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HomeMy WebLinkAboutRedevelopment Authority Agenda & Packet 08.12.2026 South Bend Redevelopment Authority 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana Agenda Scheduled Meeting August 12, 2026 – 1:00 p.m. City Hall Council Chambers 3rd Floor or via: https://tinyurl.com/RDA-August-2026 Meeting Recording Link: https://tinyurl.com/RDA-Meeting-Recordings 1. Roll Call • Richard F. Klee Jr., President – (Mayor) July 2024 – Dec. 2027 • Erin Hanig-Lindner, Vice President – (Mayor) April 2024 – Dec. 2027 • Anthony Fitts, Secretary-Treas. – (Mayor) April 2024 – Dec. 2027 2. Approve Meeting Minutes A. July 22, 2026 3. New Business A. Resolution No. 221 (A Resolution of the South Bend Redevelopment Authority Accepting the Transfer of Real Property from the City of South Bend, Indiana Board of Public Works) B. Resolution No. 222 (A Resolution of the South Bend Redevelopment Authority Authorizing the Issuance of South Bend Redevelopment Authority Lease Rental Revenue Bonds, Series 2026, in One or More Series and all Matters Related Thereto) 4. Adjournment NOTICE FOR HEARING AND SIGHT IMPAIRED PERSONS Auxiliary Aid or Other Services are Available upon Request at No Charge. Please Give Reasonable Advance Request when Possible. South Bend Redevelopment Authority 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana Minutes Scheduled Meeting July 22, 2026 – 1 p.m. City Hall Council Chambers 3rd Floor or via: https://tinyurl.com/RDA-July-2026 Meeting Recording Link: https://tinyurl.com/RDA-Meeting-Recordings The South Bend Redevelopment Authority was called to order at 1:08 p.m. President Anthony Fitts presiding. 1. Roll Call Members Present: Anthony Fitts, President Erin Hanig, Secretary Members Absent: Richard Klee, Jr., Vice-President Redevelopment Staff: Joseph Molnar, Deputy Director, DCI Erik Glavich, Director Growth & Opportunity, DCI April Canahuati, Assistant Dir. of Growth and Opp., DCI Laura Hensley, Board Secretary Legal Counsel: Danielle Campbell-Weiss, Senior Asst. City Attorney Thomas Everett, Barnes & Thornburg 2. Election of Officers A. Nominations were made by Anthony Fitts for Richard Klee, Jr. to be the President, Erin Hanig to be the Vice-President and Anthony Fitts to be the Secretary. Upon a motion by Anthony Fitts and seconded by Erin Hanig, the motion carried unanimously, the Authority approved the 2026 Officers on July 22, 2026. 3. Approval of Minutes A. Approval of the Minutes of March 10, 2025 Upon a motion by Erin Hanig and seconded by Anthony Fitts, the motion carried unanimously, the Authority approved the Minutes of the Meeting of March 10, 2025. CITY OF SOUTH BEND REDEVELOPMENT AUTHORITY MEETING– July 22, 2026 Page | 2 4. New Business A. Resolution 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) Joseph Molnar, Deputy Director of Community Investment, introduced Thomas Everett with Barnes & Thornburg to give an overview of the documents before the Commission. Mr. Everett states that this initial resolution represents the Authority’s first action toward a proposed lease- backed bond issuance that will fund various projects within the River West Development Area. The financing structure involves a lease agreement between the Redevelopment Authority and the Redevelopment Commission, similar to previous lease financing. The lease, which was approved by the Redevelopment Commission earlier this month, authorizes the Authority to issue bonds secured by lease rental payments made by the Commission. The leased assets consist of portions of Chapin Street, Sample Street, Colfax Avenue, and other streets identified in the lease. River West TIF revenues will be used by the Redevelopment Commission to make lease rental payments to the Authority, which will then use those funds to pay debt service on the bonds. As with prior lease financings, streets and roadways are being leased because this is a well-established and commonly used financing structure in Indiana. It is viewed favorably by rating agencies and is generally more efficient than leasing a building, which would require rental interruption insurance throughout the bond term. The lease provides for a maximum annual rental payment of $5 million and a term of up to 19 years. Actual lease payments will be structured to match bond debt service requirements. While the bond authorization allows for up to $33 million in principle, current projections estimate a bond issuance of approximately $27 million. Baker Tilly, serving as the City’s municipal advisor, has prepared financial projections indicating that River West TIF revenues will be sufficient to cover the lease payments throughout the life of the bonds. The lease rentals will also be supported by a tax backup pledge, included solely to enhance credit quality and secure the most favorable interest rates. The expectation remains that all debt service will be paid from River West TIF revenues. Today’s action is the Authority’s initial approval of the