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HomeMy WebLinkAbout1 Redevelopment Commission Packet 2.10.22 South Bend Redevelopment Commission 227 West Jefferson Boulevard, Room 1308, South Bend, Indiana Agenda Regular Meeting, February 10, 2022 – 9:30 a.m. http://tiny.cc/RDC21022 1. Roll Call 2. Approval of Minutes A. Minutes of the Regular Meeting of Thursday, January 27, 2022 3. Approval of Claims A. Claims Allowance Request 02.01.22 4. Old Business 5. New Business A. River West Development Area 1. Resolution No. 3546 (Amending Special Tax SB Morris Project) 2. Resolution No. 3547 (Amending Special Tax Potawatomi Zoo Project) B. South Side Development Area 1. Development Agreement (Miami Hills Project) C. Multiple Development Areas 1. Budget Request (2022 Annual Paving) 6. Progress Reports A. Tax Abatement B. Common Council C. Other 7. Next Commission Meeting: Thursday, February 24, 2022, 9:30 am South Be n d Redevelopment Commission 227 West Jefferson Boulevard, Room 1308, South Bend, IN SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING January 27, 2022 – 9:30 am https://tinyurl.com/RDC12722 Presiding: Marcia Jones, President The meeting was called to order at 9:31 a.m. 1. ROLL CALL Members Present: Marcia Jones, President Don Inks, Vice-President Troy Warner, Secretary Eli Wax, Commissioner Vivian Sallie, Commissioner Leslie Wesley, Commissioner Members Absent: Legal Counsel: Sandra Kennedy, Esq. Danielle Campbell-Weiss, Esq. Redevelopment Staff: Mary Brazinsky, Board Secretary Others Present: Santiago Garces Tim Corcoran Amanda Pietsch Angelina Billo Andrew Netter Daniel Parker Benjamin Dougherty Zach Hurst Kara Boyles Charlotte Brach Laura Althoff Greg Balsano Randy Rampola Sharon McBride Conrad Damian Katrina Marquardt DCI DCI DCI DCI DCI Admin & Finance Admin & Finance Engineering Engineering Engineering Building Baker Tilly Barnes & Thornburg Councilwoman Resident Resident South Bend Redevelopment Commission Regular Meeting – January 27, 2022 2. Approval of Minutes • Approval of Minutes of the Regular Meeting of Thursday, January 13, 2022 Upon a motion by Vice-President Inks, seconded by Commissioner Sallie, the motion carried unanimously, the Commission approved the minutes of the regular meeting of Thursday, January 13, 2022. 3. Approval of Claims • Claims Submitted for January 18 and January 25, 2022 Upon a motion by Commissioner Sallie, seconded by Vice-President Inks, the motion carried unanimously, the Commission approved the claims for January 18 and January 25, 2022, submitted on Thursday, January 27, 2022. 4. Old Business 5. New Business A. Administrative 1. Community Tree Nursery Collaboration Amended and Restated Agreement Mr. Netter Presented Community Tree Nursery Collaboration Amended and Restated Agreement. We are requesting the Redevelopment Commission’s approval on two properties on Euclid. These will be used in conjunction with the Board of Public Works properties for a temporary tree nursery installation which will be managed by the Venue Parks and Arts Department. Notre Dame will provide volunteer assistance. Commissioner Sallie asked what will happen to the trees once removed from the property. Mr. Netter states the trees are planted and maintained by the city’s Venue, Parks and Arts forester and he has a schedule where the trees will be installed based on the needs within the city. This could be in right of way, streetscape improvements or in parks. Upon a motion by Secretary Warner, seconded by Commissioner Wax, the motion carried unanimously, the Commission approved Community Tree Nursery Collaboration Amended and Restated Agreement submitted on Thursday, January 27, 2022. 2. Resolution No. 3544 (Regarding Special Tax – Potawatomi Zoo) Mr. Randy Rampola, Barnes and Thornburg Presented Resolution No. 3544 (Regarding Special Tax – Potawatomi Zoo). This relates to the financing the city is taking on with the Potawatomi Zoo project. The hotel/motel tax board accepted a percentage of tax that will be allocated to the Potawatomi Zoo. The pledge South Bend Redevelopment Commission Regular Meeting – January 27, 2022 resolution has been adopted and part of the pledge resolution is that the board is required to maintain a deposit in a hotel/motel fund in an amount equal to the manual debt service of the zoo bonds. If there is ever a shortage in hotel/motel tax fund for whatever reason, that it would agree to levy a tax as a backup for the debt service on the bonds. The tax would be used to pay the lease rental, the lease rental would be used to pay the debt service on the bonds. The mechanics of the Resolution are set out in section II as