Resolution No 18-2021 - Transfer of Real Property to City of SB Building Corporation 2021 Infrastructure Project

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RESOLUTION NO. 18-2021 A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA, BOARD OF PUBLIC WORKS AUTHORIZING THE TRANSFER OF REAL PROPERTY TO THE SOUTH BEND BUILDING CORPORATION 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 Common Council (the “Council”) of the City has given consideration to the financing and refinancing of all or a portion of the costs of (1) repairing or reconstructing all or any portion of the City streets listed at Exhibit A attached hereto which will consist of all or any of the following activities: full-depth reconstruction, mill and overlay, microsurfacing and crack sealing, and spot repairs of brick streets in historic neighborhoods (collectively, the “Street Projects”) and (2) completing certain improvements as more fully described at Exhibit B attached hereto (collectively, the “Infrastructure Projects”) (clauses (1) and (2), collectively, the “Projects”) in the City; and WHEREAS, the City of South Bend Building Corporation (the "Building Corporation") has heretofore been incorporated as a nonprofit corporation for the sole purpose of serving as an “on behalf of issuer” for federal income tax purposes to assist the City in financing public improvements; and WHEREAS, the Street Projects will include improvements to certain real property in the City which the Board owns acting for and on behalf of the City and which is generally described at Exhibit C (the "Property"); and WHEREAS, following a public hearing, the Council adopted an ordinance at a meeting held on March 22, 2021, which ordinance approved a form of lease with the Building Corporation pursuant to which the Building Corporation will lease to the City the Property and the City will pay rentals to the Building Corporation which the Building Corporation will use to pay the principal of and interest on bonds to be issued by it for the purpose of financing the costs of acquiring the Property and paying for the costs of the Projects and costs related thereto; and WHEREAS, the Building Corporation desires to acquire an interest in the Property for the purpose of leasing the Property pursuant to the terms of the Lease and has adopted a resolution substantially identical to this Resolution agreeing to accept the transfer of the Property; and WHEREAS, the City, as the owner of the Property, seeks and concurs in the transfer of an interest in the Property to the Building Corporation for a purchase price equal to $8,600,000, and the Board desires to approve such transfer;