10011-10 Establishing - A New Fund (#436), The Northeast Neighborhood Residential TIF Fund

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CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR DEPARTMENT OF ADMINISTRATION AND FINANCE GREGG D. ZIENTARA CONTROLLER April 5, 2010 Mr. Derek Dieter President, South Bend Common Council 4`t' Floor, County -City Building South Bend, IN 46601 Re: Ordinance Establishing a New Fund Within the City — The Northeast Neighborhood Residential TIF Fund (# 436) Dear President Dieter: The South Bend Common Council approved on July 20, 2007 the Northeast Neighborhood Residential Tax Increment Financing (TIF) District to, among other things, provide debt service financing for the City of South Bend's obligations relating to Eddy Street Commons. From inception to the present time the TIF District did not generate incremental tax revenue, therefore a separate fund was not established. With the completion of Eddy Commons, the TIF District will generate tax revenues. Therefore, in order to segregate these specific TIF funds within the City budget, it is necessary to establish a separate fund. This ordinance establishes a new Fund #436 entitled The Northeast Neighborhood Residential TIF Fund. From this fund and its TIF revenues, the City will pay the bond obligations due in February and August of 2011 and in subsequent years thereafter, with any excess funds to be used for purposes permitted by Indiana code. For the information of the Common Council, I attach a map showing the Northeast Neighborhood Development area and the specifically designated Residential TIF district. I will present this ordinance to the Common Council at its Committee meeting and at the public hearing. Thank you for your consideration of this .nanc . Fils's In CI0l``�'S O ;C@ Sinc r APR - 7 2010 Gregg ienta CtiY GL Controller ' COUNTY -CITY BUILDING 227 W JEFFERSON BOULEVARD SOUTH BEND, INDIANA 46601 -1830 PHONE 574/235 -9216 FAx 574/235 -9928 TDD 574/235 -5567 h ,