10032-10 Appropriation- $57,027 EconDev Income Tax (#408) for Northeast Triangle Development Project

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COUNTY-CITY BUILDING 227 W.JEFFERSON BOULEVARD SOUTH BEND,IN 46601 ~.. PEACE _ CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR OFFICE OF ADMINISTRATION & FINANCE GREGG D. ZIENTARA, CITY CONTROLLER July 21, 2010 Mr. Derek Dieter President, South Bend Common Council 4th Floor, County-City Building South Bend, IN 46601 PHONE 574-235-9216 FAx 574-235-9928 Re: Ordinance Appropriating $57,027.00 from Economic Development Fund (#408) for Additional Costs of the Northeast Triangle Development Project Dear President Dieter: On December 14, 2009, as a part of the 2010 capital budget, the Common Council passed Ordinance No. 9993-09 which appropriated $410,000.00 in Economic Development Income Tax Fund (#408) for the purpose of property acquisition and demolition of eight (8) units from the South Bend Housing Authority as a part of the project to provide new housing in the proposed Eddy Knolls development area. It is now necessary to request an increase in the previous Common Council appropriated monies due to the discovery of asbestos covering the walls in six of the eight units. Increased demolition and abatement standards apply due to the discovery of the asbestos which will increase the monies required to complete the property demolition. As such, the City requests Common Council approval of an additional appropriation in the amount of $57,027.00. The total monies now required for this project will be $467,027.00, the originally appropriated $410,000.00 plus the additional request $57,027.00. The EDIT fund has sufficient cash reserves to fund this additional expenditure. This ordinance to the Common Council at its Committee meeting and at the public hearing will be presented by either Don Inks or Gregg Zientara. :ity of South Bend Fif °~ i~ Cierk'~ Gfifi~e J U L 2 1 2010 JOEIPJ VOC~DE CITY CLE>r"~~K, S0. B~tiD, IN.