9738-07 Closing Fund # 424 - Transferring to Fund # 425 & 601 - Changing Title of Fund # 425

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ORDINANCE NO. ~ ~ 3 b ~" ~ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA CLOSING FUND 424 (TIF-SBCDA), TRANSFERRING FUNDS WITHIN FUND 424 TO FUNDS 425 AND 601, AND CHANGING THE TITLE OF FUND 425 FROM "TIF-LEIGHTON PLAZA" TO "REDEVELOPMENT RETAIL" STATEMENT OF PURPOSE AND INTENT In 1999 by Ordinance 9016-99, two new tax increment finance accounts (TIF) were established for the South Bend Central Development Areas (SBCDA), namely, Fund 424 -TIF- SBCDA-Buildings, and Fund 425-TIF Leighton Plaza. Presently, Fund 424 is the repository solely of income derived from the retail and garage operations of the Wayne Street Parking garage complex, and it is financially efficient to consolidate income from all retail operations of redevelopment projects into one fund. Fund 425 is the current repository of Leighton Plaza retail revenues, and Fund 425 would be an appropriate repository for all redevelopment retail projects. To accomplish this, the Wayne Street retail funds should be transferred from Fund 424 to Fund 425. At some time prior to 1982, Fund 601 was created and titled "Parking Garage Fund" for - the purpose of receiving revenues related to City-owned parking garages, and in 1982 by Ordinance 18-82, Fund 601 also became the depository of monies received from parking tickets. It would be financially efficient to deposit all revenue from the garage operations of City- owned garages into Fund 601 including the transfer of any monies from the Wayne Street Parking Garage which might be contained in Fund 424. With all monies contained in Fund 424 being transferred either to Fund 601 or Fund 425, there is no further need for Fund 424 which should be closed. Fund 425 should be renamed "Redevelopment Retail." Fund 425 as renamed is no longer a TIF fund because the Leighton Plaza TIF bond has been paid off. By effectuating the accounting changes in this Ordinance, all income derived from retail operations of City-owned garages or other redevelopment retail projects will be deposited in Fund 425, and all income derived from the City-owned garages and parking tickets will be deposited in Fund 601. This is an appropriate, efficient accounting adjustment. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, as follows: Section I. All monies contained in Fund 424-TIF SBCDA-Buildings relating to Wayne Street garage operations shall be transferred to Fund 601-Parking Garage.