lease. The Common Council is expected to consider approval of both the lease and the bonds CITY OF SOUTH BEND REDEVELOPMENT AUTHORITY MEETING– July 22, 2026 Page | 3 next week. If approved, the Authority will return in August to consider the bond resolution and other final financing approvals. Following all required approvals, the bond sale is anticipated in September, with closing expected in early October. Vice President Hanig asked is there anything about this lease structure that differs from prior lease financings or warrants special attention? Mr. Everett responded that there are no significant differences that were identified. While the Authority’s most recent financing for Four Winds Field used a different structure, leasing the stadium itself and relying on PSCDA revenues for lease payments, this financing is much more comparable to the Authority’s 2023 lease financing. It follows the familiar approach of leasing street assets and funding lease payments through TIF revenues. Overall, nothing unusual or noteworthy stands out in the structure. Secretary Fitts asked if the lease references assets the Authority has acquired or will acquire. Can you explain how the project area will be phased and how future acquisitions fit within the overall financing, particularly given the maximum bond amount of $33 million? It would be helpful to understand what assets are already under control and what may be added later. Mr. Everett responded that the leased assets include portions of Chapin Street, Sample Street, Colfax Avenue, and other designated streets. At its next meeting, the Authority will consider approving the transfer of these streets from the City to the Redevelopment Authority, with the Board of Works expected to approve a corresponding resolution. The transfer will occur by deed at bond closing, after which the Authority will lease the assets back to the Redevelopment Commission. The bond authorization is capped at $33 million; however, current projections from Baker Tilly estimate an issuance of approximately $27 million. The higher authorization provides flexibility to accommodate any changes before the bonds are sold without requiring additional approvals. Vice President Hanig asked is the October closing date firm or just an estimate? Mr. Everett responded that the current schedule anticipates a bond sale in September and closing in early October. At this time, there are no known issues that would require delaying or modifying that timeline. Secretary Fitts inquired about what interest rate is being projected for the bonds? Mr. Everett stated that the final interest rate has not yet been determined. Based on current market conditions, the tax-exempt bond series is expected to be in the 4% range. The financing is anticipated to include both taxable and tax-exempt bond series, with the taxable bonds funding projects that must be financed on a taxable basis under IRS CITY OF SOUTH BEND REDEVELOPMENT AUTHORITY MEETING– July 22, 2026 Page | 4 regulations. Because taxable bonds generally carry higher interest rates, overall borrowing costs will vary between the two series. Staff will provide the maximum allowable interest rate once those figures are confirmed. Joseph Molnar, Deputy Director of Community Investment provided an overview of the projects proposed for funding through the River West bond issue and highlighted the City's track record of using prior bond proceeds for neighborhood improvements. The most recent neighborhood bond was approved in 2022 and closed in 2023. Projects funded through that financing included improvements at Kennedy Park, the Martin Luther King Jr. Dream Center, Linden Avenue streetscape enhancements, Southeast Park upgrades, the east-west Connector Pedestrian Bridge north of LaSalle Avenue, Walker Field improvements, the Rum Village trail connection, and the Madison Lifestyle parking garage. Most projects are complete or under construction. Remaining funds originally designated for the Portage-Elwood intersection will still be invested in that area, though plans are being reevaluated following the City's acquisition of nearby property. The proposed bond would fund several new capital projects, including: • Coal Line Trail Phase III, extending the trail from Lincoln Way West to the Martin Luther King Jr. Dream Center. The project is expected to receive federal funding covering approximately 80% of construction costs, with bond proceeds providing the local match. • College Street improvements. • Rum Village Neighborhood Center. • Drewrys/Portage Elwood site improvements. • Infrastructure improvements at Ignition Park/Drewrys development areas, leveraging approximately $6 million in state grants and loans already secured. • Muessel Grove Park improvements. • Old Cleveland Infrastructure improvements. • A parking garage adjacent to the Morris Performing Arts Center and Raclin Murphy Encore Center. The Morris garage project has been planned for several years and would provide ADA-accessible, weather-protected