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04-12-10 Council Agenda & Packet
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04-12-10 Council Agenda & Packet
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10/4/2010 3:32:02 PM
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City Council - City Clerk
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~~ <br />t ~ <br />t ~ ~ ~! <br />,~ ~ ~~ ~ ~ <br />~ ~~~ ~~ ~ <br />~.. \~ ~~ <br />~ ~~ ~~~/ <br />~~ <br />~ a <br />I~65 <br />CITY C3F SOUTH FEND STEI'HEivT ~. I,I7ECICE, 11/]AYQR <br />EP "TA'T` ~' ))[IST~`I~ L~ II~~NCJE <br />CpN~'RO~ ~ .RR <br />April 5, 20 ] 0 <br />Nlr•. Derek Dieter <br />President, South Bend Coanlnon Coulacil <br />4°' Floor, County-City Building <br />South Bend, 1N 46601 <br />Re: Ordinance Establishing a New Fund 171~ithin tlae City -The Northeast Neighborhood <br />Residential TIF Fund (# 436) <br />Dear President I3ietel°: <br />The Boater Bend Coaaamon Council approved on July 20, 2007 the Northeast <br />Neighborhood Residential Tax Inc~'enaent Financing (TIf} District to, among other thiaags, <br />provide debt service financing for the City of South Bend's obligations relating to Eddy Street <br />Conamans. fI'031a inception to the present time the TIF Iistrict did not generate inerelnental tax <br />revenue, therefore a separate fund was not established. ~itla the coanpietion of Eddy C'onaanans, <br />the TIF Iistrict will generate tax revenues. Therefore, in order to segregate these specific T'1F <br />funds within the City budget, it is necessary to establish a separate fund. This ordinance <br />establishes a new fund #436 entitled The Northeast Neighborhood Residential TlF Fund. Flom <br />this fiend and its TlF revenues, the City will pay the bond abligations due in February and August <br />of 20] 1 and in subsequent years thereafter, with any excess funds to be used for purposes <br />]permitted by Indiana code. <br />For tlae infal-Ination of the C`olnnaola Coulacil, I attach a Ieap showing tlae Northeast <br />Neighborhood Develaptnent area and the specifically designated Residential T1F district. <br />I will present this ordinance to the Coleman Council at its Canamittee Ixaeeting and at the <br />public heaa-ing. <br />CS ~ ~ ad ~':r ~ :h "~' <br />Thank you for your cansideratian of this ardinanc " t.u: ~~.,,~,_,.....~. <br />Sinc r I~~P (~ - 1 '141 <br />~,~ ~~;, <br />ienta ~~..;>~.,~ ~~ , Yy. ~. <br />Gregg .y~~ ~; ~. <br />~~ 15 ~4~ I N ...-- -`~, <br />Cantl-nller ~mm"' <br />COUNTY-CITY BUILDI?VG Z27 W. JFFi~ERSON BOL.ILEVARIa 50UT1', I~I ND, INDIANA 4G601- I H3O <br />I'xoNS 5741235-9216 Fnx 5741235-9928 TDB 5741235-5SC7 ~~ <br />
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