you make the annual look to see if a levy is needed, you would consider any revenues that would be on deposit. We are anticipating always having the maximum annual debt service so there will be no need for an actual levy, but this provides additional security on the bonds at a lower interest rate. Using the special tax backup provides us to sell the bonds at the best possible rate in the market so we can take advantage of the city’s good credit rating. It was determined with Baker Tilly to use the city as a backup in a way to reduce borrowing cost with financing. Secretary Warner asks what portion of the expected hotel/motel tax income will go to the debt service. Greg Balsano, Baker Tilly stated that the coverage amount structured around is 125%. The bound debt service is structured at 125% around the annual debt revenue. That leaves a 25% cushion above the annual debt service. Secretary Warner states in theory the income from the tax could drop 25% and there are still sufficient funds. Mr. Rampola added the financing was structured on the 2019 collection of revenue assuming no growth. Mr. Balsano states that is correct. It is structured on the ½ percent hotel/motel innkeepers tax rate which is what the financing is structured around based on 2019 collections with no growth. Secretary Warner asks about the potential surety on the income tax and how we determine whether to proceed with that. Mr. Rampola states there will be a reserve fund with the trustees so there is an additional cushion of revenue funds. The reserve fund comes from either cash or bonds proceeds. Secretary Warner asked if there is a plan for the hotel/motel tax revenue cushion. Mr. Rampola states that each of the ½ percent can only be used for the Zoo. May be used as pay as you go expenses. Mr. Parker, Admin & Finance states that the zoo has expressed interest in that and will use is potentially in the 30-year plan for the zoo. On the Morris side there are no plans currently. There is a minimum balance to be kept of debt service on hand, which is the 25%. South Bend Redevelopment Commission Regular Meeting – January 27, 2022 Vice-President Inks asked how have the revenues fared in 2020/2021. Mr. Parker states the revenues were down in 2020. The hotel industry took about a 50% hit due to the pandemic. That came back strong in 2021 at a 25% to 35% increase from 2020 on the revenue side. 2022 should be back to 2019 numbers or higher. Upon a motion by Secretary Warner, seconded by Commissioner Wax, the motion carried unanimously, the Commission approved Resolution No. 3544 (Regarding Special Tax – Potawatomi Zoo) submitted on Thursday, January 27, 2022. 3. Resolution No. 3545 (Regarding Special Tax – South Bend Morris) Mr. Randy Rampola, Barnes and Thornburg Presented Resolution No. 3545 (Regarding Special Tax –South Bend Morris). This relates to the financing the city is taking on with the SB Morris project. The hotel/motel tax board accepted a percentage of tax that will be allocated to the SB Morris. The pledge resolution has been adopted and part of the pledge resolution is that the board is required to maintain a deposit in a hotel/motel fund in an amount equal to the manual debt service of the zoo bonds. If there is ever a shortage in hotel/motel tax fund for whatever reason, that it would agree to levy a tax as a backup for the debt service on the bonds. The tax would be used to pay the lease rental, the lease rental would be used to pay the debt service on the bonds. The mechanics of the Resolution are set out in section II as you make the annual look to see if a levy is needed, you would consider any revenues that would be on deposit. We are anticipating always having the maximum annual debt service so there will be no need for an actual levy, but this provides additional security on the bonds at a lower interest rate. Using the special tax backup provides us to sell the bonds at the best possible rate in the market so we can take advantage of the city’s good credit rating. It was determined with Baker Tilly to use the city as a backup in a way to reduce borrowing cost with financing. President Jones asked if they will be replacing the seating at the Morris. Mr. Parker stated that a portion will go to replacing the seating and the HVAC system. Upon a motion by Secretary Warner, seconded by Commissioner Sallie, the motion carried unanimously, the Commission approved Resolution No. 3545 (Regarding Special Tax – South Bend Morris) submitted on Thursday, January 27, 2022. 