Resolution No 08-2023 - Transfer of Real Property to the South Bend Redevelopment Authority RWDA & REDA

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INTER-OFFICE MEMORANDUM Department of Law City of South Bend 227 W Jefferson Blvd TO: FROM: SUBJECT: DATE: Board of Public Works, Theresa Heffner, Michael Schmidt Jenna Throw, Assistant City Attorney Resolution No. 08-2023 – Transfer of Property to Redevelopment Authority February 16, 2023 Members of the Board, Ms. Heffner, and Mr. Schmidt: As you may know, the City is approaching closing on bonds to fund certain public improvement projects in the River West and River East Development Areas within the City of South Bend. The structure of these bonds calls for the Redevelopment Authority and the Redevelopment Commission to enter into a Lease for a defined set of “Leased Premises,” and the rental payments under the Lease will be used to meet the Redevelopment Authority’s obligations to bondholders. The South Bend Redevelopment Authority is to be the Lessor for this transaction, so in order to lease the property to the Redevelopment Commission, it will need to acquire the property. Because the Board of Public Works is the holder of real property owned by the City, we request that the Board adopt this Resolution to transfer the Leased Premises, defined as the segment of Portage Avenue from its intersection with Cleveland Road to its intersection with Angela Boulevard, to the South Bend Redevelopment Authority. In order to accomplish that transfer, we specifically request that the Board authorize its President to execute a Quitclaim Deed to convey the property to the South Bend Redevelopment Authority. We also request that the Board authorize Joseph Molnar, of the City’s Department of Community Investment, to deliver the Deed to be recorded in the Office of the Recorder of St. Joseph County, Indiana and to execute any other document necessary to affect the Redevelopment Authority’s acceptance of the Leased Premises from the Board of Public Works.