Resolution No. 3676 (Authorizing Execution Lease Rental Revenue Bonds) - Signed

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2 Boulevard to its intersection with Meade Street, (iv) Washington Street/Orange Street from its intersection with Meade Street to its intersection with Kenwood Avenue, (v) Kenwood Avenue from its intersection with Orange Street to its terminus west of Meade Street, and (vi) Meade Street/Bertrand Street from its intersection with Kenwood Avenue to its intersection with Eclipse Place (collectively, the “Leased Premises”) in order to provide increased redevelopment and economic development and job creation opportunities for the residents of the City and the Commission scheduled a public hearing regarding the Lease to be held on July 9, 2026, at 9:30 a.m. (local time), in the City Hall Council Chambers, 3rd Floor, 215 S. Dr. Martin Luther King, Jr., Boulevard, South Bend, Indiana, and published notice of such public hearing on the Lease in accordance with applicable Indiana law; and WHEREAS, on this date said public hearing has been held, and all interested parties have been provided the opportunity to be heard at the hearing; and WHEREAS, the Commission intends to pay rent to the Authority (the “Rental Payments”) pursuant to the terms of the Lease, at a rate not to exceed Five Million Dollars ($5,000,000.00) per year, in semiannual installments, with a term no longer than nineteen (19) years beginning on the date the Authority acquires an interest in the Leased Premises, and ending on the day prior to a date not later than nineteen (19) years after such date of acquisition by the Authority; and WHEREAS, the Commission expects the Authority to consider the issuance of lease rental revenue bonds in one (1) or more series for the purpose of (i) financing the cost of funding all or any portion of the costs of the Projects and related expenses; (ii) funding a debt service reserve fund, if necessary in connection with the issuance of bonds to finance the costs of the Projects or purchasing a surety bond to satisfy a reserve requirement; and (iii) paying costs incurred in connection with the issuance of said bonds and which bonds will be payable from the Rental Payments; and WHEREAS, the Commission seeks to authorize execution of the Lease and authorize the publication, in accordance with Indiana Code 36-7-14-25.2 and Indiana Code 6-1.1-20-5, of a Notice of Execution and Approval of Lease; NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION, AS FOLLOWS: SECTION 1. The Commission hereby finds and determines that (i) the terms of the Lease are based upon the value of the Leased Premises, and the Rental Payments to be paid by the Commission, pursuant to the terms of the Lease, at a rate not to exceed Five Million Dollars ($5,000,000.00) per year, in semiannual installments, with a term no longer than nineteen (19) years beginning on the date the Authority acquires an interest in the Leased Premises and ending on the day prior to a date not later than nineteen (19) years (the “Term”) after such date of acquisition by the Authority, are fair and reasonable, (ii) 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 (iii) the execution and delivery of the Lease is needed. SECTION 2. The President or Vice-President and the Secretary of this Commission are hereby authorized and directed, on behalf of the City, and subject to obtaining approval from the