Approving of the Issuance of Lease Rental Revenue Refunding Bonds for the Purpose of Advance Refunding (Eddy St. Commons Project)

Home Browse Search

RESOLUTION NO. 13—� S A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING OF THE ISSUANCE OF LEASE RENTAL REVENUE REFUNDING BONDS BY THE SOUTH BEND REDEVELOPMENT AUTHORITY FOR THE PURPOSE OF ADVANCE REFUNDING THE REDEVELOPMENT AUTHORITY'S LEASE RENTAL REVENUE BONDS OF 2008 (EDDY STREET COMMONS PROJECT) AND REGARDING CERTAIN RELATED MATTERS WHEREAS, the Common Council ( "Common Council ") of the City of South Bend, Indiana (the "City ") at its meeting on December 10, 2007, adopted Ordinance No. 9814- 07, approving a lease (the "Lease ") between the South Bend Redevelopment Authority (the "Authority ") and the South Bend Redevelopment Commission (the "Commission ") for certain local public improvements now located in the River East Development Area (formerly known as the Northeast Neighborhood Development Area) including, without limitation: (i) a parking garage structure; the reconstruction and/or the extension of Eddy, Burns, Georgiana, Duey, and Napoleon Streets; the upgrading and replacement of water mains, sanitary and storm sewers and site preparation; the extension and upgrading of electrical, telephone and high speed internet services; other related services including, without limitation, engineering and geotechnical testing; and related improvements (collectively, the "Project "); and WHEREAS, the Authority previously issued its Lease Rental Revenue Bonds of 2008 (Eddy Street Commons Project) in the aggregate principal amount of Thirty-six Million and 00 /100 Dollars ($36,000,000.00) (the 'Prior Bonds "), for the purpose of financing a portion of the costs of the Project and the costs of issuance of the Prior Bonds; and WHEREAS, the Authority has adopted Resolution No. 195 at a meeting held on June 26, 2015, determining to proceed with the advance refunding of the Prior Bonds with the issuance of its lease rental revenue refunding bonds (the "Refunding Bonds ") for the purpose of reducing rental payments paid by the Commission under the Lease to effect a savings, subject to approval of the issuance of the Refunding Bonds by this Common Council; and WHEREAS, the Commission has adopted Resolution No. 3298 at a meeting held on June 25, 2015, approving of the issuance of the Refunding Bonds by the Authority and determining to maintain the funds and accounts previously created for the payment of the rental payments due under the Lease; and WHEREAS, in conjunction with the issuance of the Refunding Bonds, the Authority and the Commission would enter into an addendum to the Lease (the "Addendum ") in order to reduce rental payments paid by the Commission under the Lease to correspond to the savings achieved through the issuance of Refunding Bonds; and US.57683762.01