5073-24 Resolution Approving a Lease Between the South Bend Redevelopment Authority and the South Bend Redevelopment Commission Relating to the Four Winds Field at Coveleski Stadium

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BILL NO. 24-10 RESOLUTION NO. 5073-24 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING A LEASE BETWEEN THE SOUTH BEND REDEVELOPMENT AUTHORITY AND THE SOUTH BEND REDEVELOPMENT COMMISSION RELATING TO THE FOUR WINDS FIELD AT COVELESKI STADIUM PROJECT AND TAKING OTHER ACTIONS RELATED THERETO WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the governing body of the South Bend Department of Redevelopment and the Redevelopment District of the City of South Bend, Indiana (the "District"), exists and operates under the provisions of Indiana Code 36-7-14, as amended from time to time (the"Act"); and WHEREAS,the South Bend Redevelopment Authority(the"Authority")has been created pursuant to Indiana Code 36-7-14.5 as a separate body corporate and politic, and as an instrumentality of the City of South Bend, Indiana (the "City") to finance local public improvements for lease to the Commission; and WHEREAS,the City has determined to undertake certain improvements to the Four Winds Field at Coveleski Stadium(the"Stadium") consisting of enhancements to the Stadium including, without limitation, modernizing the existing stadium infrastructure, adding a full second level above the existing facility, renovating the primary seating areas and suites, adding a new 20,000 square foot, four-story club and event space building, and a new playground and splash pad with additional improvements including,without limitation,additional restrooms,additional circulation space, updated retail and concessions areas, a new improved entrance, and all projects related to the foregoing projects (collectively, the "Project") for the purpose of increasing the Stadium's capacity and providing for increased future success; and WHEREAS, the Commission has given consideration to (i) financing the cost of all or a portion of the Project; (ii) funding a debt service reserve fund, 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 Project is 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 March 28,2024,following a public hearing held pursuant to Section 25.2 of the Act, the Commission did adopt its Resolution No. 3596 (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 the real estate on which the Project will be located (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 2024 (Four Winds Field at Coveleski Stadium Project) (the "Bonds") proposed to be issued by the Authority pursuant to Indiana Code 36-7-14.5 to finance the Project; and WHEREAS, at a meeting held on March 27, 2024, the Authority did adopt Resolution No. 216 whereby the Authority (a) indicated its intent to issue the Bonds in one (1) or more series in an aggregate principal amount not to exceed Fifty Million Two Hundred Fifty Thousand Dollars ($50,250,000), to finance all or a portion of(i) the costs of the Project; (ii) a debt service reserve fund, if necessary, in connection with the issuance of the Bonds; and (iii) costs incurred in