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Filed in Clerk's Office <br /> 03THB <br /> d NOV 072018 <br /> KAREEIUMAH FOWLER <br /> PEACE <br /> x 1865 x CITY CLERK, SOUTH BEND,IN <br /> CITY OF SOUTH BEND <br /> COVVU \ ITY I \VESTVE\T <br /> November 7,2018 <br /> Mr. Tim Scott,President <br /> South Bend Common Council <br /> 4th Floor County-City Building <br /> South Bend, IN 46601 <br /> RE: Bond financing for the Community Education Center Project <br /> Dear President Scott: <br /> This ordinance authorizes up to $4.8 million of aggregate principal from economic development <br /> tax increment bonds to facilitate the Community Education Center Project, in partnership with the <br /> Public Library of St. Joseph County and the Community Foundation of St.Joseph County. These <br /> revenues from the River West Development Area would facilitate$4 million of net construction <br /> proceeds for the approximately$20 million Community Education Center but would not be <br /> issued until 2021. We hope to align the public hearing on this ordinance at the November 26th <br /> meeting with a resolution on the Memorandum of Understanding that outlines the partnership and <br /> the parties' various commitments on this economic development project. <br /> Thank you for your consideration. Representatives from Community Investment,the Public <br /> Library,and the Community Foundation will attend the Committee and Council meetings to <br /> address any questions that you may have. Please do not hesitate to reach out in the meantime. <br /> Sincerely, <br /> C1 <br /> Jmes Mueller <br /> Executive Director <br /> Department of Community Investment <br /> EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION I EMPOWERMENT <br /> 1400S County-City Building 1 227 W.Jefferson Bvld.1 South Bend,Indiana 46601 1 p 574.235.9371 I www.southbendin.gov <br /> 014 <br />