HomeMy WebLinkAboutResolution No. 210 (Approving Lease - South Bend_Morris Civic 2021)RESOLUTION NO. 210
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY
ESTABLISHING ITS INTENT TO ISSUE REDEVELOPMENT AUTHORITY LEASE
RENTAL REVENUE BONDS, APPROVING A PROPOSED LEASE WITH THE SOUTH
BEND REDEVELOPMENT COMMISSION, AND ALL MATTERS RELATED
THERETO IN CONNECTION WITH THE MORRIS PERFORMING ARTS CENTER
PROJECT
WHEREAS, the South Bend Redevelopment Authority (the “Authority”) has been created
pursuant to Indiana Code 36-7-14.5 as a separate body, corporate and politic, and as an
instrumentality of the City of South Bend, Indiana (the “City”), to finance local public
improvements for lease to the South Bend Redevelopment Commission (the “Commission”); and
WHEREAS, the City has determined to undertake certain improvements to the Morris
Performing Arts Center (the “Performing Arts Center”) consisting of certain energy savings
improvements, renovations of the floor and seating, and certain other improvements at the
Performing Arts Center (collectively, the “Project”); and
WHEREAS, the Authority has given consideration to (i) financing the cost of all or a
portion of the Project; (ii) funding a debt service reserve fund, if necessary in connection with the
issuance of the Bonds (defined herein); and (iii) paying costs incurred in connection with the
issuance of the Bonds; and
WHEREAS, the Authority desires to express its intent to issue its lease rental revenue
bonds (the “Bonds”), in one (1) or more series, in an aggregate principal amount not to exceed
Seven Million Two Hundred Fifty Thousand Dollars ($7,250,000) to: (i) finance all or a portion
of the cost of the Project; (ii) fund a debt service reserve fund, if necessary in connection with the
issuance of the Bonds; and (iii) pay costs incurred in connection with the issuance of the Bonds;
and
WHEREAS, the Authority seeks to approve and enter into a proposed Lease Agreement
with the Commission in the form presented at this public meeting (the “Lease”) for the purpose of
paying the principal and interest on the Bonds issued pursuant to I.C. 36-7-14.5 to finance the
Project, and other costs set forth above; and
WHEREAS, the Authority anticipates that certain expenses may be incurred with respect
to the Project (collectively, the “Expenditures”) prior to the issuance of the Bonds, and the
Authority expects to reimburse any such Expenditures with proceeds received by the Authority
upon the issuance of the Bonds; and
WHEREAS, the Authority now seeks to declare its intent to reimburse the Expenditures
pursuant to Treas. Reg. §1.150-2 and Indiana Code 5-1-14-6(c);
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT AUTHORITY, AS FOLLOWS:
SECTION 1. The Authority hereby declares its intent to issue the Bonds in an aggregate
principal amount not to exceed Seven Million Two Hundred Fifty Thousand ($7,250,000) Dollars
pursuant to Indiana Code 36-7-14.5 for the purpose of financing all or a portion of the cost of the
Project and to reimburse costs related thereto consisting of the Expenditures from proceeds of the
sale of such Bonds.
SECTION 2. The Authority hereby approves the proposed Lease between the Authority
and the Commission in the form presented at this public meeting. The President and Secretary of
the Authority are hereby authorized to execute the Lease on behalf of the Authority following
approval of the Lease by the Common Council of the City, with such changes thereto as such
Officers shall approve, such approval to be conclusively evidenced by their execution thereof.
SECTION 3. This Resolution shall take effect, and be in full force and effect from and
after its passage and approval by the Authority, in conformance with applicable law.
ADOPTED at a meeting of the South Bend Redevelopment Authority held on November
22, 2021, in the Mayor’s Conference Room, 14th Floor of the County-City Building, 277 West
Jefferson Boulevard, South Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT AUTHORITY
Anthony Fitts, President
ATTEST:
Richard Klee, Vice President
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