10148-12 Create Certified Technology Park Fund #439

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CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR DEPARTMENT OF ADMINISTRATION & FINANCE GREGG D. ZIENTARA CONTROLLER December 7, 2011 Mr. Derek Dieter President, South Bend Common Council 4 1 Floor, County -City Building South Bend, IN 46601 Re: Ordinance of the Common Council Creating a New Fund Dear President Dieter: Effective January 1, 2009, the City of South Bend, Indiana and the City of South Bend Redevelopment Commission entered into a Certified Technology Park Agreement with the Indiana Economic Development Corporation. Each redevelopment commission with a certified technology park is required by IC 36- 7 -32 -23 to establish a separate certified technology park fund ( "CTP Fund ") to receive property tax proceeds, state gross retail and use taxes, and other revenue. Money deposited in the CTP Fund may be used for the acquisition, improvement, construction and maintenance of public facilities, debt service and other permitted uses under IC 36- 7 -32 -23 in connection with a certified technology park. To accomplish this, it is in the best interests of the City of South Bend to establish a City of South Bend Certified Technology Park Fund (#439). Fund 439 will be a capital project fund for financial reporting purposes and will earn interest on outstanding cash balances. Fund 439 will be subject to annual appropriation by the City of South Bend Redevelopment Commission. City Administration submits this appropriation spending request for 1St reading at the December 12, 2011 Council Meeting, 2nd read, public hearing, 3rd read and Council vote at the same January 9, 2012 Council Meeting. City Administration will present this bill to Council at the appropriate committee meeting and at the Council session. Luecke, Mayor of the City of South Bend z County -City Building 227 West Jefferson Boulevard South Bend, Indiana 46601 -1830 n,(�/ Phone: 574 /235 -9216 Fax: 574/235 -9928 TDD: 574/235 -5567 i jj�/