03-14-11 Council Agenda & Packet

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Substitute Bill 07-11 ORDINANCE NO. AN ORDINANCE OF THE COMMON COUCNIL OF THE CITE'OF SOUTH BEND, INDIANA, APPROPRIATING THE SUM OF$2,000,000. FROM MAJOR MOVES FUND (#412) AND THE SUM OF$400,000. FROM SEWAGE WORKS CAPITAL FUND (#642), FOR TOTAL APPROPRIATION OF $2,400,000., FOR THE PURPOSE OF INFRASTRUCTURE CONSTRUCTION AT THE TRIANGLE PROPERTY PROJECT SITE STATEMENT OF PURPOSE AND INTENT On January 28, 2008, the Common Council adopted Ordinance No. 9824-08, appropriating monies to provide funding for certain infrastructure improvements relating to the construction of a mixed use development commonly known as Eddy Street Commons and Triangle Development. The Triangle Development project is a construction project defined as 55-60 residential properties, 70% at market rate pricing and 30% affordable pricing. Monies appropriated for the Triangle Development under Ordinance 9824-08 were never expended, due to project delays resulting from property acquisition delays. The City let the appropriation expire at the end of 2009. The City of South Bend now desires to recommence the Triangle Development. The appropriated funds will be used to pay for the public infrastructure improvements including roads, curbs, sidewalks, street lamps, sewer lines, and similar items, per the approved architectural and project design. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: Section 1. The sum of Two Million Dollars ($2,000,000) is hereby appropriated and set aside within Major Moves Fund (#412) for infrastructure construction at the Triangle Property Project site. Section 11. The sure of Four Hundred Thousand Dollars ($400,000) is hereby appropriated and set aside within Sewage Works Capital Fund. (#642) for infrastructure construction at the Triangle Property Project site. Section I11, The monies appropriated within this ordinance from Major Moves Fund (#412) will be repaid from TIF Northeast Residential Fund (#436) to the Major Moves Fund (#412) beginning in fiscal 2012, with a principal and interest payment of $82,137, every six months commencing August 15, 2014 and ending February 15, 2029, Interest will accrue from date of appropriation.