HomeMy WebLinkAboutResolution No. 3300 Reimbursement of Funds Advanced for Parking Facilities - Major MovesRESOLUTION NO. 3300
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
REGARDING REIMBURSEMENT OF CERTAIN CITY OF SOUTH BEND
FUNDS ADV AN CED 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 ofl.C. 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 Maj or 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.
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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.
f:r.ST: tZL
. ~~~ D~aldEhlk;, Secretary
4000.0000001 43856973 .001
CITY OF SOUTH BEND,
DEPARTMENT OF REDEVELOPMENT, by
and through its governing body, the South
Bend Redevelopment Commission
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EXHIBIT A
Parking Gara9es I Major Moves Payback Amortization Schedule
Prin Int
Rev Accts: 412-0000-399.02-06 412-0000-399.02-07
Exp Accts:: ------::riio ______ -------·Taff __ _
Initial Balance: . 750,000.00 Total Borrowed: 1,500,000.00
Loan Start Date: 1/1/2016 Total Interest Paid: 103,011.59
Payment Interest Principal
Add'I End
Month Rate Made Payment Payment Borrowed Balance
750,000.00
Jun-16 125,000.00 9,375.00 115,625.00 634,375.00
Dec-16 125,000.00 7,929.69 117,070.31 517,304.69
Jun-17 125,000;00 6,466.31 118,533.69
750,00o~OO 1,148,771.00
Dec-17 125;000.00 14,359.64 110,640.36 1,038,130.63
Jun-18 125,000.00 12,976.63 112,023.37 926,107.27
Dec-18 125;000.00 11,576.34 113,42:3.66 812,683.61
Jun-19 125,000.00 10,158.55 114,841.45 07,842.15
Dec-19 125,000.()0 8,723.03 116,276.97 581,565.18
Jun-20 125,000.00 7,269.56 117,730.44 463,834.74
Dec-20 125,000;00 5,797.93 119,202.07 344,632.68
Jun-21 125;000.00 4,307.91 120,692.09 223,940.59
Dec-21 125;000.00 2,799.26 122,200.74 101,739.84
Jun-22 .103,011.59 1,271.75 101,739.84 0.00