HomeMy WebLinkAboutRDA 2023 TIF Bond PresentationDepartment of Community Investment
Dec. 19, 2022
CITY OF SOUTH BEND
DEPARTMENT OF COMMUNITY INVESTMENT
Tax-Exempt Lease Rental Revenue Bond, Series A
Neighborhood Improvement Bond
•$34M bond funded with River West and River East TIF revenues to fund transformative infrastructure and park improvements, many of which were identified through Neighborhood Plan processes
•Ongoing annual debt service of around $1.5 to $2M for River West TIF district and roughly $2M for River East TIF district
•River East debt service payments would end in 2033 with sunset of the River East TIF district
CITY OF SOUTH BEND
DEPARTMENT OF COMMUNITY INVESTMENT
$17.57 $17.49 $16.90 $18.27 $18.37
$7.14 $8.64 $8.38
$9.88 $9.95
$2.24 $2.06 $1.89
$1.89 $1.88
$0.37
$0.17 0.17
$0.32 $0.33 $0.29
$0.29 $0.30
$-
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
2019 2020 2021 2022 2023Revenue in Millions TIF Revenues ($m)
River West River East South Side Douglas Road West Washington
CITY OF SOUTH BEND
DEPARTMENT OF COMMUNITY INVESTMENT
Neighborhood Improvement Bond
River West Projects:
•$2.5M for Walker Field Improvements and pedestrian connection to Rum Village
•$800K for Southeast Park upgrades, including splashpad and playground resurfacing
•$5M to match potential $5M grant award for comprehensive Kennedy Park improvements
CITY OF SOUTH BEND
DEPARTMENT OF COMMUNITY INVESTMENT
Neighborhood Improvement Bond
River West Projects continued:
•$2M for Portage-Elwood sidewalk project
•$3M for River Bridge Connecter pedestrian bridge
•$2M for Linden Streetscape project
•$3M for MLK Dream Center park improvements
CITY OF SOUTH BEND
DEPARTMENT OF COMMUNITY INVESTMENT
Neighborhood Improvement Bond
River East Projects
•$5M for Lasalle Avenue Streetscape improvements
•$3M for Mishawaka Avenue Streetscape improvements
•$300K for Coquillard Park splashpad upgrades
•$2M for Hill Street trail project
•$2M for SB Avenue Improvements
CITY OF SOUTH BEND
DEPARTMENT OF COMMUNITY INVESTMENT
Taxable Lease Rental Revenue Bond, Series B
Beacon Integrative Health & Lifestyle District
•Taxable $28.9M bond to fund construction of more than 900 structured public parking spaces, site preparation, and potential skyway to support the Beacon Integrative Health & Lifestyle District
•District will include more than $140M in private investment as part of the Lifestyle District and support an additional $232M investment by Beacon Health System in their Memorial Hospital Tower project
CITY OF SOUTH BEND
DEPARTMENT OF COMMUNITY INVESTMENT
Taxable Lease Rental Revenue Bond, Series B
Beacon Integrative Health and Lifestyle District
-149 Market-Rate Apartments
-92 Income Qualified Apartments
-105 bed hotel
-50,000 sq. ft. Beacon Health and Fitness Center
-35,000 sq. ft. medical office space
-927 structured parking spaces
-8,500 sq. ft. retail
CITY OF SOUTH BEND
DEPARTMENT OF COMMUNITY INVESTMENT
Beacon Integrative Health and Lifestyle District
CITY OF SOUTH BEND
DEPARTMENT OF COMMUNITY INVESTMENT
PROCEDURE
•Dec. 8 –RDC meets and considers resolution approving form of lease and authorization to publish notice of public hearing
•Redevelopment Authority considers resolution approving form of lease and determining to issue bonds subject to Council approval
•Dec. 19 –RDC holds public hearing and considers authorization of execution of lease
•Jan. 23 –Common Council considers resolution approving of Commission enter into proposed lease
•Feb. 9 –RDC meets to consider resolution for back-up for lease payments
•Redevelopment Authority meets to adopt resolution authorizing issuance of bonds