HomeMy WebLinkAbout18-71 MOU with St. Joseph County Public Library and Community Foundation regarding the Community Education Center Project Filed in Clerk's Office
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PEACE ,. KAREEINAH FOWLER
:, a CITY CLERK,SOUTH BEND,IN
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CITY OF SOUTH BEND
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November 20, 2018
Mr.Tim Scott,President
South Bend Common Council
4th Floor County-City Building
South Bend, IN 46601
RE: MOU with St.Joseph County Public Library and Community Foundation regarding the
Community Education Center Project
Dear President Scott:
This resolution is for Common Council to consider the Memorandum of Understanding,which
outlines the parties' various commitments for the Community Education Center Project.
Of the roughly$18-20 million cost,the City would cover$4 million in net proceeds before 2022
and the Public Library and Community Foundation would cover the remaining balance of costs.
The separately filled bond ordinance,which allows for up to$4.8 million including issuance costs
and a debt reserve for credit enhancement,would fulfill the City's financial commitment.
As part of the agreement,the Public Library has also agreed to consent to development on its
parking lot parcel just south of the Main Library if certain criteria are met.
Thank you for your consideration. Representatives from Community Investment,the Public
Library,and the Community Foundation will attend the Committee and Council meetings to
address any questions that you may have. Please do not hesitate to reach out in the meantime.
Sincerely,
i /
James Mueller
Executive Director
Department of Community Investment
EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT
1400S County-City Building 227 W.Jefferson Bvld. South Bend,Indiana 46601 p 574.235.9371 www.southbendin.gov
Filed in Clerk's Office
NOV 2 0 2018
BILL NO. 18-71 KAREEMAH FOWLER
CITY CLERK,SOUTH BEND,IN
RESOLUTION NO.
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA APPROVING AND 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 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 Bonds to be secured by
and paid from tax increment revenues expected to be received by the Commission from the
Allocation Area(the"Tax Increment Revenues"); and
WHEREAS, the Commission, at a meeting held on November 8, 2018, adopted (i)
Resolution No. 3462 pledging the Tax Increment Revenues to the payment of the principal of and
interest on the Bonds and (ii) Resolution No. 3463 approving of the Memorandum of
Understanding and authorizing its execution; and
WHEREAS,the Common Council desires to approve the Memorandum of Understanding,
in the form presented at this meeting, with such changes as are deemed necessary by the Mayor,
the President of the Common Council and the City Clerk prior to its execution.
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 the Memorandum of Understanding
in the form presented to the Common Council at this meeting and authorizes the Mayor, the
President the Common Council and the City Clerk to execute the Memorandum of Understanding
in the form presented to this meeting with such changes as such officers may deem necessary or
appropriate with execution of the Memorandum of Understanding evidencing approval of any such
changes.
SECTION II. The Mayor, the President of the Common Council and the City Clerk and
other proper officers of the City 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.
SECTION III. 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.
Tim Scott, Council President
South Bend Common Council
DMS 13592415x1
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