9801-07 Appropriation from Motor Vehicle Highway #202 $1,000,000 for Douglas Road Expansion

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~ ` \,01 ~~ x'~ ~~ ORDINANCE NO. AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING $1,000,000 FROM THE MOTOR VEHICLE HIGHWAY FUND (FUND NUMBER 202) FOR THE EXPANSION OF DOUGLAS ROAD FROM STATE ROAD 23 TO THE MISHAWAKA CITY LIMITS STATEMENT OF PURPOSE AND INTENT The City of South Bend, Indiana (the "City") desires to improve and expand Douglas Road from just west of its intersection with State Road 23 to the Mishawaka City limits (the "Project") to provide for increased economic development in the City and to improve the safety oi' Douglas Road for its residents. The City, by and through its Board of Public Works, and the South Bend Redevelopment Commission have-~r~tg~- ~~`'f ~ ~ j_ i~an agreement with Douglas Road Retail Partners, L.P. (the "Developer"), pursuant to ''~~' which the Developer commits to guaranteeing the repayment of the funds expended by the City under this Ordinance until the Developer or another party invests an additional $3,300,000 in the Douglas Road Economic Development Area (the "Area"). With the additional investment, it is anticipated that the tax increment financing revenues generated from the Area will be sufficient to repay the City the funds expended under this Ordinance. The Project will improve the safety of Douglas Road and result in additional investment in the City. Accordingly, appropriating and expending funds on the Project is in the best interest of the health, safety and welfare of the City and its residents. NOW, THEREFORE, BE 1T ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA as follows: Section I. The following sum of money is hereby appropriated and ordered set apart from and within the Motor Vehicle Highway Fund for the acquisition and construction of the project expanding State Road 23 to the Mishawaka city limits. Account Number Description Amount 202 Motor Vehicle Highway Fund $1,000,000 Section II. "this Ordinance shall be in full force and effect from and after adoption by the Common Council and approval by the Mayor.