HomeMy WebLinkAboutNo. 1980 joint resolution of the SB redevelopment authority and SBRC indicating intent to issue bonds and that certain preliminary costs be reimbursed from the proceeds of said bondsREDEVELOPMENT AUTHORITY RESOLUTION NO. 153
REDEVELOPMENT COMMISSION RESOLUTION NO. 1980
JOINT RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
AUTHORITY AND SOUTH BEND REDEVELOPMENT COMMISSION
INDICATING INTENT TO ISSUE BONDS AND THAT CERTAIN
PRELIMINARY COSTS BE REIMBURSED
FROM THE PROCEEDS OF SAID BONDS
WHEREAS, the South Bend Redevelopment Authority (the "Authority ") and the South
Bend Redevelopment Commission (the "Commission ") desire, pursuant to I.C. 36 -7- 14.5 -19,
I.C. 36 -7 -14 -25.1 and I.C. 5 -1.5, to issue bonds (the "Authority Bonds" or the "Commission
Bonds" or referred to collectively as the "Bonds "), for the purposes of (i) financing the costs of
refunding certain prior bonds, (ii) financing the costs of the acquisition of property and
+' construction of local public improvements in the South Bend Central Development Area,
including all costs related thereto, all as is more particularly described in Exhibit A hereto, and
(iii) paying the costs of issuance of the Bonds (collectively, the "Project "); and
WHEREAS, certain preliminary expenses relating to the Project have been or will be
incurred by the Authority or incurred or advanced by the Commission on its own behalf or on
behalf of the Authority, or incurred or advanced on behalf of the Authority or the Commission
by the City of South Bend, Indiana (the "City "), before the issuance and delivery of the Bonds;
and
WHEREAS, the Authority desires to reimburse itself, the Commission and the City, and
the Commission desires to reimburse itself and the City for the preliminary costs and expenses
incurred or advanced in financing the Project from proceeds of the Bonds, when issued,
A
(60� including such financial advisor and attorney fees and other professional service fees necessary
for completion of the Project.
NOW THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Authority and the South Bend Redevelopment Commission as follows:
1. The Authority hereby determines to issue its Authority Bonds pursuant to I.C. 36-
7- 14.5 -19 and I.C. 5 -1.5, and the Commission hereby determines to issue its Commission Bonds
pursuant to 36 -7 -14 -25.1 and I.C. 5 -1.5, to obtain money to pay for the costs of the Project.
2. The Authority and the Commission reasonably expect to reimburse expenditures
for the Project and expenses related thereto with proceeds of Bonds expected to be issued by the
Authority and/or the Commission for all or part of the Project in the anticipated amount of
approximately $x_,000,000.
3. The Authority hereby establishes its intent, pursuant to I.C. 5- 1 -14 -6, to reimburse
itself, the Commission and the City for preliminary costs and expenses incurred or advanced in
financing the Project from the proceeds of the Authority Bonds when issued.
4. The Commission hereby establishes its intent, pursuant to I.C. 5- 1 -14 -6, to
reimburse itself and the City for preliminary costs and expenses incurred or advanced in
financing the Project from the proceeds of the Commission Bonds when issued.
5. The Authority and the Commission hereby declare their official intent to issue
Bonds, in an aggregate principal amount not to exceed $ 22 ,000,000, and to reimburse the costs
of and expenditures for the Project with the proceeds of such debt.
6. This Joint Resolution constitutes a declaration of official intent of the Authority
and the Commission to reimburse expenditures under Tres. Reg. § 1.150 -2(e) and Indiana Code
§ 5- 1- 14 -6(c).
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(W 7. This Joint Resolution shall be in full force and effect from and after its adoption
by the Authority and Commission.
ADOPTED at a meeting of the South Bend Redevelopment Authority held on June 18,
2003, in Room 1308 of the County -City Building, 227 West Jefferson, South Bend, Indiana.
SOUTH BEND REDEVELOPMENT AUTHORITY
By:�-
C rolyn Pfoten uer, P s
ATTEST:
Jos Alvarez, Secretary- Treasurer
ADOPTED at a meeting of the South Bend Redevelopment Commission held on June
20, 2003, in Room 1308 of the County -City Building, 227 West Jefferson, South Bend, Indiana.
ATTEST:
Philip J. Facce cretary- Treasurer
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SOUTH BEND REDEVELOPMENT COMMISSION
By:�_'
iviarcia I. Jones, Vice President
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L" EXHIBIT A
Description of Prior Bonds, Property and Public Improvements
1. Costs incurred in connection with the refunding and defeasance of the (i) City of South
Bend Redevelopment District Tax Increment Revenue Bonds of 1988, (ii) City of South
Bend Redevelopment District Tax Increment Revenue Refunding Bonds of 1992, and
(iii) 1992 South Bend Redevelopment Authority Lease Rental Revenue Bonds (Parking
Facility Refunding).
2. Construction, improvement, renovation, remodeling and equipping of the Wayne Street
parking garage, at the corner of Wayne Street and St. Joseph Street, including but not
limited to modernizing two elevators and installing new counter loops and signage.
3. Construction, improvement, renovation, remodeling and equipping of the Main Street
parking garage, at the corner of Main Street and Colfax Avenue, including but not limited
to structural renovations, aesthetic improvements, modernizing two elevators and related
engineering services.
4. Construction, improvement, renovation, remodeling and equipping of the Jefferson Street
parking garage, at the corner of Jefferson Street and St. Joseph Street, including but not
limited to structural renovations, aesthetic improvements, modernizing two elevators and
related engineering services.
5. Costs for a parking study for the Commission related to the foregoing garage
improvements, prepared by Walker Parking.
6. The acquisition, construction, improvement, renovation, remodeling and equipping of the
Wells Fargo Parking Garage, at the corner of Main Street and Wayne Street.
7. Streetscape improvements around the Hotel LaSalle Building on LaSalle Street.
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(wool, 8. The acquisition, demolition, construction and improvement of real property on the
southwest corner of Main Street and Jefferson Street, including but not limited to
underground improvements, streetscape improvements and demolition of an existing
parking lot.
9. The acquisition of, relocation and/or demolition of existing structures on, and
improvement of a parcel of real estate at the corner of Main Street and Western Avenue.
10. The acquisition, construction, improvement, renovation and/or relocation of existing
structures on, several parcels of real property on Sycamore Street in connection with the
construction of a new parking facility.
11. The acquisition, construction and improvement of several properties on St. Louis Street,
streetscape improvements on East Washington Street, Hill Street, St. Louis Street and
Jefferson Street, and the acquisition, paving and landscape improvements to the parking
lot on the southwest corner of Hill Street and Washington Street.
12. The installation of a new pedestrian crossing light for surface parking on Sycamore
Street, streetscape improvements on Colfax Avenue, including lighting and landscaping
and improvements to the river walk area between Seitz Park and Colfax Avenue.
13. The acquisition, construction, improvement and equipping of a new facility to be
occupied by Studebaker National Museum on West Washington Street and the cost of
relocation, demolition and construction costs in connection with the current site for the
Studebaker National Museum on Main Street.
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