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f '1 . .} <br /> • o4s�U TH 8�'�%� <br /> �� �`, <br /> � �� � <br /> \\ ,- <br /> �t ��_ ^ �'a�' <br /> A 1865 e <br /> CITY OF SOUTH BEND STEPHEN J. LUECKE,MAYOR <br /> DEPARTMENT OF ADMINISTRATION & FINANCE <br /> GREGG D.ZIENTARA """""""""— <br /> CONTROLLER ����� ��t �«� '"sn� ��.� �'��; '*� <br /> , ��.. <br /> March 9, 2011 �,��� �� ���� <br /> Mr. Derek Dieter <br /> President, South Bend Common Council ��,.,;��������� <br /> 4th Floor, County-City Building C�TyC���x,�.��y�Tp������r� <br /> South Bend, IN 46601 <br /> re: 15�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 its original version, was submitted to Council for consideration on February 23, 2011, with 15t <br /> read at the Council meeting on February 28, 2"d read, 3�d read and Council vote on March 14, 2011. <br /> City Administration herewith files a 1St Substitute to Bill 07-11, amending certain language omitted from <br /> the original filing. <br /> The omitted language is contained in Section III of the Substitute Bill, whereby"The monies appropriated <br /> within this ordinance from Major Moves Fund (#412) will be repaid from TIF Northeast Residential Fund <br /> (#436) to the Major Moves Fund (#412) beginning in fiscal 2012, with a principal and interest payment <br /> commencing August 15, 201� and ending February 15, 2029. Interest will accrue from the date of <br /> appropriation". <br /> This language, added to the bill, will ensure that the desired infrastructure improvements are paid for by <br /> TIF financing and to secure repayment from the TIF 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 to provide funding <br /> for certain infrastructure improvements relating to the construction of a mixed use development commonly <br /> known as Eddy Street commons and Triangle Development. <br /> Further background is provided with the following language from the original bill cover letter <br /> correspondence of February 23, 2011. <br /> "The Triangle Development project is a construction project defined as 55-60 residential properties, 70% <br /> at market rate pricing and 30°/a affordable pricing. The appropriated funds will be used to pay for the <br /> public infrastructure improvements including roads, curbs, sidewalks, street lamps, sewer lines, etc., per <br /> the approved architectural and project design. <br /> The original appropriation of $5.3 million was segmented to include $4.1 million related to Eddy Street <br /> Commons and $1.2 million to Triangle Development. Monies appropriated for the Triangle Development <br /> County-City Building 227 West Jefferson Boulevard South Bend,Indiana 46601-1830 <br /> Phone:574/235-9216 Fax: 574/235-9928 TDD: 574/235-5567 C <br />