access between the garage, the Encore Center, and the Morris. Community fundraising efforts have already generated significant private donations toward the project, and bond proceeds would provide matching funds. Preliminary cost estimates place the total project package within the anticipated bond capacity, though final costs will depend on bid results and project development. CITY OF SOUTH BEND REDEVELOPMENT AUTHORITY MEETING– July 22, 2026 Page | 5 Mr. Molnar also outlined the approval process, noting that the Redevelopment Commission has already completed its required actions. Following consideration by the Redevelopment Authority, approval will be required from the Common Council, the Authority again in August, and final public approval before the bonds can be issued. If all approvals are secured, bond issuance and closing are anticipated in October. Secretary Fitts asked do we have sufficient capacity within the proposed bond funding to account for interest rate fluctuations and ensure these projects can continue moving forward without delays? Specifically, will key projects like the Drewrys redevelopment have enough funding to begin implementation and leverage other available funding sources? Mr. Molnar answered Yes. The projections include contingency funding to help manage potential interest rate fluctuations and other market changes, allowing projects to continue moving forward as planned. In several cases, bond proceeds are not intended to fully fund a project but rather provide a significant portion of the funding needed to unlock additional resources. For example, the Drewrys redevelopment requires local matching funds to access state READI dollars that have already been awarded. The bond funding would provide enough support to begin Phase 1 of the project and make meaningful progress on the site. As development gains momentum— through improvements such as retail activation, housing development, and other visible investments—it can help attract additional funding for future phases and associated infrastructure improvements. Commission members noted the importance of the Drewrys project in reconnecting neighborhoods, activating a long-vacant site, and leveraging its proximity to the Coal Line Trail to create broader community benefits. Upon a motion by Erin Hanig and seconded by Anthony Fitts, the motion carried unanimously, the Authority approved Resolution No. 220 on July 22, 2026. 5. Adjournment The Authority adjourned the meeting at 1:36 p.m. ______________________________ ______________________________ Richard Klee, Jr., President Erin Hanig, Vice President ______________________________ Anthony Fitts, Secretary RESOLUTION NO. 221 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY ACCEPTING THE TRANSFER OF REAL PROPERTY FROM THE CITY OF SOUTH BEND, INDIANA BOARD OF PUBLIC WORKS 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”), is authorized to hold and dispose of real property pursuant to Indiana Code Section 36-7-14.5-12(a)(4) and (5), and is authorized to receive such property from another governmental entity pursuant to Indiana Code Section 36- 1- 11-8; and WHEREAS, the City of South Bend, Indiana, Board of Public Works (the "Board of Public Works") exists pursuant to I.C. § 36-4-9-5, holds real property owned by the City of South Bend, Indiana (the "City") pursuant I.C. § 36-9-6-3, and is authorized to transfer such property to another governmental entity pursuant to I.C. § 36-1-11-8; and WHEREAS, the City has determined to undertake certain local public improvement projects in the River West Development 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 Common Council of the City has adopted Resolution No. 26-20, approving of the issuance of the Bonds by the Authority, pursuant to Indiana Code 36-7-14.5-19 and the execution and delivery of the Lease, as approved by the Authority and the Redevelopment Commission (the “Commission”), pursuant to Indiana Code 36-7-14-25.2, in order to provide for the financing of the Projects, all upon the following conditions: (a) the maximum aggregate principal amount of the Bonds shall not exceed $33,000,000; (b) the Bonds shall have a final maturity date which is not later than fifteen (15) years from the date of their issuance; (c) the maximum annual lease rental payment during the term of the Lease shall not exceed $5,000,000; (d) the maximum interest rate on any tax-exempt series of the Bonds shall not exceed six and one-half percent (6.50%) per annum and on any taxable series of the Bonds the maximum interest rate shall not exceed eight percent (8.00%) per annum; (e) the Bonds will be subject to optional redemption prior to maturity not earlier than five (5) years after the date of issuance of the Bonds; (f) the maximum term of the Lease shall not exceed nineteen (19) years; and (g) interest on the Bonds may be capitalized or paid from the proceeds of the Bonds based upon the recommendation of the municipal advisor to the Authority; and