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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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9/12/2012 9:17:23 AM
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1/24/2008 1:29:59 PM
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City Council - City Clerk
City Counci - Date
1/28/2008
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9823-08 Appropriating $92,386 of Indiana Finance authority grant within Fund #210
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9824-08 Appropriating $5,300,000 from the Major Moves Construction Fund (Fund #412) - Eddy Street Commons
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9825-08 Appropriating $100,000 within the U.D.A.G. fund (Fund #410) - Providing Predevelopment Costs for potential
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ORDINANCE NO. <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA, APPROPRIATING $5,300,000 FROM THE MAJOR MOVES <br />CONSTRUCTION FUND (FUND NUMBER 412) FOR CERTAIN <br />INFRASTRUCTURE IMPROVEMENTS AT THE EDDY STREET COMMONS AND <br />TRIANGLE DEVELOPMENT <br />STATEMENT OF PURPOSE AND INTENT <br />The City of South Bend Indiana desires to provide funding for certain <br />infrastructure improvements relating to the construction of a mixed use development <br />commonly known as Eddy Street Commons and Triangle Development. On December <br />10, 2007, the City of South Bend Common Council passed Ordinance No. 9814 -07, <br />which approved a lease for certain public improvements between the South Bend <br />Redevelopment Authority and the South Bend Redevelopment Commission. On <br />December 21, 2007, the Department of Local Government Finance issued Order No. 07- <br />127 approving the lease. As part of the financing package, the City of South Bend is <br />committed to spending $5,300,000 from its Major Moves Construction Fund 412.for <br />project improvements. <br />It is anticipated that the tax increment revenue in the Eddy Street Commons and <br />Triangle Development Area will be sufficient to repay the City the funds expended under <br />this Ordinance, plus interest at 5% per year. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF <br />THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: <br />SECTION I: The following sum of money is hereby appropriated and ordered set <br />apart within the Major Moves Construction Fund for project costs related to the Eddy <br />Street Commons and Triangle Development. <br />Account Number Description Amount <br />412 Major Moves Construction Fund $5,300,000 <br />SECTION II: The Eddy Street Commons and Triangle Development Area will <br />repay the Major Moves Construction Fund principal and interest of $291,205 every six <br />months beginning August 15, 2011 and ending February 15, 2026. Additional principal <br />and interest payments may be made without penalty. <br />SECTION III: This ordinance shall be in full force and effect from and after its <br />passage by the Common Council and approval by the Mayor. <br />
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