9245-03 Establishing a new Capital Fund to be known as the South Bend Redevelopment District allocaion Area Capital Fund ( # 428)

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ORDINANCE NO. ~ 1 2 S- 6.3 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, ESTABLISHING A NEW CAPITAL FUND TO BE KNOWN AS THE SOUTH BEND REDEVELOPMENT DISTRICT ALLOCATION AREA CAPITAL FUND( #428) STATEMENT OF PURPOSE AND INTENT On March 21, 2003 the South Bend Redevelopment Commission adopted Resolution No. 1965 authorizing the issuance of bonds of the South Bend Redevelopment District for the purpose of raising money for economic development in the Airport Economic Development Area. The Commission has determined to undertake certain local public improvements in the Area, such local public improvements including without limitation road improvements to Cleveland Road (from Mayflower to Ralph Jones Drive), Olive Road/Nimtz Parkway, Bendix Drive/Lincolnway intersection, Bendix Drive relocation and related right of way property acquisition and engineering costs and improvements at the Bosch site (collectively, the "AEDA Project"). Redevelopment Commission Resolution No. 1965 authorized the deposit of proceeds from the sale of the AEDA Project bonds into the Redevelopment District Allocation Area Capital Fund of an aggregate principal amount not to exceed thirteen million dollars ($13,000,000.00) which was the full and complete estimated cost (with all incidental expenses) of the economic development intended to be pursued in the designated area, which is a Tax Increment Finance (TIF) area under Indiana Code 36-7-14-1 et seq. It is necessary to create a special fund within the City of South Bend as the depository for the bond proceeds dedicated and allocated to the AEDA Project, pursuant to the South Bend Redevelopment Commission's Resolution No. 1965 and further pursuant to Indiana Code 36-7- 14-26. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND as follows: Section I. Anew capital fund shall be and hereby is established within the Civil City of South Bend to be known as the South Bend Redevelopment District Allocation Area Capital Fund, designated further as Fund Number 428. Section II. The new South Bend Redevelopment District Allocation Area Capital Fund Number 428 shall be used exclusively as the repository of the proceeds from the issuance of Redevelopment District bonds for the AEDA Project, all pursuant to Indiana Code 36-7-14-26. H:\W PDATA\Don\ordinance. wpd