WHEREAS, in order to provide a source of funding to pay the principal of and interest on the Bonds when due, the Authority and Commission have authorized a form of Lease dated as of July 1, 2026 (the “Lease”) providing for the lease of certain property in the City as more fully described in the Lease (the “Leased Premises”); and WHEREAS, the Board of Public Works holds certain real property located in the City described in Exhibit A (the "Property"); and WHEREAS, the Authority desires to acquire an interest in the Leased Premises for the purpose of leasing the Property pursuant to the terms of the Lease; and WHEREAS, in order to effectuate the bond transaction, the Board of Public Works desires to convey the Property to the Authority pursuant to I.C. § 36-1-11-8 and subject to the terms of this Resolution. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT AUTHORITY AS FOLLOWS: 1. The Authority hereby accepts the transfer of the Property from the Board of Public Works in accordance with I.C. § 36-1-11-8, the Act, pursuant to a quit claim deed in a form substantially similar to the document attached hereto as Exhibit A, conveying all of the Board of Public Works’ right, title, and interest in the Property to the Authority. 2. The Authority authorizes Erin Michaels of the City’s Department of Community Investment to deliver the Deed for recordation to the Office of the Recorder of St. Joseph County, Indiana and execute any other document necessary to affect the Authority’s acceptance of the Property from the Board of Public Works. 3. This Resolution will be in full force and effect upon its adoption by the Authority. Signature Page Follows ADOPTED at a meeting of the South Bend Redevelopment Authority held on August 12, 2026 in the City Hall Council Chambers, 3rd Floor, 215 S. Dr. Martin Luther King, Jr., Boulevard, South Bend, Indiana, 46601. SOUTH BEND REDEVELOPMENT AUTHORITY ________________, President ATTEST: _________________, Secretary EXHIBIT A Quitclaim Deed Description of Property. All of the City’s interest in all or a portion of the Property which consists of (i) Chapin Street from its intersection with Lincoln Way West to its intersection with Sample Street, (ii) Sample Street from its intersection with Chapin Street to its intersection with Mayflower Road, (iii) Colfax Avenue/Orange Street from its intersection with South Dr. Martin Luther King, Jr. Boulevard to its intersection with Meade Street, (iv) Washington Street/Orange Street from its intersection with Meade Street to its intersection with Kenwood Avenue, (v) Kenwood Avenue from its intersection with Orange Street to its terminus west of Meade Street, and (vi) Meade Street/Bertrand Street from its intersection with Kenwood Avenue to its intersection with Eclipse Place, as more particularly described below: [The legal description will be included here for the Property prior to recording.] RETURN TO: AUDITOR’S RECORD: City of South Bend TRANSFER NO. 215 S. Dr. Martin Luther King, Jr. Blvd., Ste. 500 TAXING UNIT: South Bend, IN 46601 PARCEL NO. N/A QUITCLAIM DEED THIS INDENTURE WITNESSETH THAT Civil City of South Bend, Indiana, by and through its Board of Public Works (the “Grantor”) CONVEYS AND QUITCLAIMS TO the South Bend Redevelopment Authority (the “Grantee”), for and in consideration of Ten Dollars ($10.00) and other good and valuable consideration, the receipt of which is hereby acknowledged, the real estate located in St. Joseph County, Indiana, and more particularly described in attached Exhibit 1 (the “Property”). Grantor hereby conveys the Property subject to all covenants, restrictions, easements, and other matters of record. The undersigned persons executing this Quitclaim Deed on behalf of the Grantor represent and certify that each has been fully empowered and authorized to execute this Quitclaim Deed and that all action necessary to complete this conveyance on Grantor’s behalf has been duly taken. [Signature page follows.] Page 1 of 2 Dated this ____ day of ____ 2026. GRANTOR: Civil City of South Bend, Indiana, by and through its Board of Public Works By: ________________________________________ Elizabeth A. Maradik, President ATTEST: By: _______________________________________ Hillary Horvath, Clerk STATE OF INDIANA ) ) SS: ST. JOSEPH COUNTY ) Before me, the undersigned, a Notary Public for and in said County and State this ____ day of _________ 2026 appeared Elizabeth A. Maradik and Hillary Horvath, known to me to be, respectively, President and Clerk of the City of South Bend, Indiana, Board of Public Works, the Grantor, and acknowledged the execution of the foregoing Quitclaim Deed, being authorized pursuant to Resolution No. ______. IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal. ___________________________, Notary Public Resident of _______________ County, _______ Commission expires: _____________ I affirm, under the penalties for perjury, that I have taken reasonable care to redact each Social Security number in this document, unless