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05-12-08 Council Meeting Agenda & Packet
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05-12-08 Council Meeting Agenda & Packet
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10/4/2010 3:08:21 PM
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5/8/2008 3:14:18 PM
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
5/12/2008
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ORDINANCE NO. <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH <br />BEND, INDIANA APPROPRIATING $1,000,000.00 OF INDIANA COMMUNITY <br />REVITALIZATION ENHANCEMENT DISTRICT INCREMENT FUNDS <br />WITHIN THE INDUSTRIAL DEVELOPMENT FUND, FUND 434, FOR THE <br />PURPOSE OF DEVELOPMENT AND REDEVELOPMENT WITHIN THE CITY <br />OF SOUTH BEND STUDEBAKER/OLIVER COMMUNITY REVITALIZATION <br />ENHANCEMENT DISTRICT <br />STATEMENT OF PURPOSE AND INTENT <br />This bill will appropriate $1,000,000 from the Industrial Development Fund, Fund <br />434, for repayment of the Section 108 Loan for the Studebaker/Oliver Project. As <br />required by Indiana Code 36-7-13-5, the Council may not conduct any business requiring <br />expenditures from Fund 434 without the approval, in writing, of a majority of the <br />members of the South Bend Advisory Commission on Industrial Development. On May <br />2, 2008 the Advisory Commission on Industrial Development met and unanimously <br />approved Resolution No. 7-2008 recommending that the $1,000,000 received for Fiscal <br />Year 2007 be appropriated and spent for the repayment of the Section 108 Loan for the <br />Studebaker/Oliver Project. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of <br />South Bend, Indiana: <br />Section I. The sum of $1,000,000.00, plus interest earned thereon, from the tax <br />increment revenues from the CRED is hereby appropriated and set aside within Fund 434 <br />for repayment of the Section 108 Loan for the Studebaker/Oliver Project. <br />Section II. This Ordinance shall be in full force and effect from and after its <br />passage by the Common Council and Approval by the Mayor. <br />Member of the Common Cou~'cil <br />Attest: <br />City Clerk <br />
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