HomeMy WebLinkAboutResolution No. 3463 (Authorizing and Delivery of MOU for St Joseph County Public Library Proposed Projects)RESOLUTION NO. 3463
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF
UNDERSTANDING REGARDING THE ST. JOSEPH COUNTY PUBLIC LIBRARY'S
PROPOSED PROJECTS
WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the
governing body of the South Bend Department of Redevelopment and the South Bend
Redevelopment District, exists and operates under Indiana Code 36-7-14, as amended from time
to time (the "Act"); and
WHEREAS, the Commission, the St. Joseph County Public Library, St. Joseph County,
Indiana (the "Public Library"), the City of South Bend, Indiana (the "City"), and the Community
Foundation of St. Joseph County, Inc. are proposing to enter into a Memorandum of
Understanding (the "Memorandum of Understanding") to set forth the agreements of each of the
parties thereto with respect to the construction, equipping, and furnishing of a new
approximately 38,000 square foot building for use as a community and education center to
provide new and flexible spaces for community meeting and training, events and conferences
and a larger auditorium to meet increasing demand for program space and allow for a more
diverse range of programs and community events and any and all projects and improvements
related thereto to be located near the Main Branch of the Public Library located at 304 South
Main Street in the City (collectively, the "Project"); and
WHEREAS, in accordance with the Memorandum of Understanding, the City is
considering the issuance of its Economic Development Revenue Bonds (Community Education
Center Project) in an aggregate principal amount necessary to provide $4,000,000 of proceeds to
the Project (the "Bonds"), pursuant to a Trust Indenture between the City and a corporate trustee
to be selected by the City, the net proceeds of which will be provided to the St. Joseph County
Public Library (the "Public Library"), pursuant to a Financing Agreement between the Public
Library and the City, to be applied to a portion of the costs of the Project and to fulfill the City's
obligations under the Memorandum of Understanding; and
WHEREAS, the Project will be located in the River West Economic Development Area
Allocation Area, previously established and designated by the Commission in accordance with
the Act (the "Allocation Area"); and
WHEREAS, the Memorandum of Understanding provides for the Commission to adopt a
resolution pledging tax increment revenues received by the Commission from the Allocation
Area to the payment of the principal of and interest on the Bonds; and
WHEREAS, the Commission desires to approve the Memorandum of Understanding, in
the form presented at this meeting, with such changes are deemed necessary by the President and
other officers of the Commission prior to execution.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT COMMISSION, AS FOLLOWS:
1. The Commission hereby approves the Memorandum of Understanding in the form
presented to the Commission at this meeting and authorizes the President or Vice -President to
execute the Memorandum of Understanding in the form presented to this meeting with such
changes as such officer may deem necessary or appropriate with execution of the Memorandum
of Understanding evidencing approval of any such changes.
2. The President and other proper officers of the Commission are hereby authorized
and directed to take such further action or execute such documents as they deem necessary or
appropriate in order to effectuate the intent of this Resolution.
3. This Resolution shall be effective upon passage with no
Commission required to evidence the execution of the Memorandum
Commission.
[Signatures Follow on the Next Page]
.2-
further approvals of the
of Understanding by the
ADOPTED at a meeting of the Sout
November 8, 2018, in Room 1308, County -City
Bend, Indiana 46601.
ATTEST:
4a"."11.
E. ]As, Secretary
DMS 13516601
1 Bend Redevelopment Commission held on
Building, 227 West Jefferson Boulevard, South
SOUTH BEND REDEVELOPMENT
COMMISSION
64'xtv ��
Marcia 1. Jones, Pre ' nt