5A3 Resolution No. 3662 (Financial Participant NICT ) - Signed

Home Browse Search

RESOLUTION NO. 3662 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION TO BE A FINANCIAL PARTICIPANT IN THE NORTHERN INDIANA COMMUTER TRANSPORTATION DISTRICT’S STATION RELOCATION IN THE CITY OF SOUTH BEND WHEREAS, the South Bend Redevelopment Commission (the “Commission”) exists and operates under the provisions of I.C. 36-7-14 et seq. and is authorized to expend necessary funding to assist in the development and promote economic benefits within redevelopment districts within the City of South Bend (the “City”); and WHEREAS, the Northern Indiana Commuter Transportation District (“NICTD”) is a duly constituted Indiana municipal corporation and State entity responsible for the preservation and operation of commuter rail passenger service in Northern Indiana; and WHEREAS, the Commission has historically demonstrated support for the commuter rail operations of NICTD; and WHEREAS, as a continuation of the improvements completed by NICTD, a new station location within the corporate boundaries of the City is planned at an estimated cost of $112 Million (the “Station”); and WHEREAS, NICTD is applying for a $56 Million federal grant for one-half of the cost to construct the Station, with the other half pledged by the State of Indiana ($28 Million), St. Joseph County ($10 Million), NICTD ($8 Million), Northern Indiana Regional Development Authority ($1 Million), and the private sector ($4 Million); and WHEREAS, the City through the Commission intends to pledge $5 Million from the River West Development Area TIF District for the Station. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: 1. The Commission resolves to be a financial participant in the construction of a new commuter rail station within the corporate boundaries of the City in the amount of $5 Million to be appropriated from the River West Development Area TIF District and provided to NICTD upon the execution of an agreement memorializing certain terms and conditions (“Agreement”). 2. The Commission hereby authorizes the Executive Director of the Department of Community Investment, with the guidance of the Mayor and with the assistance of the Department of Law, to negotiate the Agreement including the following terms: a. the City’s contribution, along with the contributions of the State of Indiana, St. Joseph County, Northern Indiana Regional Development Authority, and