required by law. /s/ Danielle Campbell Weiss Prepared by Danielle Campbell Weiss, Senior Assistant City Attorney, 215 S. Dr. Martin Luther King, Jr. Blvd., Suite 600, South Bend, Indiana 46601 Page 2 of 2 RESOLUTION NO. 222 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT AUTHORITY AUTHORIZING THE ISSUANCE OF SOUTH BEND REDEVELOPMENT AUTHORITY LEASE RENTAL REVENUE BONDS, SERIES 2026, IN ONE OR MORE SERIES AND ALL MATTERS RELATED THERETO WHEREAS, the South Bend Redevelopment Authority (the “Authority”) has been created pursuant to Indiana Code 36-7-14.5 (the “Act”) as a separate body corporate and politic serving 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 City has determined to undertake certain 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, on July 22, 2026, at a duly advertised and noticed public meeting, the Authority did adopt its Resolution No. 220, whereby the Authority indicated its intent to issue its South Bend Redevelopment Authority Lease Rental Revenue Bonds, Series 2026, in one (1) or more series (the “Bonds”) to finance all or a portion of the costs of (i) the Projects; (ii) funding a debt service reserve fund or paying the cost of a reserve surety, if necessary, in connection with the issuance of the Bonds; and (iii) issuing the Bonds; and WHEREAS, the Authority now seeks to duly authorize the issuance of the Bonds pursuant to the Act to provide funds for the payment of the costs of funding a portion of the Projects, a reserve fund or paying the cost of a reserve surety, if necessary, and the costs of issuing the Bonds and to authorize and approve such actions as may be necessary to provide for the sale and issuance of the Bonds; 2 NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT AUTHORITY, AS FOLLOWS: SECTION 1. In order to pay and finance the costs of the Projects, funding a reserve fund or paying the cost of a reserve surety, if necessary, and the costs of issuing the Bonds, the Authority shall borrow an amount not to exceed Thirty-Three Million Dollars ($33,000,000) through the issuance and sale of its Bonds. The maximum interest rate on any tax-exempt series of the Bonds shall not exceed six and one-half percent (6.50%) per annum and on any taxable series of the Bonds the maximum interest rate shall not exceed eight percent (8.00%) per annum. The Bonds shall mature on February 1 and August 1 of each year, beginning not earlier than February 1, 2027, with a maximum term of not to exceed fifteen (15) years, as finally set forth in the Indenture (as defined herein) at the time of the execution and delivery of the Bonds to the purchaser or purchasers thereof. Interest on the Bonds shall be payable semiannually on February 1 and August 1 of each year beginning not earlier than February 1, 2027. SECTION 2. The Bonds shall be subject to optional redemption by the Authority prior to maturity on any date no sooner than five (5) years after the date of issuance of the Bonds, on thirty days’ notice, in whole or in part, in order of maturity as determined by the Authority, and by lot within a maturity, at face value plus accrued interest to the date fixed for redemption. The Bonds may be subject to mandatory sinking fund redemption if so determined by the winning bidder for the Bonds. The final redemption terms shall be as set forth in the Indenture at the time of the execution and delivery of the Bonds to the purchaser or purchasers thereof. SECTION 3. The Authority hereby appoints Regions Bank to serve as trustee (the “Trustee”) for the Bonds to be issued by the Authority. The Trustee shall be charged with and shall by the Indenture undertake the duties and responsibilities customarily associated with such position, as evidenced by the Indenture. SECTION 4. The Bonds shall be issued in accordance with and shall be secured by a Trust Indenture to be dated as of the first day of the month in which the Bonds are issued (the “Indenture”), between the Authority and the Trustee, and the President and/or Vice President and/or the Secretary-Treasurer of the Authority are hereby authorized to approve and execute the form of the Indenture containing provisions necessary or appropriate to effectuate these resolutions and to consummate the sale and issuance of the Bonds, said officers’ execution and attestation thereof to be conclusive evidence of their approval of such Indenture. Upon its execution, the Secretary-Treasurer is authorized and directed to place a copy of the Indenture in the minute book immediately following the minutes of this meeting and said Indenture is made a part of this Resolution as if the same were fully set forth herein. SECTION 5. The Authority hereby directs Baker Tilly Municipal Advisors, LLC, as municipal advisor to the Authority (the “Municipal Advisor”) to prepare an Official Statement for the Bonds (or each series thereof) for distribution to potential bidders on the Bonds (or each series thereof). The President or any other officer of the Authority is hereby