10034-10 Approving- Temporary Loan of $39,763 Income Tax(#408)

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ORDINANCE NO. l ~~ 3~'~~ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING TEMPORARY LOAN OF $39,763.60 FROM ECONOMIC DEVELOPMENT INCOME TAX FUND (#408) TO PAY FOR ACQUISITION OF 25 PROPERTIES BY THE SOUTH BEND REDEVELOPMENT COMMISSION WITHIN TIF REVENUE-AIRPORT FUND (#324) STATEMENT OF PURPOSE AND INTENT The St. Joseph County Treasurer recently offered for sale a number of real estate properties on its tax sale list which are beneficial to South Bend's economic development projects, and which could not have been anticipated in advance of the actual sale listing. The South Bend Redevelopment Commission has acquired 25 of these properties at greatly reduced cost, a total of $39,973.60, or an average of $1,600.00 per parcel. At the time of tax sale, the properties were not on the South Bend Redevelopment Commission's 2010 acquisition list necessitating the temporary use of monies from Economic Development Income Tax Fund (#408) in the sum of $39,973.60 to make the purchase, which is authorized by I.C. 36-1-8-4. The sum of $39,973.60 temporarily transferred by EDIT Fund (#408) to TIF Revenue -Airport Fund (#324) shall be returned promptly to EDIT Fund #408 in satisfaction of the inter-fund loan for acquisition of the tax sale properties. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA as follows: Section I. The temporary use of $39,973.60 within Economic Development Income Tax Fund #408 to purchase the 25 tax sale properties described in this Ordinance is approved which temporary loan shall be repaid to Fund #408 promptly by and from TIF Revenue-Airport Fund #324, and no later than December 31, 2010. Section III. This Ordinance shall be in full force and effect from and after its p ssage by the Common Council and approval by the Mayor. Member of the Common Council A City ClT~rk