03/10/2015 Board of Public Works Meeting

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REGULAR MEETING MAR 10, 2015 70 APPROVING AND AUTHORIZING THE EXECUTION OF AN AGENCY AGREEMENT AND REGARDING RELATED MATTERS WHEREAS, the Board of Public Works (the "Board ") of the City of South Bend, Indiana (the "City "), has been created pursuant to Indiana Code 36 -4 -9, as amended from time to time; and WHEREAS, the South Bend Redevelopment Authority (the "Authority ") intends to issue bonds pursuant to the Indiana Code 36 -7- 14.5 -19 to be known as the "South Bend Redevelopment Authority Lease Rental Revenue Bonds of 2015' in the aggregate principal amount not to exceed Twenty -five Million and 00 /100 ($25 (the `Bonds "), the proceeds of which are to be used to finance all or any portion of 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, streelscape, and sidewalk improvements, bulb -ont 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 Lincolnway West; and (ix) any cross streets related to the foregoing stretches and various expenses related thereto (collectively, the "Project ") and to pay the costs of the issuance of the Bonds; and WHEREAS, the Authority desires to have the Board serve as its agent for the construction of the Project pursuant to an Agency Agreement by and between the Board and the Authority; and WHEREAS, the Authority intends to lease. the Project to the South Bend Redevelopment Cotmnission (the "Commission ") pursuant to a lease dated as of February 1, 2015, as may be amended from time to tune (the "Lease "), between the Authority and the Commission; and WHEREAS, Indiana Code 36 -1 -11 generally provides the manner in which a governmental entity may provide for the disposal of property; and WHEREAS, Indiana Code 36- 1 -11 -8 provides that a transfer of property may be made with a governmental entity upon terns and conditions agreed upon by the entities as evidenced by the adoption of a substantially identical resolution by each entity; and WHEREAS, the City possesses a right -of -way interest over certain property which will contain a portion of the Project (the "City Roads "); and WHEREAS, on behalf of the City, the Board desires to grant to the Authority a license in the City Roads for the purpose of permitting the Authority to locate and lease a portion orthe Project on the City Roads to the Commission; and WHEREAS, the State of Indiana (the "State ") either owns or possesses a right -of- way interest over certain property which will contain a portion of the Project (the "State Roads "); and WIIEREAS, the City expects to receive a permit (the "Permit ") from the State to undertake the Project on the State Roads; and WHEREAS, on behalf of the City, the Board desires to grant an interest in the Permit for the purpose of permitting the Authority to locate and lease a portion of the Project on the State Roads to the Commission; and