HomeMy WebLinkAbout17-73 Authorizing the issuance of bonds for the Park Districts CITY OF SOUTH BEND
PETE BUTTIGIEG, MAYOR
x x ;
Filed in Clerk's Office
October 17, 2017 OCT 18 2017
Mr.Tim Scott, President KARE4EMAh FOWLER
South Bend Common Council CITY CLERK,SOUTH BEND,IN
41 Floor County-City Building
South Bend IN 46601
RE: My SB Parks&Trails Parks Bond
Dear President Scott,
Attached is A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA,APPROVING AND AUTHORIZING THE ISSUANCE OF BONDS OF THE CITY OF
SOUTH BEND PARK DISTRICT AND RELATED MATTERS.
The My SB Parks&Trails initiative seeks to leverage over$12 million worth of private funds and grants
to make a transformative impact throughout the city's shared green spaces. The entire portfolio of
projects includes parks improvements to 32 parks and dozens of miles of trails,throughout every
neighborhood in the city,benefiting six focus areas: neighborhood improvement, public safety, social
equity,ecological stewardship,public health, and economic impact. Every defined project has been
established through a substantial amount of resident engagement, including dozens of community forums,
hundreds of hours of stakeholder&neighborhood sessions, and thousands of pieces of written feedback.
These are all documented through City Plan 2025, Parks&Recreation Master Plan 2014,Riverfront
Parks&Trails Conceptual Framework,City Cemetery Master Plan,Coal Line Trail Plan, and various
neighborhood plans. The projects have been additionally informed by a substantial amount of
professional consultation,industry benchmarks,and certified research. When complete,the My SB Parks
&Trails investments will fundamentally change the landscape of South Bend to benefit every resident for
many generations to come.
This Resolution approves of the issuance of Park District Bonds in 11 series in principal amounts not to
exceed those listed for each series at Exhibit A to the resolution to fund the improvements described with
respect to each series at Exhibit A. The bonds would be payable from a tax levy on the Park District
(which has boundaries coterminous with the City boundaries)which levy will replace the expiring Hall of
Fame debt service levy. The Park District bonds are proposed to be issued before the end of the year.
Thank you for your consideration. We will attend the Committee and Council meeting along with
representatives from Barnes&Thornburg&Umbaugh to address any questions.
Cordially,
Aaron Perri James Mueller
Executive Director Executive Director
Venues Parks&Arts Community Investment
EXCELLENCE I ACCOUNTABILITY f INNOVATION i INCLUSION I EMPOWERMENT
RESOLUTION NO.
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, APPROVING AND AUTHORIZING THE ISSUANCE OF BONDS OF
THE CITY OF SOUTH BEND PARK DISTRICT AND RELATED MATTERS
WHEREAS,the City of South Bend, Indiana(the "City") has, by Ordinance No. 7108-82
adopted pursuant to Indiana Code 36-10-4 (the "Act"), established the Board of Park
Commissioners of the City ("Board") through its Department of Parks and Recreation which has
jurisdiction over the Park District of the City(the"District"); and
WHEREAS, the Board adopted Resolution No. 0006-2017 at a meeting held on
September 25, 2017, preliminarily determining to issue park district bonds, in eleven(11) series,
to finance (i) each of the projects described at Exhibit A hereto and made a part hereof, (ii) other
park improvements throughout the geographic boundaries of the District, and (iii) all projects
related to any of the projects described in clauses (i) or (ii) (clauses (i) through and including
(iii), collectively, the "Projects") which resolution the Board confirmed following a public
hearing with the adoption of Resolution No. 0007-2017 at a meeting held on October 16, 2017;
and
WHEREAS, the Board adopted Resolution No. 0008-2017 at a meeting held on October
16, 2017, determining to issue bonds designated "City of South Bend, Indiana, Park District
Bonds, Series 2017_" (with the series designation to be completed to match the series
designations set forth at Exhibit A hereto (collectively, the`Bonds")in eleven(11) series with an
original aggregate principal amount for each series not to exceed the amount set forth at Exhibit
A hereto for each series (for each series, the "Authorized Amount") for the purpose of providing
for the payment of (i) costs of the each of the Projects, (ii) reimbursement of preliminary
