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9480-03 Appropriating $124,525 of Section 108 Loan Project Income, plus interest earned thereon ( Fund No. 212) for use in rehabilitation, construction, and
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9480-03 Appropriating $124,525 of Section 108 Loan Project Income, plus interest earned thereon ( Fund No. 212) for use in rehabilitation, construction, and
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7/22/2008 4:38:33 PM
Creation date
7/22/2008 4:38:33 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/8/2008
Ord-Res Number
9480-03
Bill Number
98-03
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ORDINANCE NO. - 1 1 ~~ ~ ~~ <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA APPROPRIATING $124,525.00 OF SECTION 108 LOAN PROJECT INCOME, <br />PLUS INTEREST EARNED THEREON (FUND No. 212), FOR USE IN REHABILITATION, <br />CONSTRUCTION AND REDEVELOPMENT ACTIVITIES <br />STATEMENT OF PURPOSE AND INTENT <br />On April 23, 2001, the South Bend Common Council adopted the Studebaker/Oliver Plow <br />Works Redevelopment Strategy in Resolution 2988-01 and on Apri122, 2002 in Resolution 2988-01 <br />it appropriated Section 108 loan funds, plus interest earned thereon, for use in rehabilitation, <br />construction and redevelopment activities in the Studebaker/Oliver redevelopment project area. <br />The Section 1081oan funds were used to finance redevelopment of the Oliver Plow Works <br />site into the Oliver Industrial Park, in which thirty-six acres of derelict industrial structures were <br />cleared to be redeveloped as a light industrial park. The loan funds contributed to demolition, <br />environmental cleanup, building stabilization, and construction of infrastructure. At this time, the <br />land in the Oliver Industrial Park has been appraised and is available for purchase by qualified <br />developers. <br />Approximately five acres of land in the new Oliver Industrial Park were sold to Rose Fuel <br />& Materials, Inc. on November 13, 2003. Consequently, project income of $124,525.00 has been <br />made available for additional redevelopment activity in the Studebaker/Oliver Redevelopment <br />Project area. Appropriation ofthese funds is necessary to continue redevelopment activities relating <br />to the Studebaker/Oliver Redevelopment Project. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South <br />Bend, Indiana, as follows: <br />SECTION I. The sum of $124,525 of Section 1081oan funds, plus interest earned on such <br />funds, is hereby appropriated from and within Fund 212 for redevelopment activities in the <br />Studebaker/Oliver redevelopment project area. <br />SECTION II. This Ordinance shall be in full force and effect from and after its passage by <br />the Common Council and approval of the Mayor. <br />~ ~~ <br />Member, South Bend Comm n Council <br />1st READING ~ ~-L~-o..3 <br />PUBLlC HEARING ~Z' ~~ b3 <br />3 rd READING 1Z-$-0,3 <br />NOT APPROVED <br />REFERRED <br />PASSED 12,-~'^~~~ <br />Filed in Cieri:'s Offie~ <br />P~ 0!! 1 ~ 2003 <br />LO~iS1'TA J. ~!1 <br />C97Y C1.I5R~, L'.O. BIQN9~ lea. <br />
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