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South Bend Redevelopment Commission Regular Meeting – December 8, 2022 <br />Commissioner Wax confirmed that 50% of the plans need to be finalized to be <br />included in the application. <br />Mr. Bauer stated that they have to be included in the application. <br />Upon a motion by Commissioner Wax, seconded by Commissioner Sallie, the <br />motion carried unanimously, the Commission approved Budget Request <br />(Kennedy Park Improvements) submitted on Thursday, November 8, 2022. <br />2.Second Amendment to Real Estate Purchase Agreement (RealAmerica) <br />Mr. Molnar Presented a Second Amendment to Real Estate Purchase Agreement <br />(RealAmerica). This was approved in 2021 for the sale of six RDC owned lots just <br />to the east of Four Winds Field. The original agreement was in July 2021 which <br />gave them twenty years for state tax credits for low-income housing. The First <br />Amendment was approved earlier this year clarifying the dates of the 2022 tax <br />credit application. The state asked applicants to go back and rerun numbers <br />under the new interest rate. Normally projects are approved in November, <br />however, they moved the timeline to January based on interest rates. This <br />amendment extends the time frame for the application in January 2023. All of the <br />other commitments stay intact. Commission approval is requested. <br />Commissioner Wax asked for a report back to Commission when these are <br />awarded in January 2023 <br />Upon a motion by Commissioner Wax, seconded by Secretary Warner, the <br />motion carried unanimously, the Commission approved Second Amendment to <br />Real Estate Purchase Agreement (RealAmerica) submitted on Thursday, <br />November 8, 2022. <br />B.River West & River East Development Areas <br />1.Resolution No. 3564 (COSB 2023 Redevelopment Projects) <br />Mr. Bauer Presented Resolution No. 3564 (COSB 2023 Redevelopment Projects). <br />Mr. Bauer introduced Randy Rampola, Barnes and Thornburgh who represents <br />COSB bond council and will present the first portion of the Resolution. <br />Mr. Rampola states that this resolution is the initial action you would take with <br />respect to a proposed lease financing that would encompass three projects in the <br />River West and River East TIF districts in regard to infrastructure improvements <br />with respect to the expanded Beacon district. The resolution in front of you <br />approves the form of lease. This proposes lease financing between the <br />Redevelopment Commission and Redevelopment Authority. The bonds would be <br />secured by lease rental payments that the Redevelopment Commission would <br />make to the Redevelopment Authority. The lease payments would pay the debt <br />service on the bonds. The lease asset in this case would be a portion of Portage <br />Avenue between Cleveland and Angela. <br />One benefit from the bond market perspective is it allows you not to have rental <br />interruption insurance. That allows you to lease assets that could easily be <br />substituted if something were to happen to Portage Avenue in the future as