01-28-08 Common Council Minutes - Laserfiche WebLink

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REGULAR MEETING JANUARY 28, 2008 BILL NO. 06-08 PUBLIC HEARING ON A BILL 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 Councilmember Oliver Davis, Chairperson, Utilities Committee, and Councilmember David Varner, Chairperson, Public Works and Property Vacation Committee, reported that these committees met this afternoon on this bill and voted to send it to the full Council with a favorable recommendation. Mr. John Murphy, Acting City Controller, 12th Floor County-City Building, 227 W. Jefferson Boulevard, South Bend, Indiana, made the presentation for this bill. Mr. Murphy advised that this bill would appropriate $5,300,000 from the Major Moves Construction Fund to pay for infrastructure costs relating to the Eddy Street common s and Triangle Development. He stated that beginning in 2011, the Major Moves Fund will be repaid principal and interest at 5% from the tax increment revenue over 15 years. This being the time heretofore set for the Public Hearing on the above bill, proponents and opponents were given an opportunity to be heard. There being no one present wishing to speak to the Council either in favor of or in opposition to this bill, Councilmember Rouse made a motion for favorable recommendation to full Council concerning this bill. Councilmember Varner seconded the motion which carried by a voice vote of nine (9) ayes. BILL NO. 07-08 PUBLIC HEARING ON A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA APPROPRIATING $100,000 WITHIN THE U.D.A. G. FUND (FUND 410) OF THE DEPARTMENT OF CONINIUNITY AND ECONOMIC DEVELOPMENT FOR THE PURPOSE OF PROVIDING PREDEVELOPMENT COSTS FOR POTENTIAL DEVELOPMENT PROJECTS WITHIN THE CITY OF SOUTH BEND WHEREAS, the Common Council of the City of South Bend, Indiana (the "Common Council") previously approved of the sale and issuance by the City of South Bend Building Corporation (the "Building Corporation") of its lease rental revenue bonds in one or more series in an aggregate principal amount not to exceed $10,000,000 to finance the costs of the construction and equipping of a new public works service center facility (the "Project"), pursuant to Ordinance No. 9203-01 adopted on March 12, 2001; and WHEREAS, the City of South Bend, Indiana (the "City") previously entered into a lease upon the Project between the City and the Building Corporation dated as of March 1, 2001, as amended by an addendum to lease dated as of Apri123, 2001 (the "Lease"); and WHEREAS, the Building Corporation issued and sold its County Option Income Tax Lease Rental Revenue Bonds of 2001 in the aggregate principal amount of Nine Million Two Hundred Fifty Thousand and 00/100 Dollars ($9,250,000.00) (the "Prior Bonds") to finance the costs of the Project; and 6