authorized to approve the Official Statement and the President or any other officer of the Authority is hereby authorized to deem and determine the Preliminary Official Statement as the Near Final Official Statement with respect to the Bonds (or each series thereof) for purposes of SEC Rule 15c2-12 (the “Rule”), subject to completion in accordance with such Rule and in the manner acceptable to such officer of the Authority, and to place the Preliminary Official Statement into final form as the Final Official Statement (the “Final Official Statement”). The President or any other officer of the 3 Authority is authorized to sign the Final Official Statement and by such signature approve its distribution. SECTION 6. The Authority authorizes the Bonds to be sold by a negotiated sale as provided herein. The Authority hereby authorizes the Controller of the City (the “Controller”) to act on behalf of the Authority with respect to all actions necessary to provide for the sale of the Bonds. The Bonds shall be sold through a negotiated sale in the manner and upon the terms and conditions set forth in a bond purchase agreement (the “Bond Purchase Agreement”) between the Authority and an underwriter, bank, financial institution or other purchaser to be selected by the Controller on behalf of the Authority, at such prices and on such terms as may be determined at the time of such sale and approved by the Controller on behalf of the Authority. The President or any other officer of the Authority is hereby authorized and directed to execute and deliver the Bond Purchase Agreement in the form approved by the President or any other officer of the Authority in the name and on behalf of the Authority as evidenced by the execution thereof and the Secretary- Treasurer or any other officer of the Authority is hereby authorized and directed to attest such execution. Such Bond Purchase Agreement may set forth the definitive terms and conditions for such sale, but all such terms and conditions must be consistent with the terms and conditions of this Resolution, including without limitation, the interest rate or rates on the Bonds, which shall not exceed the maximum rate of interest for the Bonds authorized pursuant to this Resolution. SECTION 7. Prior to the delivery of the Bonds, the Secretary-Treasurer shall be authorized to obtain a legal opinion as to the validity of the Bonds from Barnes & Thornburg LLP, bond counsel for the Authority, and to furnish such opinion to the purchaser or purchasers of the Bonds. The cost of such opinion shall be considered as part of the costs incidental to the issuance of the Bonds and shall be paid out of proceeds of said Bonds. SECTION 8. If the Controller, with the advice of the Municipal Advisor to the Authority, determines that market conditions at the time of the sale of the Bonds are such that the Authority is able to finance the Projects and related expenses by issuing Bonds in an aggregate principal amount which is less than $33,000,000, then the Controller, on behalf of the Authority, shall provide for the sale of, and the Authority shall issue, such lesser principal amount of Bonds. SECTION 9. The President or any officer of the Authority or the Controller is authorized and directed to take all steps necessary to procure a rating on the Bonds and/or obtain bond insurance and/or a reserve fund policy for the Bonds to the extent such officer determines, with the advice of the Municipal Advisor, that such rating, insurance, and/or reserve fund policy may be in the best interest of the Authority. SECTION 10. Each officer of the Authority and the Controller is hereby authorized and directed to take all such actions and to execute all such instruments as such officer or officers deem necessary or desirable to carry out the transactions contemplated by this Resolution, including executing a Continuing Disclosure Contract with respect to the Bonds in compliance with the Rule, in such forms as the officer or officers executing the same shall deem proper, to be evidenced by the execution thereof. Any such documents heretofore executed and delivered and any such actions heretofore taken be, and the same hereby are, ratified and approved. SECTION 11. This Resolution and the Indenture upon execution shall constitute a contract between the Authority and the holders of the Bonds, and, after the issuance of the Bonds, this 4 Resolution shall not be repealed or amended in any respect which would adversely affect the rights of such holders so long as the Bonds, or the interest thereon remains unpaid. SECTION 12. This Resolution shall be in full force and effect from and after its passage by the Authority. ADOPTED at a meeting of the South Bend Redevelopment Authority held on August 12, 2026, in the City Hall Council Chambers, 3rd Floor, 215 S. Dr. Martin Luther King, Jr., Boulevard, South Bend, Indiana, 46601. SOUTH BEND REDEVELOPMENT AUTHORITY President ATTEST: _____________________________________ Secretary DMS 54456121v2