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03-28-11 Council Agenda & Packet
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03-28-11 Council Agenda & Packet
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3/24/2011 10:28:40 AM
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Substitute Bill 07-11 <br />ORDINANCE NO. <br />AN ORDINANCE OF THE COMMON COUCNIL OF THE CITY OF SOUTH BEND, <br />INDIANA, APPROPRIATING THE SUM OF $2,000,000. FROM MAJOR MOVES <br />FUNK ( #412) AND THE STUNT OF $400,000. FROM SEWAGE WORDS CAPI'T'AL <br />FUND ( #642), FOR TOTAL APPROPRIATION OF $2,400,000., FOR THE PURPOSE <br />OF INFRAS'T'RUCTURE CONSTRUCTION AT THE TRIANGLE PROPERTY <br />PROJECT SITE <br />STATEMENT OF PURPOSE AND INTENT <br />On January 28, 2008, the Common Council adopted Ordinance No. 982408, <br />appropriating monies to provide funding for certain infrastructure improvements relating to the <br />construction of a mixed use development commonly known as Eddy Street Commons and <br />Triangle Development. The Triangle Development project is a construction project defined as <br />55 -60 residential properties, 70% at market rate pricing and 30% affordable pricing. <br />Monies appropriated for the Triangle Development under Ordinance 9824 -08 were never <br />expended, due to project delays resulting from property acquisition delays. The City Iet the <br />appropriation expire at the end of 2009. The City of South Bend now desires to recommence the <br />Triangle Development. <br />The appropriated funds will be used to pay for the public infrastructure improvements <br />including roads, curbs, sidewalks, street lamps, sewer lines, and similar items, per the approved <br />architectural and project design. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South <br />Bend, Indiana, as follows: <br />Section 1. The sum of Two Million Dollars ($2,000,000) is hereby appropriated and set <br />aside within Major Moves Fund ( #412) for infrastructure construction at the Triangle Property <br />Project site. <br />Section 11. The sum of Four Hundred Thousand Dollars ($400,000) is hereby <br />appropriated and set aside within Sewage Works Capital Fund ( #642) for infrastructure <br />construction at the Triangle Property Project site. <br />Section III. The monies appropriated within this ordinance from Major Moves Fund <br />( #412) will be repaid from TIF Northeast Residential Fund ( #436) to the Major Moves Fund <br />( #412) beginning in fiscal 2012, with a principal and interest payment of $82,137, every six <br />months commencing August 15, 2014 and ending February 15, 2029. Interest will accrue from <br />date of appropriation. <br />
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