5133-25 Resolution Approving the Issuance of Tax Increment Revenue Bonds for Improvements that Support Residential Housing Developments and All Matters Related Thereto

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BILL NO. 25-28 RESOLUTION NO. 5133-25 A RESO UTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA,APPROVING THE ISSUANCE OF TAX INCREMENT REVENUE BONDS OF THE REDEVELOPMENT DISTRICT OF THE CITY FOR THE PURPOSE OF PROVIDING FUNDS FOR THE COSTS OF CERTAIN LOCAL PUBLIC IMPROVEMENTS THAT SUPPORT RESIDENTIAL HOUSING DEVELOPMENT AND ALL MATTERS RELATED THERETO WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the governing body of the South Bend Department of Redevelopment and the Redevelopment District of the City of South Bend, Indiana (the "District"), exists and operates under the provisions of Indiana Code 36-7-14, as amended from time to time(the"Act"); and WHEREAS, with the approval of the Common Council (the "Common Council") of the City of South Bend, Indiana(the"City"), the Commission has previously designated and declared an area in the City known as the River West Development Area as an economic development area (the"Area") and designated portions of the Area from time to time as allocation areas pursuant to Section 39 f the Act (each such allocation area within the Area, excluding the Riverwalk Allocation ea designated by Resolution No. 3627 adopted by the Commission on January 9, 2025, an "A location Area" and collectively, the"Allocation Areas"); and WH REAS, the Commission has previously created an allocation fund for each of the Allocation Areas (each an "Allocation Fund and collectively, the "Allocation Funds"), and has provided that tax increment revenues derived from each respective Allocation Area(collectively, the"Tax Increment') shall be deposited into the respective Allocation Fund; and WH REAS, the Commission has adopted Resolution No. 3637 at a meeting held on April 24, 2025, ( e "Bond Resolution"), determining to issue tax increment revenue bonds of the District (the "Bonds") for the purpose of financing the cost of certain local public improvements in or serving the Allocation Areas that support the redevelopment of the Drewrys Site located at 1408 Elwoo' Avenue in the City (the"Project Site") into a new residential housing development, including w thout limitation (i) continued environmental remediation of the Project Site, (ii) the construction of new streets, curbs, sidewalks and tree lawns, (iii)the construction of a storm sewer system, (iv) the installation of sanitary sewer lines, (v) the installation of water main lines and a lateral conn ction system and(vi)the installation of street lighting,(items(i)through and including (vi), collect vely, the "Project") and to pay related and incidental expenses to be incurred in connection t erewith and on account of the issuance of the Bonds; and WHEREAS, pursuant to the Bond Resolution, the Commission has determined that the principal of nd interest on the Bonds shall be paid solely out of Tax Increment pledged therefor, on parity with the 2020 Obligation (as defined in the Bond Resolution) and senior to the payment of the Junio Obligations (as defined in the Bond Resolution), and any legally available revenues of the Com ission; and WH REAS, the Commission may enter into a Residential Housing Infrastructure Financial A sistance Agreement with the Indiana Finance Authority (the "IFA Program") as part of its reside tial housing infrastructure assistance program, established and existing pursuant to Indiana Cod 5-1.2-15.5,which would then permit the Commission to sell the Bonds to the Indiana Finance Aut ority under the IFA Program; and WHEREAS, Section 25.1 of the Act requires the approval of the legislative body of the City before the Bonds may be issued and the Common Council as the legislative body of the City now desires to approve the issuance of the Bonds; and NOW,THEREFORE,BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION 1. All of the stated"WHEREAS"clauses are incorporated herein by reference.