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9729-06 Appropriating Fund # 434 $965,051.67
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9729-06 Appropriating Fund # 434 $965,051.67
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Last modified
10/4/2010 4:03:04 PM
Creation date
9/28/2007 4:09:27 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/11/2006
Ord-Res Number
9729-06
Bill Number
87-06
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ORDINANCE NO. ~ ~ Z ~t~~~° <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH <br />BEND, INDIANA, APPROPRIATING $965,051.67 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 Council approved a Resolution on June 10, 2002 authorizing the mayor to <br />submit an application to the South Bend Advisory Commission on Industrial <br />Development (Commission) that would allow for the designation of a Community <br />Revitalization Enhancement District (CRED). The South Bend Advisory Commission on <br />Industrial Development approved and designated a CRED entitled the "City of South <br />Bend Studebaker/ Oliver Community. Revitalization Enhancement District" on July 13, <br />2002. <br />The City of South Bend received $965,051.67 of gross retail sales tax and income <br />tax revenue for Fiscal Year 2005 from the Indian Department of Revenue for use in the <br />South Bend CRED and according to Indiana Code 36-7-13-5(c), the Council may not <br />conduct any business requiring expenditures from the Industrial Development Fund <br />without the approval, in writing, of a majority of the members of the South Bend <br />Advisory Commission on Industrial Development. <br />The Commission met on November 8, 2005 and adopted Resolution No. 3-2005 <br />pledging income tax and gross retail incremental amounts received from the State of <br />Indiana to repayment of the Section 108 Loan between the City of South Bend and the <br />U.S. Department of Housing and Urban Development and also adopted Resolution No. 4- <br />2005 making recommendations to the South Bend Common Council on the expenditure <br />of income tax and gross retail incremental amounts received from the State of Indiana for <br />Fiscal Year 2005. <br />It is necessary to appropriate these funds for the purpose of revitalization work in <br />the Studebaker/Oliver CRED. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of <br />South Bend, Indiana, as follows: <br />Section I. The sum of $965,051.67, plus interest earned thereon, from the tax <br />increment revenues from the CRED is hereby appropriated and set aside within Fund 434 <br />for demolition activities and repayment of the Section 108 Loan for the <br />Studebaker/Oliver Redevelopment Project. <br />
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