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

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Cffice 18 [023 CC JANbakertilly December 2, 2022 DAWN M.JONES MUNICIPAL ADVISORS CITY CLERK,SOUTH BEND,IN Baker Tilly Municipal Advisors,LLC City of South Bend Redevelopment Commission 8365 Keystone Crossing,Ste 300 227 W. Jefferson Blvd. Indianapolis,IN 46240 Suite 1400 S. United States of America South Bend, Indiana 46601 T:+1 (317)465 1500 F:+1 (317)465 1550 Re: Public Improvement Project and Beacon District Project bakertilly.com Dear Members of the Commission: Per your request, we have prepared the attached financing illustration in connection with the financings supporting each the Public Improvement Projects and the Beacon District Project. This preliminary analysis has been prepared to assist both City and Redevelopment Commission officials in the discussion and consideration of future projects. The attached schedules (listed below) present unaudited and limited information. The use of these schedules should be restricted to this purpose, for internal use only, as the information is subject to future revision and final report. Page(s) 3 Illustrative Project Costs and Funding 4 Illustrative Amortization of$34,720,000 Principal Amount of Tax-Exempt Lease Rental Revenue Bonds, Series A(Public Improvement Projects) 5 Illustrative Amortization of$28,895,000 Principal Amount of Taxable Lease Rental Revenue Bonds, Series B (Beacon District Project) 6 Comparison of Estimated Annual Existing Tax Increment and Total Illustrative Obligations Supporting Information—River West 7 Summary of Outstanding River West Obligations 8 Estimated Annual Tax Increment 9- 10 Estimated Annual Existing Tax Increment South Bend— Portage Township Taxing District 11 - 12 Estimated Annual Existing Tax Increment South Bend—German Township Taxing District 13 Estimated Annual Existing Tax Increment South Bend—Warren Township Taxing District 14 Large Taxpayers in the River West Allocation Area 15 Historical Tax Increment Collections Supporting Information—River East 16 Estimated Annual Tax Increment 17- 18 Estimated Annual Existing Tax Increment South Bend—Portage Township Taxing District 19 Estimated Annual Existing Tax Increment South Bend—Clay Township Taxing District 20 Estimated Annual 2022 Expansion New Development Tax Increment South Bend—Portage Township Taxing District 21 Large Taxpayers in the River East Allocation Area 22 Historical Tax Increment Collections In the preparation of these schedules, certain assumptions were made as noted regarding certain future events. As is the case with such assumptions regarding future events and transactions, some or all may not occur as expected and the resulting differences could be material. We have not examined the underlying assumptions nor have we audited or reviewed the historical data. Consequently, we express no opinion thereon nor do we have a responsibility to prepare subsequent reports.