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CITY OF SOUTH BEND 1 REDEVELOPMENT AUTHORITY MEETING- July 22, 2026 <br />regulations. Because taxable bonds generally carry higher interest rates, <br />overall borrowing costs will vary between the two series. Staff will provide <br />the maximum allowable interest rate once those figures are confirmed. <br />Joseph Molnar, Deputy Director of Community Investment provided an <br />overview of the projects proposed for funding through the River West <br />bond issue and highlighted the City's track record of using prior bond <br />proceeds for neighborhood improvements. <br />The most recent neighborhood bond was approved in 2022 and closed in <br />2023. Projects funded through that financing included improvements at <br />Kennedy Park, the Martin Luther King Jr. Dream Center, Linden Avenue <br />streetscape enhancements, Southeast Park upgrades, the east -west <br />Connector Pedestrian Bridge north of LaSalle Avenue, Walker Field <br />improvements, the Rum Village trail connection, and the Madison Lifestyle <br />parking garage. Most projects are complete or under construction. <br />Remaining funds originally designated for the Portage -Elwood intersection <br />will still be invested in that area, though plans are being reevaluated <br />following the City's acquisition of nearby property. <br />The proposed bond would fund several new capital projects, including: <br />• Coal Line Trail Phase III, extending the trail from Lincoln Way West to <br />the Martin Luther King Jr. Dream Center. The project is expected to <br />receive federal funding covering approximately 80% of construction <br />costs, with bond proceeds providing the local match. <br />• College Street improvements. <br />• Rum Village Neighborhood Center. <br />• Drewrys/Portage Elwood site improvements. <br />• Infrastructure improvements at Ignition Park/Drewrys development <br />areas, leveraging approximately $6 million in state grants and loans <br />already secured. <br />• Muessel Grove Park improvements. <br />• Old Cleveland Infrastructure improvements. <br />• A parking garage adjacent to the Morris Performing Arts Center and <br />Raclin Murphy Encore Center. <br />The Morris garage project has been planned for several years and would <br />provide ADA-accessible, weather -protected access between the garage, <br />the Encore Center, and the Morris. Community fundraising efforts have <br />already generated significant private donations toward the project, and <br />bond proceeds would provide matching funds. <br />Preliminary cost estimates place the total project package within the <br />anticipated bond capacity, though final costs will depend on bid results and <br />project development. <br />Page 14 <br />