9618-05 Establish Fund # 431 TIF District - Area # 2 ( Erskine Commons)

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ORDINANCE NO. ~~~~-os AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA TO ESTABLISH ONE ADDITIONAL FUND, NAMELY, FUND N0.431 TIF DISTRICT -SOUTH SIDE DEVELOPMENT AREA #2 (ERSKINE COMMONS) Statements of Purpose and Intent: This ordinance establishes a new fund for the deposit and disbursement of Tax Increment Financing dollars in the newly established South Side Development Area #2 (Erskine Commons) TIF district recently established by the South Bend Redevelopment Commission by resolution #2073. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. Anew fund is created that is called Fund #431 TIF District -South Side Development Area #2 (Erskine Commons). SECTION II. All sums of money collected and deposited in the fund shall be used solely for the purposes of acquisition, demolition, environmental assessment, public works construction, disposition, site preparation, maintenance, and any other similar purpose permitted by and consistent with applicable Tax Increment Finance State Law. SECTION III. Any and all interest earned on monies deposited in the South Side Development Area #2 (Erskine Commons) TIF fund shall remain in the fund. SECTION IV. Monies remaining in each respective fund at the end of the fiscal year shall not revert to any other fund. SECTION V. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. ~~ Member of the Common Coun `1 Attest: ' Cl rk