Resolution Nos. 3637 & 3638 RIF Bonds (Drewrys Portage Elwood) - Signed

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South Bend Redevelopment Commission 227 West Jefferson Boulevard, Room 1308, South Bend, Indiana Redevelopment Commission Agenda Item D ATE : 4/22/2025 FROM: Joe Molnar, Assistant Director of Growth & Opportunity SUBJECT: Resolutions and Public Hearing Supporting Residential Infrastructure Improvements at the Drewrys Site Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. * Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the authorization of the expenditure of such funds shall be void and of no effect. PURPOSE OF REQUEST: (1) Resolution No. 3637 authorizing the issuance of bonds in support of a residential development at the Drewrys Site; (2) Public hearing on the appropriation of bond proceeds; and (3) Resolution No. 3638 appropriating proceeds from the sale of bonds to support infrastructure improvements at the Drewrys Site. SPECIFICS: The Commission will consider two resolutions that, if adopted, would authorize the issuance and repayment of bonds as well as appropriate the proceeds from the sale of the bonds in support of residential infrastructure improvements at the Drewrys Site. The Commission will also hold a public hearing on the appropriation of bond proceeds. On April 10, 2025, the Commission adopted Resolution No. 3633, which provided a preliminary determination to issue bonds for the purpose of financing all or a portion of the costs associated with the Drewrys Site revitalization residential housing development. Resolution No. 3633 also authorized bond payments to be made using tax increment and other legally available revenues from the River West Development Area. The Commission will now consider the following resolutions: •Resolution No. 3637: Authorizing Tax Increment Revenue Bonds Supporting Residential Infrastructure Improvements at the Drewrys Site o Authorizes the issuance of bonds in a principal amount not to exceed $2.57 million for the purpose of paying for cost related to the Drewrys residential project o Asserts that the bonds shall be payable from and secured by an irrevocable pledge of Tax Increment from the River West Development Area o Authorizes the City to enter into a Financial Assistance Agreement with the Indiana Finance Authority _________________________Pres/V-Pres ATTEST: __________________Secretary Date: ____________________ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION April 24, 2025 