Bill No. 23-02 Approving a Lease between S.B Redevelopment Authority & S.B Redvelopment Commission

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improvements include, without limitation, site work, construction of up to two (2)public parking garages and a skyway improvement, and any projects related to the foregoing (collectively, the "Beacon District Improvements"); and WHEREAS, the Commission has given consideration to undertaking local public improvement projects in the River East Area including all or any portion of the following: (i) LaSalle Streetscape which consists of a road diet with a focus on bike and pedestrian improvements from Martin Luther King Boulevard to Eddy Street and any related improvements; (ii) Hill Street Trail (South Bend Avenue to LaSalle Street) which consists of Phase 2 of the Trail Project to construct a shared use path and any related improvements to improve bicycle and pedestrian facilities between the University of Notre Dame campus and the City's downtown;(iii)South Bend Avenue (Hill Street to Notre Dame Avenue) and Hill Street Intersection which consists of Phase 1 of the Trail Project to construct a shared use path and any related improvements to improve bicycle and pedestrian facilities between the University of Notre Dame campus and the City's downtown; (iv) Mishawaka Avenue Streetscape Improvements which consist of a road diet and improved parking from Longfellow Street to Emerson Street, storm sewer separation, and any related improvements; (v) Coquillard Splashpad which consists of upgrading the splashpad at Coquillard Park to modern health, safety, and experiential standards, and any related improvements; and (vi) all projects related to any of the projects described in clauses (i) through and including(v)(clauses(i)through and including(vi),collectively(collectively,the"River East Projects"and collectively with the River West Projects and the Beacon District Improvements,the "Projects"); and WHEREAS, the South Bend Redevelopment Authority (the "Authority") has been established pursuant to the applicable provisions of Indiana Code 36-7-14 as a separate body corporate and politic, and as an instrumentality of the City to finance local public improvements for lease to the Commission; and WHEREAS,on December 8,2022,the Commission at a duly advertised and noticed public meeting, adopted its Resolution No. 3564 approving a proposed form of lease (the "Lease") with the Authority, as Lessor, for all or a portion of Portage Avenue in the City from its intersection with Cleveland Road to its intersection with Angela Boulevard (the "Leased Premises") in order to provide increased redevelopment and economic development and job creation opportunities for the residents of the City and the Commission scheduled a public hearing regarding the Lease to be held on December 19,2022, at 9:30 a.m. (local time), in Room 1308 of the County-City Building located at 227 West Jefferson Boulevard, South Bend,Indiana,and published notice of such public hearing on the Lease in accordance with applicable Indiana law; and WHEREAS, on this date said public hearing has been held, and all interested parties have been provided the opportunity to be heard at the hearing; and WHEREAS,the Commission intends to pay rent to the Authority(the"Rental Payments") pursuant to the terms of the Lease, at a rate not to exceed Ten Million Five Hundred Thousand Dollars($10,500,000.00)per year, in semiannual installments,with a term no longer than Twenty (20) years beginning on the date the Authority acquires an interest in the Leased Premises, and ending on the day prior to a date not later than twenty(20) years after such date of acquisition by the Authority; and 2