HomeMy WebLinkAboutagenda item 2015 0827 rdc 05a4Department of
Community Investment
Memorandum
Monday, August 24, 2015
TO:
FROM:
SUBJECT:
Redevelopment Commission
Brock Zeeb, Director of Economic Resources
Parking Garage Major Moves Debt Service
Staff is asking the Commission to approve Resolution 3300 with the City of South Bend to invest
Major Move's money into the 3 garages over a 2 yr. period {Main/Colfax, Leighton and Wayne
St.) Attached is the amortization schedule.
The parking garage fund {601) and the TIF will coordinate funds over the next 3 yrs. to address
the infrastructure and operational improvement needs of the parking garages.
The fund {601) will make two $750,000 draws {2016 and 2017). The plan is to spend the draws
on structural repairs, additional waterproofing and elevator replacements. The parking garage
fund will pledge annual repayment of 250,000 a yr. In the event of a shortfall, the TIF pledges to
cover the shortfall back to fund 412.
227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 I P: 574-235-9371 I FAX: 574-235-9021 I SOUTHBENDIN.GOV
ITEM: 5.A.(4)
RESOLUTION NO. 3300
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
REGARDING REIMBURSEMENT OF CERTAIN CITY OF SOUTH BEND
FUNDS ADVANCED FOR PARKING FACILITIES
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 LC. 36-7-14, as amended (the "Act"); and
WHEREAS, the Commission has adopted various resolutions declaring certain real
estate in the Redevelopment District of the City of South Bend, Indiana (the "City") known
as the River West Development Area (the "Area"), to be a redevelopment area within the
meaning of the Act, determining that it would be of public utility and benefit to redevelop
the Area pursuant to a development plan, as amended; and
WHEREAS, in furtherance of its purposes under the Act, the Commission manages
the operation of certain parking facilities located within and serving the Area (the
"Facilities"), which constitute local public improvements under the Act; and
WHEREAS, the City has agreed to advance certain funds from the City's Major
Moves Fund (the "Major Moves Fund") to contribute to the maintenance and operation of
the Facilities; and
WHEREAS, operating revenues from the Facilities will be the primary funding
source to reimburse the Maj or Moves Fund for such expenditures on the maintenance and
operation of the Facilities; and
WHEREAS, pursuant to LC. 36-7-14-39(b)(3)(G), the Commission desires to
commit to reimburse the City for such expenditures made out of the Major Moves Fund
for the Facilities from available tax increment finance revenues allocated from the Area
(the "Available TIF Revenues"), in the event that operating revenues from the Facilities
are insufficient to reimburse the City for such expenditures made out of the Major Moves
Fund.
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission that:
1. The Commission hereby covenants to reimburse the City in an aggregate
amount not to exceed One Million Six Hundred Three Thousand Eleven and 59/100 Dollars
($1,603,011.59) out of Available TIF Revenues, in accordance with the schedule attached
hereto as Exhibit A, for investments in the Facilities that the City will make out of the
Major Moves Fund, provided, however, that Available TIF Revenues will be applied only
in the event that operating revenues from the Facilities are insufficient to reimburse the
Major Moves Fund for its expenditures on the maintenance and operation of the Facilities.
1
2. This Resolution shall be in full force and effect after its adoption by the
Commission.
ADOPTED at a Regular Meeting of the South Bend Redevelopment Commission
held on August 13, 2015, at 1308 County-City Building, 227 West Jefferson Boulevard,
South Bend, Indiana 46601.
ATTEST:
Donald E Inks, Secretary
4000.000000143856973.001
CITY OF SOUTH BEND,
DEPARTMENT OF REDEVELOPMENT, by
and through its governing body, the South
Bend Redevelopment Commission
Marcia I. Jones, President
2
Initial Balance: 750,000.00
Loan Start Date: 1/1/2016
Payment
Month Rate Made
Jun-16 125,000.00
Dec-16 125,000.00
Jun-17 125,000.00
Dec-17 125,000.00
Jun-18 125,000.00
Dec-18 125;000.00
Jun-19 125;000.00
Dec-19 125,000,00
Jun-20 125,QOO.OO
Dec-20 125,000.00
Jun-21 125,000.00
Dec-21 12.5;000.00
Jun-22 .103,011.59
EXHIBIT A
Parking Garages I Major Moves Payback Amortization Schedule
Total Borrowed:
Total Interest Paid:
Interest Principal
Payment Payment
9,375.00 115,625.00
7,929.69 117,070.31
6,466.31 118,533.69
14,359.64 110,640.36 '
12,976.63 112,023.37
11,576.34 113,423.66
10,158.55 114,841.45
8,723.03 116,276.97
7,269.56 117,730.44
5,797.93 119,202.07
4,307.91 120,69'2.09
2,799.26 122,200.74
1,271.75 101,739.84
Prin ~t
Rev Accts: 412-0000-399.02-06 412-0000-399.02-07
Exp Accts:f~ ------~~~.~n io----------~ -------~----T BD~-~-------
1,500,000.00
103,011.59
Add'! End
Borrowed Balance
750,000.00
634,375.00
517,304.69
750,000,00 1,148, 771.00
1,038,130.63
926,107.27
812,683.61
07,842.1.J
581,565.18
463,834.74
344,632.68
223,940.59
101,739.84
0.00