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2 <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 South Bend Redevelopment Authority (the “Authority”) has been <br />established pursuant to the applicable provisions of Indiana Code 36-7-14 as a separate body <br />corporate and politic, and as an instrumentality of the City to finance local public improvements <br />for lease to the Commission; and <br />WHEREAS, on December 8, 2022, the Commission at a duly advertised and noticed public <br />meeting, adopted its Resolution No. 3564 approving a proposed form of lease (the “Lease”) with <br />the Authority, as Lessor, for all or a portion of Portage Avenue in the City from its intersection <br />with Cleveland Road to its intersection with Angela Boulevard (the “Leased Premises”) in order <br />to provide increased redevelopment and economic development and job creation opportunities for <br />the residents of the City and the Commission scheduled a public hearing regarding the Lease to be <br />held on December 19, 2022, at 9:30 a.m. (local time), in Room 1308 of the County-City Building <br />located at 227 West Jefferson Boulevard, South Bend, Indiana, and published notice of such public <br />hearing on the Lease in accordance with applicable Indiana law; and <br />WHEREAS, on this date said public hearing has been held, and all interested parties have <br />been provided the opportunity to be heard at the hearing; and <br />WHEREAS, the Commission intends to pay rent to the Authority (the “Rental Payments”) <br />pursuant to the terms of the Lease, at a rate not to exceed Ten Million Five Hundred Thousand <br />Dollars ($10,500,000.00) per year, in semiannual installments, with a term no longer than Twenty <br />(20) years beginning on the date the Authority acquires an interest in the Leased Premises, and <br />ending on the day prior to a date not later than twenty (20) years after such date of acquisition by <br />the Authority; and