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

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2 (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 Common Council of the City has adopted Resolution No. 23-02, approving of the issuance of the Bonds by the Authority, pursuant to Indiana Code 36-7-14.5-19 and the execution and delivery of the Lease, as approved by the Authority and the Redevelopment Commission (the “Commission”), pursuant to Section 25.2 of the Act, in order to provide for the financing of the Projects, all upon the following conditions: (a) the maximum aggregate principal amount of the Bonds shall not exceed $69,000,000; (b) the Bonds shall have a final maturity date which is not later than twenty (20) years from the date of their issuance; (c) the maximum annual lease rental payment during the term of the Lease shall not exceed $10,500,000; (d) the maximum interest rate on any tax-exempt series of the Bonds shall not exceed seven and one-half percent (7.50%) per annum and on any taxable series of the Bonds the maximum interest rate shall not exceed nine percent (9.00%) per annum; (e) the Bonds will be subject to optional redemption prior to maturity not earlier than five (5) years after the date of issuance of the Bonds; (f) the maximum term of the Lease shall not exceed twenty (20) years; and (g) interest on the Bonds may be capitalized or paid from the proceeds of the Bonds for a period up to three (3) years from the date of issuance of the Bonds based upon the recommendation of the Municipal Advisor; and WHEREAS, in order to provide a source of funding to pay the principal of and interest on the Bonds when due, the Authority and Commission have authorized a form of Lease dated as of December 19, 2022 (the “Lease”) providing for the lease of certain property in the City as more fully described in the Lease (the “Leased Premises”); and WHEREAS, the Authority desires to acquire an interest in the Leased Premises for the purpose of leasing the Property pursuant to the terms of the Lease; and WHEREAS, the Board of Public Works holds certain real property located in the City described in Exhibit A (the "Property"); and WHEREAS, in order to effectuate the bond transaction, the Board of Public Works desires to convey the Property to the Authority pursuant to I.C. § 36-1-11-8 and subject to the terms of this Resolution.