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o...„..0„T„,34,........,...„ Filed in Clerk's Office <br />Ind.. <br />Ia JAN 1 8 ClZ sIlk.„..... 4_, : <br />xs DAWN M.JONES <br />1865 CITY CLERK, SOUTH BEND, IN <br />CITY OF SOUTH BEND <br />January 18, 2023 <br />Common Council President Sharon McBride <br />South Bend Common Council <br />4th Floor, County-City Building <br />South Bend, IN 46601 <br />Dear Council President McBride, <br />Attached please find a proposal for adoption of a resolution approving a rental revenue bond <br />lease between the Redevelopment Authority and the Redevelopment Commission for the <br />issuance of two Series of TIF-funded bonds to support several neighborhood improvement <br />and economic development projects. <br />The Common Council's approval will allow the issuance of bonds to fund improvements to <br />the pedestrian connections between Rum Village and Walker Field, match potential state <br />grant funding for the complete overhaul of Kennedy Park, fund upgrades to Southeast Park, <br />support a new sidewalk improvement project at the intersection of Portage and Elwood, <br />finance a revamped streetscape for Linden Avenue, and pay for the full buildout of the MLK <br />Dream Center's park improvements, and more. <br />These neighborhood improvement projects were identified by neighbors as part of a number <br />of neighborhood planning processes. <br />The proposed issuance will also fund the planned construction of two public parking garages <br />to support the Beacon Integrative Health&Lifestyle District,a development that could bring <br />more than 240 new housing units (including 100 units of income-qualified housing), retail <br />space, a hotel, and a new site for the Beacon Health and Fitness Center. <br />Attached is Baker Tilly's financial analysis for these bonds, which will be funded out of the <br />River West and River East TIF Districts. In both districts,estimated coverage exceeds 200% <br />for the lifetime of the debt service on both series. Please let either of us know if you have <br />any questions, we look forward to presenting this for your consideration and will be joined <br />by Bond Counsel Randy Rompola of Barnes & Thornburg and representatives from Baker <br />Tilly. <br />1400 COUNTY-CITY BUILDING•227 W.JEFFERSON BOULEVARD•SOUTH BEND,INDIANA 46601 <br />PHONE 574/235-5898 • FAX 574/235-9892 • TTY 574/235-5567 <br />Li ti tiv