Recommending Thresholds & Criteria be Developed When Public Tax Dollars Assist in Economic Developoment with Private Sector

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RESOLUTION `-C l r ( — Bill No. 12- 12 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, RECOMMENDING THAT THRESHOLDS AND CRITERA BE DEVELOPED WHEN PUBLIC TAX DOLLARS ARE TO BE INVOLVED TO ASSIST IN LEVERAGING ECONOMIC DEVELOPMENT WITH THE PRIVATE SECTOR Gh" last Fall, the South Bend Common Council adopted Resolution No. 4127 -11, which encouraged collaboration between the City Administration, the Redevelopment Commission and the Common Council in the interest of discussing possible options to assist in attracting private investors to provide equity invest for the rehabilitation of the Chase Tower located at 211 -213 West Washington in the heart of downtown South Bend; and (Aar, the Council further notes that Bill No. 81 -11 which proposes financial assistance for the Chase Tower is pending in the Council's Community and Economic Development Committee and is scheduled for public hearing on February 27, 2012; and GA)" Indiana state law sets forth the executive authority and the primary day -to -day activities with the Mayor under Indiana Code § 36- 4 -4 -3; and the legislative authority of the city is with the Common Council as set forth in Indiana Code § 36- 4 -4 -4; and Qf)" the Council acknowledges that "City Plan" was adopted when Resolution No. 3657 -06 was adopted which addressed among other things an "Implementation Action Plan" information on expanding economic opportunities; ensuring quality designs; planning and analysis which are in the best interests of the city. ga, &ALMAM, Term 4y do WOMM&A � way as follows: Section I. As discussions continue on what role, if any, the City of South Bend should play with regard to potentially providing financial assistance to foster growth in downtown South Bend, discussions of the following criteria or similar thresholds may be in the best interests of the City: 1. Whether a dollar amount threshold should be established and upon that amount being set, that additional criteria be used to assist in the evaluation process for all potential developers on a specific project; 2. Identification of potential revenue stream(s) which may be under consideration for assistance with the current balances of each, and the proposed uses (short and long -term) for each being listed; 3. Analysis of the potential design/redesign, construction/reconstruction, operation, management, or financing of the cost of the project; 4. Detailed identification of projection costs and the respective responsibilities of all parties in any public - private partnership meeting the dollar threshold addressed in ¶ 1; 5. Discussion of retaining any percentage of revenues received in the operation and management;