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

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CITY of SOUTH BEND ®govTti ROGER O. PARENT, Mayor ® �*:7,%d DEPARTMENT OF ECONOMIC DEVELOPMENT e .�P - b 1200 COUNTY-CITY BUILDING SOUTH BEND, INDIANA 48801 ® .<e::.,:.-:::::::... ,4+ JON R. HUNT EXECUTIVE DIRECTOR Telephone 219/284-9371 ANN KOLA TA DEPUTY EXECUTIVE DIRECTOR December 1 , 1987 Telefax 219/284-9892 South Bend Common Council 4th Floor, County-City Building South Bend, IN 46601 Dear Council Members: Enclosed is an ordinance creating the South Bend Redevelopment Authority. Earlier this year, the Indiana General Assembly amended the Redevelopment Statute to allow for the creation of a Redevelopment Authority. The Authority will be used to finance and construct the parking garage at the corner of Wayne and St . Joseph Streets. The Redevelopment Commission will then lease the garage from the Authority and those lease payments will be used to make payments on the bonds the Authority will issue to finance the garage. The Redevelopment commission will use garage revenues, UDAG repayments and TIF revenues to make the lease payments. Through this arrangement, the Commission expects to provide the badly needed parking spaces at the best possible cost to the community. This matter has been reviewed by the Redevelopment Commission and it is their recommendation that the Authority be established by the Common Council . If you have any questions about this matter, I will be glad to answer them. I respectfully request your approval of this Ordinance. Sincerely, Ann E . Kolata Deputy Executive Director Attachment AEK/ml. 3/f REDEVELOPMENT COMMUNITY DEVELOPMENT HOUSING REHASILITA TION HUMAN RIGHTS FISCAL F. PROGRAM ANN KOLA TA & BUSINESS ASSISTANCE KATHRYN BAUMGARTNER MARY E. ALLEN MANAGEMENT 2114-9371 DONALD INKS 254-9475 254-9355 ELIZABETH LEONARD 254-9335 254.9335