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ORDINANCE NO. I S S 3 ~~ <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA, APPROPRIATING $655,267 OF <br />INDIANA COMMUNITY REVITALIZATION ENHANCEMENT DISTRICT <br />INCREMENT FUNDS WITHIN THE INDUSTRIAL DEVELOPMENT FUND, <br />FUND 434, FOR THE PURPOSE OF DEVELOPMENT AND REDEVELOPMENT <br />WITHIN THE CITY OF SOUTH BEND STUDEBAKER/OLIVEROOMMUNITY <br />REVITALIZATION ENHANCEMENT DISTRICT <br />Statement of Purpose and Intent: <br />This Council approved a Resolution on June 10, 2002 authorizing the Mayor to submit an <br />application to the South Bend Advisory Commission on Industrial Development that would allow <br />for the designation of a Community Revitalization Enhancement District (CRED). The South Bend <br />Advisory Commission on Industrial Development approved and designated a CRED entitled the <br />"City of South Bend Studebaker/Oliver Community Revitalization Enhancement District" on July <br />13, 2002. The Mayor has been notified that a sum of $655,267 of tax incremental revenue is being <br />disbursed by the Indiana Department of Revenue for use in the South Bend CRED. It is necessary <br />to appropriate such funds for the purpose of revitalization work in the Studebaker/Oliver CRED. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South <br />Bend, Indiana, as follows: <br />SECTION I. The sum of $655,267, plus interest earned thereon, from the tax increment <br />revenues from the CRED is hereby appropriated and set aside within Fund 434 for use in <br />development and redevelopment activities (including acquisition, relocation, demolition, site <br />preparation, environmental studies and clean-up, disposition, etc.) taking place in the CRED. <br />SECTION II. According to Indiana Code 36-7-13-5(c), the Council may not conduct any <br />business requiring expenditures from the industrial development fund without the approval, in <br />writing, of a majority of the members of the South Bend Advisory Commission on Industrial <br />Development. <br />SECTION III. This Ordinance shall be in full force and effect from and after its passage by <br />the Common Council and approval by the Mayor. <br />u ,~_ ~~ <br />Member, South Bend Com on Council <br />Attest: <br />'ty C rk <br />