5B3 Resolution No. 3678 (Final Bond for Backup Lease Payment) - Signed

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2 Mayflower Road, (iii) Colfax Avenue/Orange Street from its intersection with South Dr. Martin Luther King, Jr. 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”) to the Commission pursuant to a lease dated as of July 1, 2026 (the “Lease”), which form of Lease was heretofore approved by this Commission, the Authority and the Common Council of the City in order to provide for the financing of all or any portion of the Projects; and WHEREAS, the Authority and the Commission have given consideration to (i) financing the cost of funding all or any portion of the costs 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 Authority intends to issue bonds pursuant to IC 36-7-14.5-19 and a trust indenture (the “Trust Indenture”) between the Authority and Regions Bank, as trustee (the “Trustee”), to be known as the “South Bend Redevelopment Authority Lease Rental Revenue Bonds, Series 2026” in one (1) or more series in an aggregate principal amount not to exceed Thirty-Three Million Dollars ($33,000,000) (the “Bonds”), the proceeds of which are to be used to finance all or any portion of the costs of (i) 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; and (iii) issuing the Bonds; and WHEREAS, the Commission intends to pay rent to the Authority 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 (such rent payments being referred to herein as the “Lease Rental Payments”); and WHEREAS, it is necessary for the Commission to establish certain funds and accounts for the payment of the Lease Rental Payments owed by the Commission pursuant to the Lease; and WHEREAS, the Commission anticipates that sufficient funds will be available to the Commission to make the required Lease Rental Payments with such funds being derived from available tax increment revenues (the “TIF Revenues”) allocated to the Commission from the Area; and WHEREAS, because the Commission anticipates that sufficient TIF Revenues will be available to make the Lease Rental Payments, each of the Projects does not constitute a “controlled project” as such term is defined by Indiana Code 6-1.1-20-1.1; NOW, THEREFORE, BE IT RESOLVED, BY THIS SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: