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4SpUTHg~,~ ~ ~. ~ ~ ~" ~ ~ ~~ <br />a0` ~\~Il~l~l~j~~~ ,0 <br />~// r <br />\~ ~\ ~ r ii ..,, <br />~~ \~~~j ` <br />~ ~~.~- , -', .a <br />^ <br />1865 <br />CITY OF SOUTH BEND ST@PHEN J. LUECKE, MAYOR <br />DEPARTMENT OF ADMINISTRATION AND FINANCE <br />GREGG D. ZIENTaRA <br />CONTROLLER <br />April 5, 2010 <br />Mr. Derek Dieter <br />President, South Bend Colnlnon Council <br />4''' Floor, County-City Building <br />South Bend, IN 46601 <br />Re: Ordinance Establishing a New Fund Within the City -The Northeast Neighborhood <br />Residential TIF Fund (# 436) <br />Dear President Dieter: <br />The South Bend Common Council approved on July 20, 2007 the Northeast <br />Neighborhood Residential Tax Increment Financing (TIF) District to, among other things, <br />pI•ovide debt service financing for the City of South Bend's obligations relating to Eddy Street <br />Commons. From inception to the present time the TIF District did not generate incremental tax <br />revenue, therefore a separate fund was not established. With the completion of Eddy Commons, <br />the TIF District will generate tax revenues. Therefore, in order to segregate these specific TIF <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 TIF Fund. From <br />this fund and its TIF revenues, the City will pay the bond obligations due in February and August <br />of 201 l and in subsequent years thereafter, with any excess funds to be used for purposes <br />permitted by Indiana code. . <br />For the information of the Common Council, I attach a Inap showing the Northeast <br />Neighborhood Development area and the specifically designated Residential TIF district. <br />will present this ordinance to the Common Council at its Committee meeting and at the <br />public hearing. <br />Thank you for your consideration of this <br />.; <br />inanc ~t`~'`~ ~R ~•~,~~per'f; ~`~.N~s~ <br />Sinc r MFR - 7 2010 <br />.~': ^i:1 i'L~~ii" <br />Gregg ienta ~.~/ , :.'; ~• ,,~-; ;?. ~±~. <br />Controller --~"" <br />COUNTY-CITY BUILDING 2Z7 W. JEFFERSON BOULEVARD SOUTH BEND, INDIANA 46601-1830 <br />PHONE 574/235-9216 Fax 574/235-9928 TDD 574/235-5567 ~~ <br />