6. Progress Reports A. Tax Abatement 1. Mr. Garces presented a tax abatement for Pure Green Farms that went in front of the city council with a 2-phase expansion. This is for a real and personal property tax abatement. There will be 185 new jobs on a $260M project. We currently have a development agreement that was extended this past year. South Bend Redevelopment Commission Regular Meeting – January 27, 2022 Secretary Warner states that the council was excited about the progress of this project. Joe McGuire is very passionate about growing fresh produce. He is also supplying food to the food banks and to cultivate. It is amazing stuff. Commissioner Wax stated that he backs what Secretary Warner has said that council is excited and hopes everything comes about as planned. B. Common Council C. Other 7. Next Commission Meeting: Thursday, February 10, 2022, 9:30 a.m. 8. Adjournment Thursday, January 27, 2021, 9:46 a.m. Troy Warner, Secretary Marcia Jones, President City of South Bend Department of Administration & Finance Claims Allowance Request To:South Bend Redevelopment Commission From:Daniel Parker, City Controller Date:Tuesday, February 1, 2022 Pursuant to Indiana Code 36-4-8-7, I have audited and certified the attached claims and submit them for allowance in the following amounts: GBLN-0030704 $419,594.00 GBLN-0000000 $0.00 Total:$419,594.00 _______________________________ Daniel Parker, City Controller The attached claims described above were allowed in the following total amount at a public meeting on the date stated below:419,594.00$ By:_______________________________ South Bend Redevelopment Commission Name: Date: ______________________________________________________________ Name:Name: _______________________________ Name:_______________________________ Name: _______________________________ Name: RESOLUTION NO. 3546 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AMENDING RESOLUTION NO. 3545 DETERMINING TO PROVIDE FOR A SPECIAL TAX IF NECESSARY TO PAY LEASE RENTALS IN CONNECTION WITH THE LEASE DATED AS OF DECEMBER 1, 2021, BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE SOUTH BEND REDEVELOPMENT AUTHORITY RELATING TO THE MORRIS PERFORMING ARTS CENTER PROJECT AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission (the “Commission”), the governing body of the South Bend Department of Redevelopment and the Redevelopment District of the City of South Bend, Indiana (the “District”), exists and operates under the provisions of Indiana Code 36-7-14, as amended from time to time (the “Act”); and WHEREAS, the City of South Bend, Indiana (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 Commission 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 South Bend Redevelopment Authority (the “Authority”) has been created pursuant to IC 36-7-14.5 as a separate body, corporate and politic, and as an instrumentality of the City, to finance local public improvements for lease to the Commission; and WHEREAS, the Authority intends to lease the Performing Arts Center (the “Leased Premises”) to the Commission pursuant to a lease dated as of December 1, 2021 (the “Lease”), which form of Lease was heretofore approved by this Commission, the Authority and the Common Council of the City in order to provide for the financing of the Project; and WHEREAS, the Authority and the Commission have given consideration to (i) financing the cost of funding a portion of the cost 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 intends to issue bonds pursuant to 1C 36-7-14.5-19 and a trust agreement (the “Trust Agreement”) between the Authority and U.S. Bank National Association, as trustee (the “Trustee”), to be known as the “South Bend Redevelopment Authority Lease Rental Revenue Bonds of 2022 (Morris Performing Arts Center Project)” in an aggregate principal amount not to exceed Seven Million Two Hundred Fifty Thousand Dollars ($7,250,000) (the “Bonds”), the proceeds of which are to be used to finance all or any portion of the costs of (i) a 2 portion of the Project; (ii) funding a debt service reserve fund, if necessary, in connection with the issuance of the Bonds; and (iii) issuing the Bonds; and WHEREAS, the Commission intends to pay rent to the Authority pursuant to the terms of the Lease, at a rate not to exceed Four Hundred Twenty Thousand Dollars ($420,000) per year, in semiannual installments, with a term no longer than twenty-five (25) years beginning on the date the Authority acquires an interest in the Leased Premises, and ending on the day prior to a date not later than twenty-five (25) years after such date of acquisition by the Authority (the “Lease Rental Payments”); and WHEREAS, the Commission anticipates that sufficient funds will be available to the Commission to make the required Lease Rental