Resolution No 04-2022 - Transfer of City Property to Building Corporation; Segment of Wall St. and Segment of Greenlawn Ave.

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RESOLUTION NO. 04-2022 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 of Public Works") exists pursuant to I.C. § 36-4-9-5, holds real property owned by the City of South Bend, Indiana (the "City") pursuant to I.C. § 36-9-6-3, and is authorized to transfer such property to another governmental entity pursuant to I.C. § 36-1-11-8; and WHEREAS, the South Bend Building Corporation (the “Corporation”) 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 Corporation under the Act; and WHEREAS, the City of South Bend, Indiana (the “City”), has previously entered into a Lease and Management Agreement, dated as of January 1, 2019 with the Potawatomi Zoological Society, Inc. (the “PZS”), an Indiana nonprofit corporation, to provide for the PZS to operate the Potawatomi Zoo located in the City (the “Zoo”); and WHEREAS, the PZS desires to undertake certain capital improvements at the Zoo (the “Project”); and WHEREAS, the Common Council of the City has adopted Ordinance No. 10835-21 (the “Ordinance”) at a meeting held on December 13, 2021, authorizing the issuance of economic development lease rental revenue bonds in an aggregate principal amount not to exceed Six Million Five Hundred Thousand Dollars ($6,500,000) (the “Bonds”) pursuant to the terms of the Ordinance and a trust agreement (the “Trust Agreement”) between the City and U.S. Bank National Association, as trustee (the “Trustee”), to be known as the “City of South Bend, Indiana, Economic Development Lease Rental Revenue Bonds, Series 2022 (Potawatomi Zoo Project)” for the purpose of (i) financing the cost of funding a portion of the cost of the Project by providing a portion of the proceeds of the Bonds to the PZS to pay for the Project pursuant to a Financing Agreement by and among the City, the PZS and the Corporation; (ii) funding a debt service reserve fund, if necessary, in connection with the issuance of the Bonds; and (iii) paying costs incurred in connection with the issuance of the Bonds; and WHEREAS, in order to provide a source of funding to pay the principal of and interest on the Bonds when due, the Corporation and the Commission authorized execution of a form of Lease on November 22, 2021 (the “Lease”) providing for the lease of certain property in the City as more fully described in the Lease (the “Leased Premises”); and WHEREAS, the Corporation desires to acquire an interest in the Leased Premises for the purpose of leasing the Property pursuant to the terms of the Lease; and