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HomeMy WebLinkAbout2007-10-17 Resolution 161• RESOLUTION N0.161 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY APPROVING A PROPOSED LEASE FOR CERTAIN LAND AND LOCAL PUBLIC IMPROVEMENTS BETWEEN THE SOUTH BEND REDEVELOPMENT AUTHORITY, AS LESSOR,. AND THE SOUTH BEND REDEVELOPMENT COMMISSION, AS LESSEE, APPROVING PRELIMINARY PLANS, SPECIFICATIONS AND COST: ESTIMATES FOR THE PROJECTS AND OTHER RELATED MATTERS WHEREAS, the. South -Bend Redevelopment Commission (the "Commission"), governing body- of the South Bend Department of Redevelopment and the South Bend Redevelopment District (the "Redevelopment District"),.exists and operates under the provisions of Indiana Code 36-7-14, as amended from time to time (the "Act"); and WHEREAS, the Commission has adopted various resolutions (i) declaring certain real estate in the Redevelopment District, known as the Northeast Neighborhood Development Area (the "Area"), to be a redevelopment area within the meaning of the Act, determining that it would be ofpublic-utility and benefif to redevelop. the Area pursuant to a development plan, as amended, and (ii) designating t he e ntire A rea as a n a Vocation -.area ("Allocation A rea N o. l ") having boundaries as described in Declaratory Resolution No. 2016, as amended; and .WHEREAS, the Commission has amended this designation so that a portion of the Area and Allocation Area No. 1 are deemed a housing program named the "Northeast .Neighborhood Development Area Housing Program" and a housing .allocation area named the "Northeast Neighborhood Development Area, Allocation Area #2" ("Allocation Area No. 2"); and • BDDB01 4910658v1 WHEREAS, Kite Realty Group, L.P. has proposed a mixed .use development commonly known as the Eddy Street Commons development encompassing approximately twenty-three (23) acres located in the City of South Bend adjacent to the University of Notre Dame campus and which mixed. use development is proposed. to include- the following: retail shops, apartment homes, office space, one full service hotel with conference facilities and three floors of condominiums, one limited service hotel, condominium homes in four different product types,: open space and'a parking garage structure (collectively, the. "Development"); and WHEREAS, the Commission desires to undertake certain local public improvements in support. of the Development in or serving the Area including, without limitation: a parking garage structure; the reconstruction and/or the extension of Eddy, Burns, Georgiana, Duey, and Napoleon Streets; the upgrading and replacement of water mains, sanitary and. storm sewers and site preparation; the extension and upgrading: of electrical;. telephone. and high speed Internet services; other related services including, withoutlimitation, engineering and- geotechnical testing; and related improvements (collectively, the "Project"); and WHEREAS, the Common Council of the City :has previously adopted an ordinance. creating the South- Bend Redevelopment Authority (the "Authority") pursuant to Indiana-Code'36-7-14.5 as a separate body, corporate and politic, and as an instrumentality ofthe City of South Bend, Indiana, to finance local public improvements for lease to the Commission; and WHEREAS, the Authority intends to issue 'its South Bend Redevelopment Authority lease rental revenue .bonds (the "Bonds") to finance the costs of the Project and expenses. related thereto, including without limitation, issuance of the Bonds; and BDDBOI 4910658v1 - 2 - ~ WHEREAS, the preliminary plans, specifications and cost estimates for the Project have been filed with the Authority and the Authority desires to approve them; and WHEREAS, 'the Authority desires to enter into and adopt a proposed lease to be dated as of October. 15, 2007, with the South Bend Redevelopment Commission (the "Commission") in the form presented at this meeting, a copy of which is attached hereto- as Exhibit A (the "Lease"), for the. purpose.. of paying the principal of and interest on the Bonds issued to finance the Project, pursuant to Indiana Code 3`6-7-14.5-19; and WHEREAS; the Authority desires to establish its intent, pursuant to Indiana Code 5-1-14-6(b), that preliminary costs. which may be incurred prior to issuance of the Bonds. be reimbursed from the proceeds of the Bonds; .NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH .BEND REDEVELOPMENT AUTHORITY AS FOLLOWS: 1. The Authority hereby approved the preliminary plans, specifications and cost estimates for the Project. 2. The Authority hereby approves the Lease between the Authority and the Commission to be dated as of October 15, 2007, in the. form. presented at this meeting and as attached hereto as Exhibit A. The President and Secretary-Treasurer are hereby authorized and directed to .execute and attest, .respectively, the Lease following receipt of approval of the Lease "from theDepartment of Local Government Finance in substantially the form presented at this meeting with such changes in form or substance as the President and Secretary-Treasurer shall approve, such approval to be conclusively evidenced by the. execution and attestation thereof. 3. The Secretary-Treasurer of the Authorityis hereby directed to file a copy of the proposed lease, as approved, with the Commission. BDDBOI 4910658v1 - 3 - 4. The Authority hereby establishes its intent to issue Bonds pursuant to Indiana Code 36-7-14.5 for the purpose of financing the Project and further establishes its intent, pursuant to Indiana Code 5-1-14-6(b), that preliminary costs incurred by or on behalf of the Authority in financing the Project be reimbursed from the proceeds of the Bonds. 5. This resolution shall be in full force and effect after its adoption. by the Authority. ~*~~* BDDBOI 4910658v1 -4- ADOPTED at a meeting of the South Bend Redevelopment Authority held on October 17, 2007, in Room 1308, County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana. By: ATTEST: ~,. J se A rez, Secretary BDDBOI 4910658v1 SOUTH BEND REDEVEI,,~~]P~1~~N"1~ AUTHORITY -5- Thomas, Vice-President