Creating the South Bend Redevelopment Authority Addition New Section 2-57 Entitled South Bend Redevelopment Authority

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ORDINANCE NO. `7R/L1 -'7 AN ORDINANCE CREATING THE SOUTH BEND REDEVELOPMENT AUTHORITY AND AND AMENDING THE MUNICIPAL CODE BY THE ADDITION OF A NEW SECTION 2-57 ENTITLED SOUTH BEND REDEVELOPMENT AUTHORITY STATEMENT OF PURPOSE AND INTENT: In 1987 the Indiana General Assembly added to the Indiana Code Chapter 14. 5 of I .C. 36-7, which permits the Common Council to create a redevelopment authority "as a separate body corporate and politic and as an instrumentality of the unit to finance local public improvements for lease to the [Redevelopment] commission." The South Bend Redevelopment Commission at its November 27, 1987, meeting recommended to the South Bend Common Council the creation of the South Bend Redevelopment Authority, pursuant to I.C. 36-7-14.5 and indicated its intent to work with the South Bend Redevelopment Authority, when created, to enter into a lease-purchase agreement for construction and financing of a parking garage at the corner of Wayne and St. Joseph Streets in downtown South Bend. NOW, THEREFORE, BE IT ORDAINED BY THE SOUTH BEND COMMON COUNCIL, as follows: Section 1: Chapter 2, Article 5 of the Municipal Code of the City of South Bend, Indiana, is hereby amended by the inclusion of new Section 2-57 which shall read in its entirety as follows: Section 2-57 The South Bend Redevelopment Authority is hereby created, for the purposes and with all powers and duties now or hereafter granted to it by law, as a separate body corporate and politic and as an instrumentality of the City of South Bend to finance local public improvements for lease to the South Bend Redevelopment Commission. Section 2: This ordinance shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. ITj4 Messer of he Common Coundif