, the Commission has declared a certain area of the City known as the "River West Development Area" (the "Area") as a redevelopment area and an allocation area under the Act and approved an economic development plan for the Area; and WHEREAS, the City and the Commission have agreed to share the cost of certain improvements to the South Shore Line with St. Joseph County, pursuant to a Memorandum of Understanding dated September 26, 2019 entered into between the parties (the "MOU"), including the addition of a second track through congested areas along the South Shore Line (the "Double Tracking Project"), which improvements benefit the Area; and WHEREAS, on October 10, 2019, at a duly advertised and noticed public meeting, the Authority adopted Resolution No. 205, whereby the Authority (a) stated its intent to issue its South Bend Redevelopment Authority Lease Rental Revenue Bonds of 2019 (Double Tracking Project) in in an aggregate principal amount not to exceed Eleven Million Dollars ($11,000,000) (the "Bonds"), to finance the City's obligation pursuant to the MOU which will be used to pay for a portion of the cost of the Double Tracking Project; (ii) fund a debt service reserve fund, if necessary in connection with the issuance of the Bonds; and (iii) pay costs incurred in connection with the issuance of the Bonds and (b) approved a proposed form of lease (the "Lease") between the Authority and the Commission for the lease of a portion of the Property; and WHEREAS, the Commission adopted Resolution No. 3508, wherein it approved the Lease, pursuant to Section 25.2 of the Act, at a duly advertised and noticed public meeting on October 10, 2019; and WHEREAS, the Common Council of the City adopted Resolution 4820-19 on October 28, 2019, approving of the execution of the Lease by the Commission and the Authority, as well as the issuance of the Bonds by the Authority; and