Redevelopment Authority Meeting Minutes 12.19.24 - Signed

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CITY OF SOUTH BEND I REDEVELOPMENT AUTHORITY B. Approval of the Minutes of May 20, 2024 Upon a motion by Vice -President Anthony Fitts and seconded by Secretary Richard Klee, the motion carried unanimously, the Authority approved the Minutes of the Meeting of May 20, 2024. 3. New Business A. First Amendment to Stadium Use Agreement (Swing Batter Swing). Michael Schmidt, Assistant City Attorney, stated that back in May 2024 the RDA was asked to accept as part of the bonding package to go forward with this project. The new use agreement will be for twenty (20) years. Mr. Schmidt explained that we have signatures on that document, but then we had this protocol and sent it over to Major League Baseball for their approval under their governing bylaws, they wanted additional provisions related to how the Cubs franchise works within the operating bodies of Major League Baseball and that language was added. Mr. Schmidt stated that now we are coming back to get the Redevelopment Authority's approved on the amendment. Richard A. Nussbaum wanted to speak in favor of the amendment to the operations and management agreement. Mr. Nussbaum explained that the financing to support the bonds is working and the revenues that are being produced by the professional Sports Development Fund are more than enough to pay for the bonds. He states that the amendment extends the agreement through the 2044 season within the timeframe of the bonds, recognized the roll of the RDA body as the bond issuing authority as well as the Venue Parks & Arts department as operational entity for the City, the City has some maintenance responsibilities which are now being assumed by the team which includes a new field. Mr. Nussbaum stated that we have Major League Baseball approval of the agreement that was necessary because Major League Baseball adopted a brand-new relationship with Minor League Baseball, which they have more control and there are new entities that were formed that needed to be defined within the scope of this agreement. There were some that needed clarification, which is why Major League Baseball needed the amendment, and this has already gotten approval from the Board of Public Works as well as VPA. Mr. Nussbaum stated that Minor League Baseball has had a good relationship for 34 years with the City and that is not always the case with some communities struggling to meet basic baseball standards with needing to spend $100 million or more for a new stadium. President Erin Linder Hanig stated that she had no further questions. Vice - President Anthony Fitts asked about the relationship with the Professional Development License League (PDL) because the agreement previously was with the South Bend Cubs organization. Dick Nussbaum explained that the South Bend Cubs have great relationship with Major League Page 12