03-28-11 Council Agenda & Packet

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CITY OF SOUTH BLND STEPHEN J. LUECKE M AY01R DEPARTMENT OF ADMINISTRATION & FINANCV GREGG 1). ZIENTARA CONTROLLER March 9, 2011 Mr. Derek Dieter President, South Bend Common Council 4th Floor, County -City Building South Bend, IN 46601 Filed d��tt� �f��Dtti Ci'I`Y O�J7'" SEND, IN re: 1S Substitute Bill 07 -11 Appropriation of the Common Council for the Cost of Public infrastructure Construction in the Triangle Property Project Site Dear President Dieter: Bill 07 -11, in its original version, was submitted to Council for consideration on February 23, 2011, with Irt read at the Council meeting on February 28, 2 read, 3 read and Council vote on March 14, 2011. City Administration herewith files a 1'E Substitute to Bill 07 -11, amending certain language omitted from the original filing. The omitted language is contained in Section III of the Substitute Bill, whereby "The monies appropriated within this ordinance from Major Moves Fund (#412) will be repaid from TIF Northeast Residential Fund (#438) to the Major Moves Fund (#412) beginning in fiscal 2012, with a principal and interest payment commencing August 15, 2014 and ending February 15, 2029. Interest will accrue from the date of appropriation ". This language, added to the bill, will ensure that the desired infrastructure improvements are paid for by TIF financing and to secure repayment from the TIF district to the Major Moves fund, This language is consistent with the original Council appropriation from January 28 2008 On January 28, 2008, 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. Further background is provided with the following language from the original bill cover letter correspondence of February 23, 2011. "The Triangle Development project is a construction project defined as 55 -60 residential properties, 70% at market rate pricing and 30% affordable pricing. The appropriated funds will be used to pay for the public infrastructure improvements including roads, curbs, sidewalks, street lamps, sewer lines, etc., per the approved architectural and project design. The original appropriation of $5.3 million was segmented to include $4.1 million related to Eddy Street Commons and $1.2 million to Triangle Development. Monies appropriated for the Triangle Development County -City Building 227 West Jefferson Boulevard South Bend, Indiana 46601-1830 /