Payments with such funds being derived from the St. Joseph County hotel-motel tax revenues (the “Morris Hotel-Motel Tax Revenues”) deposited into the Morris Performing Arts Center Fund (the “Morris Hotel-Motel Tax Fund”) established pursuant to Indiana Code 6-9-1-6.4 and pledged for such purpose pursuant to a resolution adopted on November 4, 2021 (the “Pledge Resolution”) by the St. Joseph County Hotel-Motel Tax Board of Managers (the “Board of Managers”); and WHEREAS, pursuant to the Pledge Resolution, the Board of Managers will pay sufficient Morris Hotel-Motel Tax Revenues to the Trustee as payment of the Lease Rental Payments when due under the Lease; and WHEREAS, because the Commission anticipates that sufficient Morris Hotel-Motel Tax Revenues will be available to make the Lease Rental Payments, the Project does not constitute a “controlled project” as such term is defined by Indiana Code 6-1.1-20-1.1; and WHEREAS, the Commission adopted Resolution No. 3545 on January 27, 2021 (“Resolution No. 3545”) determining to provide for the levy of a special tax pursuant to Section 27 of the Act (the “Special Tax”) in the event it becomes necessary to levy the Special Tax for the payment of the Lease Rental Payments owed by the Commission pursuant to the Lease and to authorize the establishment of certain funds and accounts in connection thereto; and WHEREAS, the Commission desires to amend Resolution No. 3545 to provide that, in considering revenues available to the Commission in order to avoid the need to levy the Special Tax, the Commission will take into account only cash amounts on deposit in the debt service reserve fund established in the Trust Indenture; NOW, THEREFORE, BE IT RESOLVED, BY THIS SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: SECTION 1. The Commission hereby amends and restates Section 2 of Resolution No. 3544 in its entirety as follows: SECTION 2. The Commission agrees that it shall levy in each calendar year pursuant to Section 27 of the Act during the term of the Lease the Special Tax upon all of the taxable property in the District in a total amount necessary, together with all other funds (other than special taxes), including, without limitation, the Morris Hotel-Motel Tax Revenues then on deposit in the Morris Hotel-Motel Tax Fund as 3 of August 1 of such calendar year, to pay all Lease Rental Payments payable in the 12-month period beginning on July 1 of the year following such calendar year pursuant to Section 4 of the Lease. The Controller of the City (the “Controller”) is hereby authorized to create a fund (the “Lease Fund”) for the purpose of depositing such taxes into and such taxes and any other funds deposited in the Lease Fund shall be irrevocably pledged for the purposes set forth in this Resolution, such pledge being effective as set forth in IC 5-1-14-4 without the necessity of filing or recording this resolution or any instrument except in the records of the Commission. In addition to any amounts then on deposit in the Lease Fund, if any, and in the Morris Hotel-Motel Tax Fund, the Commission may also take into account when determining whether it is necessary to levy the Special Tax as described herein, cash amounts available in the debt service reserve fund which may be established under the Trust Agreement to provide additional security for the Bonds, all based upon the advice and recommendation of the Controller. Notwithstanding the foregoing, the Commission expects that the Morris Hotel-Motel Tax Revenues will be sufficient to pay the Lease Rental Payments when due without the need for the Special Tax. SECTION 2. Except as amended herein, Resolution No. 3545 is hereby ratified and confirmed and shall remain in full force and effect. SECTION 3. This Resolution shall be in full force and effect after its adoption by the Commission. ADOPTED at a meeting of the South Bend Redevelopment Commission held on February 10, 2022, as authorized by Executive Order 20-09 issued by the Governor of the State of Indiana, as subsequently renewed. SOUTH BEND REDEVELOPMENT COMMISSION By: Marcia I. Jones, President ATTEST: Troy Warner, Secretary DMS 21953856v1 RESOLUTION NO. 3547 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AMENDING RESOLUTION NO. 3544 DETERMINING TO PROVIDE FOR A SPECIAL TAX IF NECESSARY TO PAY LEASE RENTALS IN CONNECTION WITH THE LEASE DATED AS OF DECEMBER 1, 2021, BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE CITY OF SOUTH BEND BUILDING CORPORATION RELATING TO THE POTAWATOMI ZOO PROJECT AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission (the “Commission”), the governing body of the South Bend Department