01-14-91 Council Meeting Minutes

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1 i REGULAR MEETING JANUARY 14, 1991 as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6 -1.1- 12.1 -2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for Real property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. The Common Council hereby determines that the property owner is qualified for and is granted real property tax deduction for a period of six (6) years. SECTION III. This Resolution shall be in full forceAT I effect from and after its adoption by the Common Council and approval b the a r. /s Dona iez odski Member o the Common Council A public hearing was held on the resolution at this time. Council Member Luecke made a motion to amend this resolution in Section 2, by changing the tax deduction period to three years, seconded by Council Member Coleman. The motion carried. James Cook, Real Estate Broker, made the presentation for the resolution. He indicated Briarwood South Bend Partnership was remodeling this building and leasing it to ADT Security Systems. This building has been vacant for seven years. Council Member Coleman made a motion to adopt this resolution, seconded by Council Member Zakrzewski. The resolution was adopted by a roll call vote of eight ayes. RESOLUTION NO. 1835 -91 A RESOLUTION AUTHORIZING THE TEMPORARY TRANSFER OF IDLE FUNDS OF THE CITY OF SOUTH BEND, INDIANA, FROM VARIOUS FUNDS TO THE VARIOUS FUNDS WITHIN THE CIVIL CITY OF SOUTH BEND, INDIANA. STATEMENT OF PURPOSE AND INTENT: It is necessary to provide funds for the Park Maintenance Fund, Unsafe Building Fund, Morris Civic Auditorium Fund, Cumulative Capital Improvement Fund, and Discovery Hall Fund prior to the receipt of taxes in the year 1991 in order to meet the current operating expenses of the City, provided for in the budget adopted for the year 1991. There are monies on deposit to the credit of various funds of the City, to wit: Liability Insurance Premium & Reserve Fund, and Local Roads and Streets Fund, which can be temporarily advanced or transferred to the various funds already mentioned. Indiana Code 36 -1 -8 -4 authorizes the Common Council of the Civil City of South Bend, by Resolution adopted by such Council, to advance and transfer to a depleted fund from any other such fund, such amount and for such a period of time as may be prescribed in the Resolution. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana as follows: SECTION I. The City Controller of the City of South Bend is authorized to transfer an aggregate amount not to exceed $785,000.00 to various funds from various funds as listed below. The aggregate amount of $785,000.00 to be distributed so as not to exceed at any one time the maximum amounts as set forth below. Any such transfers made must be repaid by December 31, 1991. FROM: MAXIMUM TO: MAXIMUM Liability Ins. 500,000 Park Maintenance Fund 375,000 Premium & Reserve Fund Local Roads & 285,000 Unsafe Building Fund 10,000 Streets Fund TOTAL 785,000 Morris Civic Auditorium 50,000 Cumulative Capital Improvement Fund 300,000