expenses related thereto and all incidental expenses incurred in connection therewith, including
necessary engineering, design, supervisory and related activities (all of which are deemed to be a
part of the Projects), and(iii)the costs of selling and issuing each series of the Bonds; and
WHEREAS, the Bonds are not corporate obligations or indebtedness of the City, but are
an indebtedness of the District as a special taxing district and the Bonds and the interest thereon
are payable solely out of a special tax levied upon the taxable property located in the District
pursuant to the Act; and
WHEREAS, Section 35 of the Act and Indiana Code 6-1.1-17-20.5 require the approval
of the legislative and fiscal body of the City before the Bonds may be issued and the Common
Council, as the legislative and fiscal body of the City, now desires to approve of the issuance of
the Bonds;
- NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
South Bend, Indiana, as follows:
SECTION I. The Common Council hereby approves of the issuance of the Bonds, in
eleven(11) series, in an aggregate principal amount for each series not to exceed the Authorized
Amount set for at Exhibit A hereto to provide for the Projects and to pay all incidental expenses
incurred in connection therewith, including the costs of issuance of the Bonds.
SECTION II. The interest rate on each series of the Bonds shall not exceed five percent
(5.00%) per annum. The final maturity date of each series of the Bonds shall not be later than
January 15, 2033. Each series of the Bonds may be subject to redemption prior to maturity on
terms determined by the President of the Board prior to the sale of the Bonds, with the advice of
the Board's financial advisor,provided that the Bonds may be subject to optional redemption not
earlier than January 15,2026.
SECTION III. The proper officers of the City are hereby authorized and directed, for
and on behalf of the City, to execute and deliver any contract, agreement, certificate, instrument
or other document and to take any action as such person determines to be necessary or
appropriate to accomplish the purposes of this Resolution, such determination to be conclusively
evidenced by such person's execution of such contract, agreement, certificate, instrument or
other document or such person's taking of such action.
SECTION IV. This Resolution shall be in full force and effect from and after its
passage by the Common Council and approval by the Mayor as required by law.
Member of the Common Council
r OCT 18 2017
-vtSENTED
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NOT ^PPRO 0 2
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EXHIBIT A
Descriptions Of Projects and Bond Amounts for Each Series
Series A Project—$1,130,000
Expand and repair multiuse trail along the riverfront along Howard Park.
Series B Project—$1,465,000
Add on-street, surface parking, streetscape amenities, and mixed use trail along St. Louis
Boulevard between Jefferson Boulevard and Governor Joe Kernan Park.
Series C Project—$1,075,000
Improve and expand mixed use,riverfront trail from Colfax Avenue to Seitz Park, including new
water access point.
Series D Project—$1,275,000
Improve and expand mixed use,riverfront trail from Howard Park, along Governor Joe Kernan
Park, south to Sample Street.
Series E Project—$825,000
Improve and expand mixed use,riverfront trail from Miami Street to Twyckenham Drive.
Series F Project— $1,150,000
Improve and expand mixed use, riverfront trail from Seitz Park to Howard Park, including new
water access point and improve Seitz Park parking.
Series G Project—$1,540,000
Improve Seitz Park entrance sequence to north and east. Improve and expand mixed use trail
along the East Race.
Series H Project—$1,880,000
Improve Pinhook Park Pavilion for public use. Enhance water quality in the lagoon, introduce
new park landscaping, and provide additional recreational amenities.
Series I Project—$1,780,000
Modernize and bring all park restrooms throughout the city in to ADA compliance. Improve
system-wide lighting, security, and storage constraints.
Series J Project—$930,000
Introduce a multi-use trail to connect Pinhook Park to surrounding neighborhoods and trail
systems.
Series K Project—$1,025,000
Increase geographic levels of park service to the public by introducing new park space and
amenities through partnerships,buildouts, connectivity and acquisitions.
DMS 11000171x1