Resolution No. 222 (Lease Rental Revenue Bonds Series 2026) - Signed

Home Browse Search

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;