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. ........ .... <br /> ::o...„..0„T„,34,........,...„ Filed in Clerk's Office <br /> _____Ind.. <br /> Ia JAN 1 8 ClZ s <br /> , ,Ilk.„..... 4_, : <br /> xs DAWN M.JONES <br /> 1865 CITY CLERK, SOUTH BEND, IN <br /> CITY OF SOUTH BEND <br /> January 18, 2023 <br /> Common Council President Sharon McBride <br /> South Bend Common Council <br /> 4th Floor, County-City Building <br /> South Bend, IN 46601 <br /> Dear Council President McBride, <br /> Attached please find a proposal for adoption of a resolution approving a rental revenue bond <br /> lease between the Redevelopment Authority and the Redevelopment Commission for the <br /> issuance of two Series of TIF-funded bonds to support several neighborhood improvement <br /> and economic development projects. <br /> The Common Council's approval will allow the issuance of bonds to fund improvements to <br /> the pedestrian connections between Rum Village and Walker Field, match potential state <br /> grant funding for the complete overhaul of Kennedy Park, fund upgrades to Southeast Park, <br /> support a new sidewalk improvement project at the intersection of Portage and Elwood, <br /> finance a revamped streetscape for Linden Avenue, and pay for the full buildout of the MLK <br /> Dream Center's park improvements, and more. <br /> These neighborhood improvement projects were identified by neighbors as part of a number <br /> of neighborhood planning processes. <br /> The proposed issuance will also fund the planned construction of two public parking garages <br /> to support the Beacon Integrative Health&Lifestyle District,a development that could bring <br /> more than 240 new housing units (including 100 units of income-qualified housing), retail <br /> space, a hotel, and a new site for the Beacon Health and Fitness Center. <br /> Attached is Baker Tilly's financial analysis for these bonds, which will be funded out of the <br /> River West and River East TIF Districts. In both districts,estimated coverage exceeds 200% <br /> for the lifetime of the debt service on both series. Please let either of us know if you have <br /> any questions, we look forward to presenting this for your consideration and will be joined <br /> by Bond Counsel Randy Rompola of Barnes & Thornburg and representatives from Baker <br /> Tilly. <br /> 1400 COUNTY-CITY BUILDING•227 W.JEFFERSON BOULEVARD•SOUTH BEND,INDIANA 46601 <br /> PHONE 574/235-5898 • FAX 574/235-9892 • TTY 574/235-5567 <br /> Li ti tiv <br />