07-13-15 Common Council Meeting Minutes

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REGULAR MEETING JULY 13, 2015 Councilmember Gavin Ferlic, Chairperson, Community Investment Committee met this afternoon and send bill 15 -60 to the full Council favorably. Presenter: Brock Zeeb, Department of Community Investment, Offices on the 14" floor — Before you is a resolution requesting that the council approve the release of the tax increment for the south side development area three (3) back to the other taxing units. Those other taxing units would be the city general fund, school corp., library, airport, transpo, and county. I can answer any questions that you may have. Councilmember Oliver Davis — How soon will that action take place? Brock Zeeb replied that will be the 2016 increment. We did this last year in the 2015 increment so we didn't collect it. So the first payment for 2016 will come in June that will go to the other taxing units. The last payment will come in December and we won't collect that one either. This being the time heretofore set for the Public Hearing on the above bill, proponents and opponents were given an opportunity to be heard. There being no one present wishing to speak to the Council either in favor of or in opposition to this bill, Councilmember Derek Dieter made a motion to adopt resolution 15 -60. Councilmember Oliver Davis seconded the motion which carried and the Resolution was adopted by a roll call vote of nine (9) ayes. 15 -61 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 ") forthe 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 23