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

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7) Western Avenue between Michigan Street and Mayflower Road 8) Marian and Madison Streets between Michigan and Lincolnway West. 9) Any cross streets related to the foregoing stretches. The project is scheduled to be complete by fall 2016. The bond proceeds will enable a more efficient implementation pattern with concurrent construction that will minimize traffic disruption. On January 15, 2015, the Commission approved Resolution No. 3267. This Resolution approved preliminary plans, specifications, and cost estimates; scheduled a public hearingfor January 29; authorized the publication of a notice of public hearing, which was then published January 16, 2015 according to law; and found that the project is not a controlled project for purposes of the lease approval procedures of IC 6- 1.1- 20 -1.1. On January 29, 2015, the public hearing was conducted and all interested parties were given the opportunity to be heard. At that meeting the Commission approved Resolution 43273, which authorized its President and Secretary to execute and deliver the lease; determined the annual rental payments to be fair and reasonable and that the project will serve a public purpose; and directed the Secretary to transmit to the Council a copy of the Resolution and authorized the filing with the Council of an approving Resolution. The South Bend Redevelopment Authority adopted Resolution 4191 on January 21, 2015 which approved the proposed form of lease between the Authority and the Commission for the lease of the Project and for the issuance of lease rental revenue bonds of the Authority to finance the costs of the Project, including costs relating to the issuance of such bonds. Approval by the Common Council of the attached Resolution determining that the lease terms are fair and reasonable, that the project serves a public purpose, and approving issuance of bonds will enable the Commission to complete this process for the benefit of the City and its citizens. I will make the presentation of this Resolution to the Common Council at its appropriate Committee meeting and at the regular meeting. Thank you for your consideration. Sincerely, Scott Ford Director, Department of Community Investment Red in Office FE3 - 3 2914 CITY CLERK, 5L4; i N ',L -NDON