3A Resolution No. 221 (RDA Accepting the Transfer of Real Property from BPW) - Fully Executed

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RESOLUTION NO. 25-2026 A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA, BOARD OF PUBLIC WORKS AUTHORIZING THE TRANSFER OF REAL PROPERTY TO THE SOUTH BEND REDEVELOPMENT AUTHORITY WHEREAS, the City of South Bend, Indiana, Board of Public Works (the "Board of Public Works") exists pursuant to I.C. § 36-4-9-5, holds real property owned by the City of South Bend, Indiana (the "City") pursuant to I.C. § 36-9-6-3, and is authorized to transfer such property to another governmental entity pursuant to I.C. § 36-1-11-8; 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”), is authorized to hold and dispose of real property pursuant to Indiana Code Section 36-7-14.5-12(a)(4) and (5), and is authorized to receive such property from another governmental entity pursuant to Indiana Code Section 36-1- 11-8; and WHEREAS, the City has determined to undertake certain local public improvement projects in the River West Development Area including 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 Common Council of the City has adopted Resolution No. 26-20, approving of the issuance of the Bonds by the Authority, pursuant to Indiana Code 36-7-14.5-19 and the execution and delivery of the Lease, as approved by the Authority and the Redevelopment Commission (the “Commission”), pursuant to Indiana Code 36-7-14-25.2, in order to provide for the financing of the Projects, all upon the following conditions: (a) the maximum aggregate principal amount of the Bonds shall not exceed $33,000,000; (b) the Bonds shall have a final maturity date which is not later than fifteen (15) years from the date of their issuance; (c) the maximum annual lease rental payment during the term of the Lease shall not exceed $5,000,000; (d) the maximum interest rate on any tax-exempt series of the Bonds shall not exceed six and one- half percent (6.50%) per annum and on any taxable series of the Bonds the maximum interest rate shall not exceed eight percent (8.00%) per annum; (e) the Bonds will be subject to optional redemption prior to maturity not earlier than five (5) years after the date of issuance of the Bonds;