HomeMy WebLinkAboutResolution No. 220 - RDA Approving Lease and Determing to Issue Bonds - SignedRESOLUTION NO.220
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY
ESTABLISHING ITS INTENT TO ISSUE REDEVELOPMENT AUTHORITY LEASE
RENTAL REVENUE BONDS, APPROVING A PROPOSED LEASE WITH THE SOUTH
BEND REDEVELOPMENT COMMISSION, AND ALL MATTERS RELATED
THERETO
WHEREAS, the South Bend Redevelopment Authority (the "Authority") has been created
pursuant to Indiana Code 36-7-14.5 as a separate body, corporate and politic, and as an
instrumentality of the City of South Bend, Indiana (the "City"), to finance local public
improvements for lease to the South Bend Redevelopment Commission (the "Commission"); and
WHEREAS, the Commission, pursuant to a declaratory resolution previously adopted by
the Commission and amended from time to time, has declared a certain area of the City known as
the "River West Development Area" (the "Area") as an economic development area and an
allocation area under Indiana Code 36-7-14 and approved an economic development plan for the
Area; and
WHEREAS, the Commission has given consideration to undertaking local public
improvement projects in the Area including all or any portion of the following: (i) Coal Line Trail
Phase III which consists of the extension of the existing Coal Line Trail from Lincoln Way West
to the Martin Luther King Jr. Dream Center, and any related improvements; (ii) College Street
streetscape improvements in connection with Phase III of the Coal Line Trail, and any related
improvements; (iii) infrastructure improvements consisting of roads, storm water, sewer, and water
utility infrastructure improvements along or adjacent to Old Cleveland Road, and any related
improvements; (iv) the acquisition, construction, renovation and equipping of a new Rum Village
Neighborhood Center, and any related improvements; (v) acquisition of land in the near west side
of the City for a new neighborhood park, and any related improvements; (vi) infrastructure
improvements to support the redevelopment of the former Drewry's property and improvements
to the adjacent Muessel Grove Park, and any related improvements; (vii) acquisition, construction
and equipping of a new parking garage structure attached to the Morris Performing Arts Center,
and any related improvements; and (viii) all projects related to any of the projects described in
clauses (i) through and including (vii) (clauses (i) through and including (viii), collectively, the
"Projects"); and
WHEREAS, the Authority desires to express its intent to issue its taxable or tax-exempt
lease rental revenue bonds in one (1) or more series in an estimated aggregate principal amount
not to exceed Thirty -Three Million Dollars ($33,000,000) (the "Bonds") for the purpose of (i)
financing the cost of funding all or any portion of the Projects and related expenses; (ii) funding a
debt service reserve fund, if necessary in connection with the issuance of the Bonds or purchasing
a surety bond to satisfy a reserve requirement; and (iii) paying costs incurred in connection with
the issuance of the Bonds; and
WHEREAS, the Authority seeks to enter into and approve a proposed Lease Agreement
with the Commission in the form presented at this public meeting (the "Lease") for the purpose of
paying the principal of and interest on the Bonds issued pursuant to I.C. 36-7-14.5 to finance all
or any portion of the Projects, and the other costs set forth above; and
WHEREAS, the Authority or the Commission may pay for certain costs of the Projects
(collectively, the "Expenditures") prior to the issuance of the Bonds, and the Authority desires to
reimburse the Expenditures with proceeds received by the Authority upon the issuance of the
Bonds; and
WHEREAS, the Authority now seeks to declare its intent to reimburse the Expenditures
pursuant to Treas. Reg. § 1.150-2 and Indiana Code 5-1-14-6(c);
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT AUTHORITY, AS FOLLOWS:
SECTION 1. The Authority hereby declares its intent to issue the Bonds pursuant to
Indiana Code 36-7-14.5 for the purpose of financing all or any portion of the costs of the Projects
and related expenses and to reimburse the Expenditures, if any, from proceeds of the sale of such
Bonds.
SECTION 2. The Authority hereby approves the proposed form of Lease between the
Authority and the Commission in the form presented at this public meeting. The President and
Secretary of the Authority are hereby authorized to execute the Lease on behalf of the Authority
following approval of the Lease by the Common Council of the City, with such changes thereto as
such officers shall approve, such approval to be conclusively evidenced by their execution thereof.
SECTION 3. This Resolution shall take effect, and be in full force and effect from and
after its passage and approval by the Authority, in conformance with applicable law.
ADOPTED at a meeting of the South Bend Redevelopment Authority held on July 22,
2026, in the City Hall Council Chambers, 3rd Floor, 215 S. Dr. Martin Luther King, Jr., Boulevard,
South Bend, Indiana.
SOUTH BEND REDEVELOPMENT AUT ORITY
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DNIS 53442640