of Redevelopment and the Redevelopment District of the City of South Bend, Indiana (the “District”), exists and operates under the provisions of Indiana Code 36-7-14, as amended from time to time (the “Act”); and WHEREAS, the City of South Bend Building Corporation (the “Building Corporation”) has been incorporated as an Indiana nonprofit corporation operating pursuant to Indiana Code 23- 17 in order to finance buildings and other capital improvements in the City; and WHEREAS, the City of South Bend, Indiana (the “City”), has previously entered into a Lease and Management Agreement, dated as of January 1, 2019 with the Potawatomi Zoological Society, Inc. (the “PZS”), an Indiana nonprofit corporation, to provide for the PZS to operate the Potawatomi Zoo located in the City (the “Zoo”); and WHEREAS, the PZS desires to undertake certain capital improvements at the Zoo (the “Project”); and WHEREAS, the Common Council of the City has adopted Ordinance No. 10835-21 (the “Ordinance”) at a meeting held on December 13, 2021, authorizing the issuance of economic development lease rental revenue bonds in an aggregate principal amount not to exceed Six Million Five Hundred Thousand Dollars ($6,500,000) (the “Bonds”) pursuant to the terms of the Ordinance and a trust agreement (the “Trust Agreement”) between the City and U.S. Bank National Association, as trustee (the “Trustee”), to be known as the “City of South Bend, Indiana, Economic Development Lease Rental Revenue Bonds, Series 2022 (Potawatomi Zoo Project)” for the purpose of (i) financing the cost of funding a portion of the cost of the Project by providing a portion of the proceeds of the Bonds to the PZS to pay for the Project pursuant to a Financing Agreement by and among the City, the PZS and the Building Corporation; (ii) funding a debt service reserve fund, if necessary, in connection with the issuance of the Bonds; and (iii) paying costs incurred in connection with the issuance of the Bonds; and WHEREAS, in order to provide a source of funding to pay the principal of and interest on the Bonds when due, the Building Corporation and the Commission have entered into a Lease dated as of December 1, 2021 (the “Lease”) providing for the lease of certain property in the City as more fully described in the Lease (the “Leased Premises”); and 2 WHEREAS, the Commission intends to pay rent to the Building Corporation pursuant to the terms of the Lease, at a rate not to exceed Four Hundred Twenty Thousand Dollars ($420,000) per year, in semiannual installments, with a term no longer than twenty-two (22) years beginning on the date the Building Corporation acquires an interest in the Leased Premises, and ending on the day prior to a date not later than twenty-two (22) years after such date of acquisition by the Building Corporation (the “Lease Rental Payments”); and WHEREAS, the Commission anticipates that sufficient funds will be available to the Commission to make the required Lease Rental Payments with such funds being derived from the St. Joseph County hotel-motel tax revenues (the “Zoo Hotel-Motel Tax Revenues”) deposited into the Potawatomi Zoo Fund (the “Zoo Hotel-Motel Tax Fund”) established pursuant to Indiana Code 6-9-1-6.3 and pledged for such purpose pursuant to a resolution adopted on November 4, 2021 (the “Pledge Resolution”) by the St. Joseph County Hotel-Motel Tax Board of Managers (the “Board of Managers”); and WHEREAS, pursuant to the Pledge Resolution, the Board of Managers will pay sufficient Zoo Hotel-Motel Tax Revenues to the Trustee as payment of the Lease Rental Payments when due under the Lease; and WHEREAS, because the Commission anticipates that sufficient Zoo Hotel-Motel Tax Revenues will be available to make the Lease Rental Payments, the Project does not constitute a “controlled project” as such term is defined by Indiana Code 6-1.1-20-1.1; and WHEREAS, the Commission adopted Resolution No. 3544 on January 27, 2021 (“Resolution No. 3544”), determining to provide for the levy of a special tax pursuant to Section 27 of the Act (the “Special Tax”) in the event it becomes necessary to levy the Special Tax for the payment of the Lease Rental Payments owed by the Commission pursuant to the Lease and to authorize the establishment of certain funds and accounts in connection thereto; and WHEREAS, the Commission desires to amend Resolution No. 3544 to provide that, in considering revenues available to the Commission in order to avoid the need to levy the Special Tax, the Commission will take into account only cash amounts on deposit in the debt service reserve fund established in the Trust Indenture; NOW, THEREFORE, BE