HomeMy WebLinkAboutResolution No. 2021-4RESOLUTION OF THE BOARD OF DIRECTORS OF THE
CITY OF SOUTH BEND BUILDING CORPORATION REGARDING THE TRANSFER
OF PROPERTY IN CONNECTION WITH THE 2022 POTAWATOMI ZOO PROJECT
FINANCING AND REGARDING MATTERS RELATED THERETO
RESOLUTION NO. 2021-4
WHEREAS, the City of South Bend Building Corporation (the 'Building Corporation")
was previously established as a nonprofit corporation operating pursuant to the provisions of the
Indiana Nonprofit Act of 1991, as amended, I.C. § 23-17 (the "Act") for the sole purpose of serving
as an "on behalf of issuer" for federal income tax purposes to assist the City in financing public
improvements; and
WHEREAS, the Potawatomi Zoological Society, Inc., an Indiana non-profit corporation
(the "Corporation"), has requested that the City of South Bend, Indiana (the "City") consider a
proposal to finance under the Act an economic development facility project consisting of the
construction, expansion, renovation, equipping, furnishing, and improving of the Potawatomi Zoo,
located at 500 Greenlawn Avenue in the City (the "Zoo'), including, without limitation, all or any
portion of the following: (i) the renovation, construction and equipping of a new lion habitat to
include a new rock fagade, new fencing and a new visitor viewing area; (ii) the construction,
equipping and furnishing a new concession and dining facility in the North American portion of
the Zoo, permitting visitors to view a newly constructed black bear habitat which will permit the
introduction of a new species for the Zoo; (iii) replacement of the existing corporate and family
picnic area with a new covered pavilion along with a new kitchen area and new fencing, pathways
and storage areas; (iv) renovation of the North American animal habitats to meet modern Zoo
standards including without limitation the construction and equipping of a new holding barn in the
center and the installation of new fencing and habitat esthetics; and (v) the construction and
equipping of a new Tiger habitat to meet current accreditation standards for zoos which will
include the construction of a new, modern habitat within a portion of Potawatomi Park land not
currently being utilized by the Zoo (collectively, the "Project"); and
WHEREAS, in order to further foster economic development in the City, the South Bend
Economic Development Commission and the Common Council of the City will consider for
approval the issuance of City of South Bend, Indiana, Economic Development Lease Rental
Revenue Bonds (Potawatomi Zoo Project), in one or more series, in an amount not to exceed Six
Million Five Hundred Thousand Dollars ($6,500,000) (the "Bonds") under Indiana Code 36-7-12
and providing the proceeds of such Bonds to the Corporation for the purpose of financing a portion
of the costs of the Project and certain costs related to the issuance of such Bonds, including, the
costs of issuance related thereto and funding a reserve fund, if necessary; and
WHEREAS, to provide for a source of revenue to provide for the payment of the principal
of and interest on the Bonds, the Board desires to enter into a lease agreement (the "Lease")
between the Building Corporation, as Lessor, and the South Bend Redevelopment Commission,
as Lessee (the `'Commission"), relating to the lease of (i) a portion of Greenlawn Avenue in the
City from its intersection with McKinley Avenue to its intersection with Wall Street, (ii) a portion
of Wall Street in the City from its intersection with Twyckenham Drive to its intersection with
Greenlawn Avenue, and (iii) a portion of Wall Street in the City from its intersection with
Greenlawn Avenue to its intersection with Ironwood Drive (collectively, the "Property") in the
City; and
WHEREAS, the Building Corporation desires to acquire an interest in the Property for the
purpose of leasing the Property pursuant to the terms of the Lease to the Commission; and
WHEREAS, the City of South Bend, Indiana, Board of Public Works (the "Board of
Public Works") exists pursuant to Indiana Code Section 36-4-9-5, holds real property owned by
the City pursuant to Indiana Code Section 36-9-6-3, and is authorized to transfer such property to
another governmental entity pursuant to Indiana Code Section 36-1-11-8; and
WHEREAS, the City, as the owner of the Property, seeks and concurs in the transfer of an
interest in the Property to the Building Corporation for no consideration in order to provide for the
financing of the Project, and the Building Corporation desires to approve such transfer;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF SOUTH BEND BUILDING CORPORATION AS FOLLOWS:
1. The Board of Directors of the Building Corporation (the `Board") hereby accepts
the transfer of the Property from the Board of Public Works in accordance with Indiana Code 36-
1-11-8 for no consideration. In conjunction with the issuance of the Bonds by the City, the transfer
of the Property will be effected by the execution of a quit claim deed by the President of the Board
of Public Works in the name of the City, conveying title to the Property to the Building
Corporation.
2. The Board authorizes such other actions as may be necessary to effect the recording
of the Deed in the Office of the Recorder of St. Joseph County, Indiana, and further authorizes the
execution by any officer of the Board of such other documents and any other actions which may
be necessary to effectuate the transfer of the Property from the City to the Building Corporation.
This resolution will be in frill force and effect upon its adoption by the Board.
ADOPTED this 22nd day of November, 2021.
BOARD OF DIRECTORS OF THE CITY OF
S II BENDBVTL—D--'1)14G CORPORATION
rends Phillips, President
Bishop Donald L. Alford, Vice President
aniel Parke , asurer