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9619-05 Establish Fund # 432 TIF District - Area #3 (Erskine Village)
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9619-05 Establish Fund # 432 TIF District - Area #3 (Erskine Village)
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Last modified
12/13/2010 10:33:03 AM
Creation date
12/18/2007 8:41:26 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
9/12/2005
Ord-Res Number
9619-05
Bill Number
63-05
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ORDINANCE NO. <br />~ c~~ ~-o~ <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA TO ESTABLISH ONE ADDITIONAL FUND, NAMELY, FUND N0.432 TIF <br />DISTRICT -SOUTH SIDE DEVELOPMENT AREA #3 (ERSKINE VILLAGE) <br />Statements of Purpose and Intent: <br />This ordinance establishes a new fund for the deposit and disbursement of Tax Increment <br />Financing dollars in the newly established South Side Development Area #3 (Erskine Village) <br />TIF district recently established by the South Bend Redevelopment Commission by resolution <br />#2096. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, <br />Indiana, as follows: <br />SECTION I. Anew fund is created that is called Fund #432 TIF District -South Side <br />Development Area #3 (Erskine Village). <br />SECTION II. All sums of money collected and deposited in the fund shall be used solely <br />for the purposes of acquisition, demolition, environmental assessment, public works <br />construction, disposition, site preparation, maintenance, and any other similar purpose permitted <br />by and consistent with applicable Tax Increment Finance State Law. <br />SECTION III. Any and all interest earned on monies deposited in the South Side <br />Development Area #3 (Erskine Village) TIF fund shall remain in the fund. <br />SECTION IV. Monies remaining in each respective fund at the end of the fiscal year shall <br />not revert to any other fund. <br />SECTION V. This Ordinance shall be in full force and effect from and after its passage by <br />the Common Council and approval by the Mayor. <br />~Q <br />Member of the Common Coun it <br />Attest: <br />C rk <br />
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