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227 W. JEFFERSON BOULEVARD <br />SUITE 1400 S. <br />SouTH BEND, IN 46601-1830 <br />February 3, 2015 <br />CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR <br />COMMUNITY INVESTMENT <br />Mr. Tim Scott <br />President <br />South Bend Common Council <br />227 West Jefferson Boulevard <br />4u Floor <br />South Bend, IN 46601 <br />Dear President Scott: <br />SCOTT FORD, EXECUTNE DIRECTOR <br />PHONE: 574/235 -9371 <br />FAX: 574/235 -9021 <br />Re: Resolution Approving Lease & Terms <br />Between South Bend Redevelopment <br />Commission & Redevelopment Authority <br />Attached for filing with the Common Council of the City of South Bend is a Resolution to <br />approve the execution and delivery of a lease between the South Bend Redevelopment Commission <br />(Commission) and the South Bend Redevelopment Authority (Authority). <br />The purpose of the Lease Agreement between the Commission and the Authority is to permit <br />issuance of bonds to finance the construction of local public improvements to support the City's Smart <br />Streets initiative and West Side Main Streets Revitalization Plan. This bond is consistent with the inter- <br />related aims of: Fiscal stewardship; Economic development; and, a Plan- driven redevelopment <br />agenda, and will allow the City to strategically focus its resources on current priorities. <br />The bond amount is to be $25M inclusive of all transaction costs, capitalized interest and debt <br />service reserve fund, netting approximately $21.4M in proceeds available for projects. The term of the <br />bond is anticipated to be repaid over 20 years, with a maximum lease rental payment of up to $1.9M <br />peryear. <br />The bond project consists of the planning, engineering, acquisition, construction, and <br />maintenance of certain additions, changes, and including, but not limited to pavement, streetscape, <br />sidewalk, bulb -outs, signal control changes, trees, signage, markings, utilities, bicycle facilities, <br />number of lanes, lane direction, drainage, utilities, parking, lighting, and right -of -way for the following <br />stretches of road: <br />1) Bartlett Street between Lafayette Blvd and Riverside Drive <br />2) Michigan Street between Riverside Drive and Barbie Street <br />3) Main Street between Park Lane and Barbie Street <br />4) St. Joseph Street between LaSalle Avenue and Western Avenue <br />5) Lafayette Blvd between Park Lane and Indiana Avenue <br />6) Lincolnway West between W LaSalle Avenue and the City Limits (Woodland Avenue) <br />ASSISTANT EXECUTIVE DIRECTOR PLANNING NEIGHBORHOOD ENGAGEMENT ECONOMIC RFSOURCES <br />CHRIS FIELDING JUIN KAIN PAMELA C. MEYER BROCKZEEB <br />