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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – June 25, 2026 <br /> <br />Page | 3 <br /> <br />Joseph Molnar, Deputy Director of Community Investment, presented a <br />resolution to initiate a new bond process for the River West TIF District. <br />Tom Everett (Barnes & Thornburg) provided an overview of the process, <br />noting it has been approximately four years since the last bond issuance. <br />The Commission considered a resolution initiating proposed lease <br />financing to fund projects within the River West Development Area. The <br />resolution approves the form of a lease between the Redevelopment <br />Commission and Redevelopment Authority. <br /> <br />Under the structure, the Commission would lease portions of city <br />roadways (including Chapin Street, Sample Street, and Colfax Avenue) <br />and make lease rental payments from River West TIF. The Authority <br />would use these payments to service bond debt. <br /> <br />The proposed lease has a maximum term of 19 years and a maximum <br />annual payment of $5 million, to be reduced to the amount necessary to <br />cover bond principal and interest once issued. A property tax backup is <br />included but is intended only as secondary security. <br /> <br />Next steps include publication of notices and a public hearing at the July <br />9 Commission meeting, followed by approvals from the Redevelopment <br />Authority and Common Council. Bond closing is anticipated in early <br />October. <br /> <br />President Relos asked what is the total bond amount? Mr. Everett stated <br />that the project is currently contemplating a maximum issuance of $33 <br />million. While this amount is not specified in the lease, it will be included <br />in future approvals brought before the Redevelopment Commission. <br /> <br />Mr. Molnar explained that previous bonds have supported the following <br />projects: <br /> <br />Kennedy Park improvements are currently under construction and <br />expected to be completed next year, including expansion of the pool and <br />playground and other upgrades. Additional bond-funded projects are <br />complete, including improvements to the MLK Dream Center <br />(playground, splash pad, and basketball courts), Linden Ave. streetscape <br />enhancements, and Southeast Park splash pad and playground upgrades. <br />The Southeast Park splash pad and playground improvements are <br />complete. The River Bridge Connector project is set to begin <br />construction this year, with completion anticipated in 2027. Walker <br />Field Park improvements and the enhanced connection from Rum <br />Village are complete. The Madison Lifestyle District parking garage is <br />under construction and expected to be completed next year. <br />