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1 1 ®CITY OF SOUTH BEND ' OFFICE OF THE CLERK individuals to share some more details on this. The County would then contribute this amount that we're contributing towards double tracking towards the cost of a new station which would be within the corporate limits of South Bend. The Redevelopment Commission has also in recent weeks,signed an agreement with NICTD to maintain a station in South Bend for a period of twenty (20)years.The bond issuance schedule is roughly as follows.We began with an update to Council on the 23rd. The Redevelopment Commission adopted resolutions and set public hearings on the 26th. We've had MOU's signed on the 10th. And today we're here for the bond lease resolution, as read by the Clerk. I'm going to invite Mike Nolan from NICTD to share a few words about the project followed by Mark Pascarella from IFA. And then finally, Phil Faccenda to share a few details about the bond. Thank you. Mike Nolan, 33 East US Highway 12, Chesterton, IN, served as a presenter for this bill. Mr. Nolan stated,Thank you. I appreciate being before the Council again tonight.We were here before earlier, so I'll try to make it brief. We've talked about this double track program for a while. This is a seminal moment, we are just about to get all of our funding together. We're right before the FTA right now seeking an all-important entry into their engineering phase to get the project advanced towards a full funding grant agreement. Jitin did a great job of assessing the benefits. We're going to triple ridership out of South Bend. South Bend is where we started to look at this double track. Ninety (90) minutes, ninety (90) miles downtown South Bend or South Bend to Chicago. I mentioned the downtown stop in South Bend, and we are certainly studying the station location. But that is not part of what we're talking about today. In order to determine where we're going to ultimately be in South Bend, we first (1St) need to clear the way further to the west and make the travel times quicker. That's what this project does. We advanced this project in June of this year to the FTA with the State funding approval by the State budget committee. I just heard from the head of the FTA a few weeks ago when we got our West Lake project into engineering,that double track and her mind is right on the heels. So, this is a very important element of the project. In addition to this, we also made a commitment to not only Michigan City but to South Bend, that we will maintain service for a minimum of two (2) decades from the last point in time that money is spent from South Bend on the improvements for the railroad. That is not any way shape or form a suggestion that we're looking at not running a service at any particular point in time. But it does give you some assurance that the monies you're going to put into this railroad will be here for a minimum of several decades to come, if not much longer than that. Thank you. Mark Pascarella, Indiana Finance Authority, 1 North Capital, Indianapolis, IN, served as a presenter for this bill. Mr. Pascarella stated, I'm going to go through three (3) very quick points with you. Point number one (1) is to talk about the original financing plan. When this was originally constructed,it was supposed to be fifty percent(50%)federal grants. Fifty percent(50%) is what the federal agencies would consider is local funds. Of that fifty percent,(50%) fifty percent (50%)was going to be from the State.The other half was going to come from the four(4)counties: Lake, Porter, St. Joseph and LaPorte Counties. And those were going to come in at eighteen and a quarter percent (18.25%) each. Subsequently, as we moved forward, we really started to dig deep into this project and a couple things happened. Number one (1) is we really started getting estimates of how much it was going to cost and it was a little bit more than that 50/50 split I discussed on the local share. Also, the Federal Government at that point decided that rather than doing a 50/50 split, they're going to do a 62/38 split. And, of course, for Federal Government reasons,they want the thirty-eight percent(38%)and they want to put the sixty-two percent(62%) on the locals in the State as well. When that happened obviously that shifts cost dramatically on to the State and local areas. So, at that point during the last session, the IFA, Northwest Regional EXCELLENCE ACCOUNTABILITY INNOVATION 1 INCLUSION EMPOWERMENT 455 County-City Building 227 W.Jefferson Bvld South Bend.Indiana 46601 p 574.235.9221 f574.235.9173 TTD574.235.5567 www.southbendin.gov 2