Approving a Proposed Lease for Certain Local Public Improvements, The Issuance of Lease Rental Revenue Bonds

Home Browse Search

RESOLUTION NO. 14L3 5 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING A PROPOSED LEASE FOR CERTAIN LOCAL PUBLIC IMPROVEMENTS BETWEEN THE SOUTH BEND REDEVELOPMENT AUTHORITY, AS LESSOR, AND THE SOUTH BEND REDEVELOPMENT COMMISSION, AS LESSEE, THE ISSUANCE OF LEASE RENTAL REVENUE BONDS BY THE SOUTH BEND REDEVELOPMENT AUTHORITY AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission (the "Commission "), governing body of the South Bend Department of Redevelopment and the South Bend Redevelopment District (the "Redevelopment District "), exists and operates under the provisions of Indiana Code 36 -7 -14, as amended from time to time (the "Act "); and WHEREAS, the Commission has previously designated and declared an area in the City of South Bend, Indiana (the "City "), known as the River West Development Area to be a an economic development area and an allocation area (the "Area ") for the purpose of collecting tax increment finance revenues, adopted an Economic Development Plan for the Area, and established an allocation fund for said Area; and WHEREAS, the Commission has been considering the need to provide for the issuance of bonds to finance the acquisition, construction and installation of certain local public improvements as part of the City's Smart Streets initiative and Westside Main Streets Revitalization Plan which local public improvements shall consist of all or any portion of the acquisition, construction and installation of the following: pavement, streetscape, and sidewalk improvements, bulb -out installation, street signage and markings, installation of bicycle facilities, road widening, intersection and traffic signal interconnection improvements, utility relocation, utility and sidewalk improvements, and installation of lighting and right -of -way improvements, all of which local public improvements are to be located along the following stretches of road: (i) Bartlett Street between Lafayette Blvd and Riverside Drive; (ii) Michigan Street between Riverside Drive and Barbie Street; (iii) Main Street between Park Lane and Barbie Street; (iv) St. Joseph Street between LaSalle Avenue and Western Avenue; (v) Lafayette Blvd between Park Lane and Indiana Avenue; (vi) Western Avenue between Michigan Street and Mayflower Road; (vii) Lincolnway West between West LaSalle Avenue and the City limits (Woodland Avenue); (viii) Marion and Madison Streets between Michigan Street and Linconlway West; and (ix) any cross streets related to the foregoing stretches and various expenses related thereto (collectively, the "Project "); and WHEREAS, on January 15, 2015, the Commission adopted Resolution 3267 approving the form of a lease to be dated as of February 1, 2015, with the Authority (the "Lease "), scheduling a public hearing on the Lease to be held on January 29, 2015, authorizing the U&55628272.01