Resolution No. 3633 (TIR Bonds Drewrys Site) - Signed

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South Bend Redevelopment Commission 227 West Jefferson Boulevard, Room 1308, South Bend, Indiana Redevelopment Commission Agenda Item D ATE : 4/7/2025 FROM: Joe Molnar, Assistant Director of Growth & Opportunity SUBJECT: Resolution No. 3633: Tax Increment Revenue Bonds 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: Preliminary determination by the Commission to issue bonds for the purpose of financing infrastructure improvements for the planned Drewrys Site Revitalization residential housing development SPECIFICS: In December 2024, the City of South Bend applied for a Residential Infrastructure Fund (RIF) loan in the amount of $2.57 million through the Indiana Finance Authority (IFA). On January 22, 2025, the City was informed by IFA that the loan application was approved. Through the RIF program, the funds provided by the IFA would be made available to the City through IFA’s purchase of Redevelopment District Bonds issued by the Commission. The RIF loan provided by the IFA can be used for the continued environmental remediation, installation of public utilities, and related public infrastructure improvements to support the planned Drewrys Site Revitalization residential housing development. The RIF loan funds can also be used for legal counsel and municipal advisory services related to the issuance of the bonds. If Resolution No. 3633 was to be adopted, then the Commission would take the first action necessary to access the approved RIF loan funds. Specifically, with the resolution’s adoption, the Commission would: •Make 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; the maximum principal amount would be $2.57 million with an annual interest rate not to exceed 5.5%; the bonds would mature not later than 20 years from the date of issuance; •Authorize bond payments to be made using tax increment and other legally available revenues from the River West Development Area; •Authorize the publication of a notice of public hearing on the appropriation of the proceeds of the bonds and a notice of decision to issue the bonds, both pursuant to Indiana Code; and •Authorize all actions necessary to carry out the transactions associated with the issuance of the bonds. _________________________Pres/V-Pres ATTEST: __________________Secretary Date: ____________________ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION April 10, 2025 