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

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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 (c) local public improvement projects in the River East Development Area consisting of 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, the "River East Projects" and collectively with the River West Projects and the Beacon District Improvements, the"Projects"); and WHEREAS, the Commission has given consideration to (i) financing the cost of all or a portion of the Projects; (ii) funding a debt service reserve fund or paying the cost of a reserve surety, if necessary, in connection with the issuance of the Bonds (defined herein); and (iii) paying costs incurred in connection with the issuance of the Bonds; and WHEREAS, the Commission has determined that it would be beneficial to the District and the City for the Commission to enter into a lease with the Authority pursuant to Section 25.2 of the Act and have the Authority issue its lease rental revenue bonds for a local public improvement pursuant to Indiana Code 36-7-14.5-19; and WHEREAS,the Projects are located within the boundaries of the District and will benefit the residents of the City by providing future opportunities for new redevelopment and economic development and job creation; and WHEREAS, at a meeting held on December 19, 2022, following a public hearing held pursuant to Section 25.2 of the Act, the Commission did adopt its Resolution No. 3565 (a) finding (i) that the lease rental payments (the"Lease Rentals") to be paid by the Commission to the Authority pursuant to a lease between the Commission and the Authority (the"Lease") are fair and reasonable, (ii) that the terms of the Lease are based upon the value of the leased premises which includes all or a portion of Portage Avenue in the City from its intersection with Cleveland Road to its intersection with Angela Boulevard Center (the "Leased Premises"),and(iii)the use of the Leased Premises throughout the term of the Lease will serve the public purpose of the City and is in the best interests of its residents and (b) approving the Lease in the form presented at the Commission meeting for the purpose of paying the principal of and interest on the South Bend Redevelopment Authority Lease Rental Revenue Bonds of 2