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-2- <br /> <br />improvements include, without limitation, site work, construction of up to two (2) public parking <br />garages and a skyway improvement, and any projects related to the foregoing (collectively, the <br />“Beacon District Improvements”); and <br /> WHEREAS, the Commission has given consideration to undertaking local public <br />improvement projects in the River East Area including all or any portion of the following: (i) <br />LaSalle Streetscape which consists of a road diet with a focus on bike and pedestrian improvements <br />from Martin Luther King Boulevard to Eddy Street and any related improvements; (ii) Hill Street <br />Trail (South Bend Avenue to LaSalle Street) which consists of Phase 2 of the Trail Project to <br />construct a shared use path and any related improvements to improve bicycle and pedestrian <br />facilities between the University of Notre Dame campus and the City’s downtown; (iii) South Bend <br />Avenue (Hill Street to Notre Dame Avenue) and Hill Street Intersection which consists of Phase <br />1 of the Trail Project to construct a shared use path and any related improvements to improve <br />bicycle and pedestrian facilities between the University of Notre Dame campus and the City’s <br />downtown; (iv) Mishawaka Avenue Streetscape Improvements which consist of a road diet and <br />improved parking from Longfellow Street to Emerson Street, storm sewer separation, and any <br />related improvements; (v) Coquillard Splashpad which consists of upgrading the splashpad at <br />Coquillard Park to modern health, safety, and experiential standards, and any related <br />improvements; and (vi) all projects related to any of the projects described in clauses (i) through <br />and including (v) (clauses (i) through and including (vi), collectively (collectively, the “River East <br />Projects” and collectively with the River West Projects and the Beacon District Improvements, the <br />“Projects”); and <br />WHEREAS, the Commission has given consideration to (i) financing the cost of funding <br />all or any portion of the costs of the Projects and related expenses; (ii) funding a debt service <br />reserve fund, if necessary in connection with the issuance of bonds to finance the costs of the <br />Projects or purchasing a surety bond to satisfy a reserve requirement; and (iii) pay costs incurred <br />in connection with the issuance of said bonds; and <br />WHEREAS, the Commission, being duly advised, now finds that it is in the best interests <br />of the City and its citizens for the purpose of financing all or any portion of the costs of the Projects <br />and other costs set forth above, to enter into negotiations with the South Bend Redevelopment <br />Authority (the “Authority”) to enter into a lease (the “Lease”) with the Authority, as Lessee, for <br />all or a portion of certain roads in the City as set forth at Exhibit A attached hereto in order to <br />provide for increased redevelopment and economic development and job creation opportunities <br />for the residents of the City; and <br />WHEREAS, the form of the proposed Lease has been presented to the Commission at this <br />public meeting; and <br />WHEREAS, after the duly conducted public hearing, the Commission may adopt a <br />Resolution pursuant to Section 25.2 of the Act authorizing the execution of the proposed Lease on <br />behalf of the City if it finds that the service to be provided throughout the term of the proposed <br />Lease will serve the public purpose of the City, is in the best interests of its residents, and that the <br />Lease rentals provided for are fair and reasonable; and <br />WHEREAS, the Commission expects that the Authority will consider adoption of a <br />resolution authorizing the issuance its lease rental revenue bonds (the “Bonds”) in one (1) or more