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<br />RESOLUTION NO. 221 <br /> <br />A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY <br />ACCEPTING THE TRANSFER OF REAL PROPERTY FROM THE CITY OF SOUTH <br />BEND, INDIANA BOARD OF PUBLIC WORKS <br /> <br />WHEREAS, the South Bend Redevelopment Authority (the “Authority”) has been <br />created pursuant to Indiana Code 36-7-14.5 as a separate body, corporate and politic, and as an <br />instrumentality of the City of South Bend, Indiana (the “City”), is authorized to hold and dispose <br />of real property pursuant to Indiana Code Section 36-7-14.5-12(a)(4) and (5), and is authorized <br />to receive such property from another governmental entity pursuant to Indiana Code Section 36- <br />1- 11-8; and <br /> <br />WHEREAS, the City of South Bend, Indiana, Board of Public Works (the "Board of <br />Public Works") exists pursuant to I.C. § 36-4-9-5, holds real property owned by the City of <br />South Bend, Indiana (the "City") pursuant I.C. § 36-9-6-3, and is authorized to transfer such <br />property to another governmental entity pursuant to I.C. § 36-1-11-8; and <br />WHEREAS, the City has determined to undertake certain local public improvement <br />projects in the River West Development Area including all or any portion of the following: (i) <br />Coal Line Trail Phase III which consists of the extension of the existing Coal Line Trail from <br />Lincoln Way West to the Martin Luther King Jr. Dream Center, and any related improvements; <br />(ii) College Street streetscape improvements in connection with Phase III of the Coal Line Trail, <br />and any related improvements; (iii) infrastructure improvements consisting of roads, storm <br />water, sewer, and water utility infrastructure improvements along or adjacent to Old Cleveland <br />Road, and any related improvements; (iv) the acquisition, construction, renovation and equipping <br />of a new Rum Village Neighborhood Center, and any related improvements; (v) acquisition of <br />land in the near west side of the City for a new neighborhood park, and any related <br />improvements; (vi) infrastructure improvements to support the redevelopment of the former <br />Drewry’s property and improvements to the adjacent Muessel Grove Park, and any related <br />improvements; (vii) acquisition, construction and equipping of a new parking garage structure <br />attached to the Morris Performing Arts Center, and any related improvements; and (viii) all <br />projects related to any of the projects described in clauses (i) through and including (vii) (clauses <br />(i) through and including (viii), collectively, the “Projects”); and <br />WHEREAS, the Common Council of the City has adopted Resolution No. 26-20, <br />approving of the issuance of the Bonds by the Authority, pursuant to Indiana Code 36-7-14.5-19 <br />and the execution and delivery of the Lease, as approved by the Authority and the <br />Redevelopment Commission (the “Commission”), pursuant to Indiana Code 36-7-14-25.2, in <br />order to provide for the financing of the Projects, all upon the following conditions: (a) the <br />maximum aggregate principal amount of the Bonds shall not exceed $33,000,000; (b) the Bonds <br />shall have a final maturity date which is not later than fifteen (15) years from the date of their <br />issuance; (c) the maximum annual lease rental payment during the term of the Lease shall not <br />exceed $5,000,000; (d) the maximum interest rate on any tax-exempt series of the Bonds shall <br />not exceed six and one-half percent (6.50%) per annum and on any taxable series of the Bonds <br />the maximum interest rate shall not exceed eight percent (8.00%) per annum; (e) the Bonds will <br />be subject to optional redemption prior to maturity not earlier than five (5) years after the date of