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' <br /> ' <br /> MACE <br /> ClTY0F SOUTH BEND STEPHEN J. LuECKE,MAYOR <br /> DEPARTMENT OF ADMINISTRATION & FINANCE <br /> GREGG]m.Z3ENTARA <br /> CONTROLLER Filed <br /> LRY <br /> March 9, 2011 <br /> yNc Derek Dieter <br /> President, South Bend Common Council <br /> 4~'Fioor, County-City Building <br /> CIT <br /> South Bend, /N450O1 CITYCLEPK,SOUTH BE-NO,IN <br /> re: 16/Substitute Bill 07-11 Appropriation of the Common Council for the Cost of Public Infrastructure <br /> Construction in the Triangle Property Project Site <br /> Dear President Dieter: <br /> Bill 07-11, in tomhginw| wono ion. was sub nndtad to Coun i|for cons k1mnabunnnFebruery20 2D11 vNth1m <br /> readat the Counui| maeUngonFebruary38' 2»mremd. 3d rmedand (�ouncUvobnnnM8orch1' 201 <br /> ' .. <br /> City Administration herewith files m 1stSubatituha to Bill 07-11' amending certain language omitted from <br /> the original filing. <br /> The omitted language is contained in Section U/ of the Substitute BU[ whereby"The monies appropriated <br /> within this ordinance from Major Moves Fund (#412) will be repaid from T|F Northeast Residential Fund <br /> (#436) to the Major Moves Fund (#412) beginning in fiscal 2012. with a principal and inhonaot payment <br /> commencing August 15. 3014 and ending February 15' 2029. Interest will accrue from the dob* of <br /> appropriation". <br /> This /anguage, added to the biV, will ensure that the desired infrastructure improvements are paid for by <br /> T/Ffinanoing and to secure repayment from the T/F district to the Major Moves fund. <br /> This language is consistent with the original Council appropriation from January 28, 2008. <br /> On January 28, 2008. Council adopted Ordinance No. 9824-08. appropriating monies tnprovide funding <br /> for mo�aininfrastructure improvarnmn1wne|ohnQto the conmtrucUnnofom�od use devo1 <br /> development commonly <br /> known as Eddy Street commons and Triangle Development, <br /> � - <br /> Further background is provided with the following language from the original bill cover letter <br /> correspondence of February 23. 2D11. <br /> 'The Triangle Development project iwo construction project defined aa 55-60 residential properties, <br /> 70% <br /> at market rate pricing and 306 affordable pricing. The appropriated funds will be used to pay for the <br /> public infrastructure improvements including noadm, curba, nidevm|ko' street lamps, sewer |(nmo' etc pg/dhmepprovmdarchitectural and project design. <br /> The original appropriation of $5.3 million was segmented to include $4.1 million related toEddy Street$1.2 million to Triangle Development. Monies appropriated for the Triangle Development <br /> County-City Building 227 West Jefferson Boulevard 3outb Bend,Indiana 4660} 1830 <br /> 9bou*� 574/235'9216 Fax: 574/235-9928 TDD: / y`&[~ | <br />