IT RESOLVED, BY THIS SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: SECTION 1. The Commission hereby amends and restates Section 2 of Resolution No. 3544 in its entirety as follows: SECTION 2. The Commission agrees that it shall levy in each calendar year pursuant to Section 27 of the Act during the term of the Lease the Special Tax upon all of the taxable property in the District in a total amount necessary, together with all other funds (other than special taxes), including, without limitation, the Zoo Hotel-Motel Tax Revenues then on deposit in the Zoo Hotel-Motel Tax Fund as of August 1 of such calendar year, to pay all Lease Rental Payments payable in the 12-month period beginning on July 3 1 of the year following such calendar year pursuant to Section 4 of the Lease. The Controller of the City (the “Controller”) is hereby authorized to create a fund (the “Lease Fund”) for the purpose of depositing such taxes into and such taxes and any other funds deposited in the Lease Fund shall be irrevocably pledged for the purposes set forth in this Resolution, such pledge being effective as set forth in IC 5-1-14-4 without the necessity of filing or recording this resolution or any instrument except in the records of the Commission. In addition to any amounts then on deposit in the Lease Fund, if any, and in the Zoo Hotel-Motel Tax Fund, the Commission may also take into account when determining whether it is necessary to levy the Special Tax as described herein, cash amounts available in the debt service reserve fund which may be established under the Trust Agreement to provide additional security for the Bonds, all based upon the advice and recommendation of the Controller. Notwithstanding the foregoing, the Commission expects that the Zoo Hotel-Motel Tax Revenues will be sufficient to pay the Lease Rental Payments when due without the need for the Special Tax. SECTION 2. Except as amended herein, Resolution No. 3544 is hereby ratified and confirmed and shall remain in full force and effect. SECTION 3. This Resolution shall be in full force and effect after its adoption by the Commission. ADOPTED at a meeting of the South Bend Redevelopment Commission held on February 10, 2022, as authorized by Executive Order 20-09 issued by the Governor of the State of Indiana, as subsequently renewed. SOUTH BEND REDEVELOPMENT COMMISSION By: Marcia I. Jones, President ATTEST: Troy Warner, Secretary DMS 21953552v1 IN WITNESS WHEREOF, the Parties hereby execute this Agreement to be effective as of the Effective Date stated above. SOUTH BEND REDEVELOPMENT COMMISSION ______________________________ Marcia I. Jones, President ATTEST: ______________________________ Troy Warner, Secretary MIAMI HILLS MF II LLC, a Delaware limited liability company By: Authorized Signatory Redevelopment Commission Agenda Item DATE: February 10, 2022 FROM: Kara Boyles, City Engineer SUBJECT: 2022 Annual Paving Program Funding Source* (circle one) River West; River East; South Side; West Washington; Douglas Road; RDC General *Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the authorization of the expenditure of such funds shall be void and of no effect. Purpose of Request: The request would provide funding for implementation of the 2022 Annual Paving Program, which is part of our three (3) year strategic plan, also known as “Rebuilding Our Streets”. The utilization of TIF funds in addition to our other road funding mechanisms (i.e., MVH, LRS, and Community Crossing Grants) will all for continued investment in city streets. The overall request is as follows: TIF District Requested Amount (based on Estimated Cost of Construction) River West $ 2.5M River East $ 55,000 Southside Development $ 1.13M West Washington $ 118,000 Total $ 3,803,000 This request will help fund the paving and reconstruction of streets in all four (4) TIF districts as identified above. These funds will contribute to every aspect of this year’s plan (i.e., contractor bids for paving, community crossings, etc.). _________________________Pres/V-Pres ATTEST: __________________Secretary Date: ____________________ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION Page | 2 INTERNAL USE ONLY: Project ID: PROJ 122-multiple ; Total Amount – New Project Budget Appropriation $3,803,000____; Total Amount – Existing Project Budget Change (increase or decrease) $__________; Funding Limits: Engineering: $_____________________; Other Prof Serv Amt $_______________; Acquisition of Land/Bldg (circle one) Amt: $___________; Street Const Amt $________________; Building Imp Amt $_________; Sewers Amt $_________; Other (specify) Amt $ ________________