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04-12-10 Council Agenda & Packet
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04-12-10 Council Agenda & Packet
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City Council - City Clerk
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® DANCE Na <br />AN [)I~I?IN.4NCE ®F 'I")ll~ C®1VI1Vi®N ~®~TNCII, ®k" TI~~ CITTY C'-~' S®C1T)II BEND, <br />II~I~IAN~s ES'T~BI,ISI-IIN~ 1~ NE~V F~J1~I3 (~#43~),''I-Ill~ N®~LT`I-~EA~T <br />I~EIG~IBQItI`I~~>~ It~SII~~NTIAI. TIF` FUND <br />~TAT~1N~ Ql~ I'U)ltl~®SE ANT? INT'II;NT <br />'T'his Council approved on .Iuly 20, 2007 the Northeast Neighborhood Residential Tax <br />IncrenYent Financing (TIF) District to, among other things, provide debt service financing far the <br />City of South Bend`s obligations relating to Eddy Street Commons. It is now necessary to <br />establish a separate Fund within the City as the repository of this new residential TIF district <br />revenue to pay the bond obligations due in February and August of 2011 and in subsequent years <br />thereafter per the terms of the City's financing obligation, with any excess funds to be used for <br />those purposes permitted by Ind. Code § 36-7-1~# et sea• <br />N®W, THEREFORE, BE IT ®RDAINEI3 BY TIIE COIVIMON COUNCIL OE TIIE <br />CITY OF SOIJT)rI BEND, INDIANA as follows: <br />SECTION I. The l~d~r°~.l~e~st 1lTeighksnrlh®®eI Residential TIE Find (#436) is <br />established within the City of South Bend to receive and disburse Tax Increment Finance (TIF} <br />revenues fc~r debt service financing of South Bend's bond obligations relating to Eddy Street <br />Conrrrions, with any excess funds to be used fQr appropriate expenditures permitted by Ind. Code <br />§ 36-7-I4 et seq. <br />SECTION II. Any disbursements from this Fund (#436) ether than for debt service shall <br />be subject to approval of this Council. <br />SECTION III. This Fund shall be subject to any limitations and restrictions imposed by <br />Ind. Code § 3ti-~-I4 and any and all other applicable laws. <br />SECTION ICI, The monies deposited in this Fund shall remain in the Fund and shall not <br />revert to the General Fund. <br />SEt~TION ~. This f3rdinance shall be in full ford and effect. from and after its passage <br />by CI1e Comrrn~n Cou~acil, and approval by the I~Iayor. <br />Ivlember of the Carnznon Counil <br />Attest: ~ t~~,,, <br />~Q.: <br />~.~>:~: <br />~ a' _ <br />,,~~. ~ ., r v .. . <br />
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