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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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1200 COUN'[Y-CITY BUILDING <br />227 W. JEFFERSON BOULEVARD <br />SOUTH BEND, INDIANA 46601-1830 <br />PIIONE 574/ 235-9371 <br />FAx 574/235-9021 <br />TDD 574/ 235-5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />COMMUNITY SL ECONOMIC DEVELOPMENT <br />SHARON T. KENDALL <br />EXECUTIVE DIRECTOR <br />November 20, 2006 <br />South Bend Common Council <br />227 W. Jefferson Blvd, Suite 400 <br />South Bend, IN 46601 <br />Dear Council Members: <br />The attached bill for your consideration and approval will appropriate $965,051.67 from the Industrial <br />Development Fund, Fund 434, for demolition activities and repayment of the Section 108 Loan for the <br />Studebaker/Oliver Project. As required by Indiana Code 36-7-13-5 (c), the Council may not conduct any <br />business requiring 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. <br />On November 8, 2005 the Advisory Commission on Industrial Development met and unanimously <br />approved Resolution No. 3-2005 pledging CRED revenues to repayment of the Section 1081oan between <br />the City of South Bend and the U.S. Department of Housing and Urban Development and Resolution No. <br />4-2005 recommending that the $965,051.67 received for Fiscal year 2005 be appropriated and spent for <br />the repayment of the Section 108 Loan for the Studebaker/Oliver Project. A copy of Resolutions No. 3- <br />2005 and No. 4-2005 are attached for your review. <br />Subsequent to that meeting of the Advisory Commission, the U.S. Department of Housing and Urban <br />Development allowed the Advisory Commission to release $97,200.00 from the pledge of CRED <br />revenues. That money was released to be used for demolition activities. I have attached the correspondence <br />from HUD approving the release. The Advisory Commission will meet, prior to the Council's public <br />hearing of this bill, to amend Resolution 4-2005 to authorize the use of $97,200.00 for demolition <br />activites. I will provide that amended Resolution to the Council prior to the December 11`~ public hearing. <br />I will attend both the Committee and Council hearings to present this bill. <br />Please call me at 245-6112 if you have any questions. <br />Sincerely <br />- Filed In Clerk's C~fice <br />NOV 2 1 2006 <br />Andy Laurent <br />Economic Development Specialist <br />dOHN VOORDE <br />Cl7Y CI,'rrK, S0.8END, iN. <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL HL PROGRAM fff~~~~ <br />PAMELA C. MEYER DONALD E. INKS MANAGEMENT <br />5?41235-9660 574/235-9371 ELIZA6ETH LEONARD ~ I <br />PAX: 574/235-9697 574/235-9371 <br />
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