5177-26 Resolution Approving a Lease Between the South Bend Redevelopment Authority and the South Bend Redevelopment Commission and Taking Other Actions Related Thereto

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BILL NO. 26-20 RESOLUTION NO. 5177-26 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING A LEASE BETWEEN THE SOUTH BEND REDEVELOPMENT AUTHORITY AND THE SOUTH BEND REDEVELOPMENT COMMISSION AND TAKING OTHER ACTIONS RELATED THERETO WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the governing body of the South Bend Department of Redevelopment and the Redevelopment District of the City of South Bend, Indiana (the "District"), exists and operates under the provisions of Indiana Code 36-7-14, as amended from time to time(the"Act"); and WHEREAS,the South Bend Redevelopment Authority(the"Authority")has been created pursuant to Indiana Code 36-7-14.5 as a separate body corporate and politic, and as an instrumentality of the City of South Bend, Indiana (the "City") to finance local public improvements for lease to the Commission; and WHEREAS, the Commission has determined to undertake certain local public improvement projects in the River West Development Area consisting of all or any portion of the following: (i) Coal Line Trail Phase III which consists of the extension of the existing Coal Line Trail from Lincoln Way West to the Martin Luther King Jr. Dream Center, and any related improvements; (ii) College Street streetscape improvements in connection with Phase III of the Coal Line Trail, and any related improvements; (iii) infrastructure improvements consisting of roads, storm water, sewer, and water utility infrastructure improvements along or adjacent to Old Cleveland Road, and any related improvements; (iv) the acquisition, construction, renovation and equipping of a new Rum Village Neighborhood Center, and any related improvements; (v) acquisition of land in the near west side of the City for a new neighborhood park, and any related improvements; (vi) infrastructure improvements to support the redevelopment of the former Drewry's property and improvements to the adjacent Muessel Grove Park, and any related improvements; (vii) acquisition, construction and equipping of a new parking garage structure attached to the Morris Performing Arts Center, and any related improvements; and (viii) all projects related to any of the projects described in clauses (i) through and including (vii) (clauses (i) through and including(viii), collectively, the"Projects"); and WHEREAS, the Commission has given consideration to (i) financing the cost of funding all or any portion of the Projects; (ii) funding a debt service reserve fund or paying the cost of a reserve surety, if necessary, in connection with the issuance of the Bonds (defined herein); and (iii) paying costs incurred in connection with the issuance of the Bonds; and WHEREAS,the Commission has determined that it would be beneficial to the District and the City for the Commission to enter into a lease with the Authority pursuant to Section 25.2 of the Act and have the Authority issue its lease rental revenue bonds for a local public improvement pursuant to Indiana Code 36-7-14.5-19; and WHEREAS, the Projects are located within the boundaries of the District and will benefit the residents of the City by providing future opportunities for new redevelopment and economic development and job creation; and WHEREAS, at a meeting held on July 9, 2026, following a public hearing held pursuant to Section 25.2 of the Act, the Commission did adopt its Resolution No. 3676 (a) finding (i) that the lease rental payments (the "Lease Rentals") to be paid by the Commission to the Authority pursuant to a lease between the Commission and the Authority (the "Lease") are fair and reasonable, (ii) that the terms of the Lease are based upon the value of the leased premises which includes all or a portion of certain roads in the City consisting of Chapin Street from its intersection with Lincoln Way West to its intersection with Sample Street, Sample Street from its intersection with Chapin Street to its intersection with Mayflower Road, Colfax Avenue/Orange Street from its intersection with South Dr. Martin Luther King, Jr. Boulevard to its intersection with Meade Street, Washington Street/Orange Street from its intersection with Meade Street to its intersection with Kenwood Avenue, Kenwood Avenue from its intersection with Orange Street to its terminus west of Meade Street, and Meade Street/Bertrand Street from its intersection with Kenwood