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01-28-08 Council Meeting Agenda & Packet
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01-28-08 Council Meeting Agenda & Packet
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City Council - City Clerk
City Counci - Date
1/28/2008
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P 0 - 4 - <br />ORDINANCE NO. <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA, CLOSING SEDA TIF FUND NO. 414 AND TRANSFERRING REMAINING <br />FUNDS TO AEDA TIF FUND NO. 324 <br />STATEMENT OF PURPOSE AND INTENT <br />On June 25, 2007 by Resolution No. 3763 -07 this Common Council approved an Order of <br />the Area Plan Commission expanding the boundaries and area within the Airport Economic <br />Development Area (AEDA) which Order, among other things, incorporated and consolidated within <br />the AEDA the previously designated Tax Increment Finance (TIF) district known as the Sample - <br />Ewing Development Area (SEDA). The South Bend Redevelopment Commission approved the <br />expanded Airport Economic Development Area by Resolution No. 2351 on July 20, 2007. <br />Consistent with the absorption of the Sample -Ewing Development Area (SEDA) into the <br />Airport Economic Development Area (AEDA), it is necessary and appropriate to close SEDA TIF <br />Fund No. 414, and transfer any funds remaining in that account to AEDA TIF Fund No. 324. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY <br />OF SOUTH BEND, INDIANA: <br />Section I. The Sample -Ewing Development Area TIF Fund No. 414 shall be closed. <br />Section 11, The balance of any funds remaining in SEDA TIF Fund No. 414 shall be <br />transferred to Airport Economic Development Area (AEDA) TIF Fund No. 324. <br />Section III. This Ordinance shall be in full force and effect from and after its passage by the <br />Common Council and approval by the Mayor. <br />Member, South Bend Common 06uncil <br />Attest: <br />City Clerk <br />Presented by me to the Mayor of the City of South Bend, Indiana on the day of <br />, 2 , at o'clock . M. <br />City Clerk <br />
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