9824-08 Appropriating $5,300,000 from the Major Moves Construction Fund (Fund #412) - Eddy Street Commons

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ORDINANCE NO. ~ g 2`~-- ~b AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING $5,300,000 FROM THE MAJOR MOVES CONSTRUCTION FUND (FUND NUMBER 412) FOR CERTAIN INFRASTRUCTURE IMPROVEMENTS AT THE EDDY STREET COMMONS AND TRIANGLE DEVELOPMENT STATEMENT OF PURPOSE AND INTENT The City of South Bend Indiana desires to provide funding for certain infrastructure improvements relating to the construction of a mixed use development commonly known as Eddy Street Commons and Triangle Development. On December 10, 2007, the City of South Bend Common Council passed Ordinance No. 9814-07, which approved a lease for certain public improvements between the South Bend Redevelopment Authority and the South Bend Redevelopment Commission. On December 21, 2007, the Department of Local Government Finance issued Order No. 07- 127 approving the lease. As part of the financing package, the City of South Bend is committed to spending $5,300,000 from its Major Moves Construction Fund 412.for project improvements. It is anticipated that the tax increment revenue in the Eddy Street Commons and Triangle Development Area will be sufficient to repay the City the funds expended under this Ordinance, plus interest at 5% per year. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: SECTION I: The following sum of money is hereby appropriated and ordered set apart within the Major Moves Construction Fund for project costs related to the Eddy Street Commons and Triangle Development. Account Number Description Amount 412 Major Moves Construction Fund $5,300,000 SECTION II: The Eddy Street Commons and Triangle Development Area will repay the Major Moves Construction Fund principal and interest of $291,205 every six months beginning August 15, 2011 and ending February 15, 2026. Additional principal and interest payments may be made without penalty. SECTION III: This ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor.