Establishing a New Capital Fund to be known as South Bend Redev District Sample/Ewing Allocation Area Capital Fund #427

Home Browse Search

ORDINANCE NO. ~ 3 7 ~ Q 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 SAMPLE/EWING ALLOCATION AREA CAPITAL FUND (#427) STATEMENT OF PURPOSE AND INTENT On August 16, 2002, the South Bend Redevelopment Commission adopted Resolution 1904, as later amended by Resolution 1920, authorizing the issuance of bonds of the South Bend Redevelopment District for the purpose of raising money for redevelopment and economic development in the Sample/Ewing development area. Prior to this Resolution the Redevelopment Commission in the City of South Bend entered a contract for sale for private redevelopment with AJW South Bend Realty Corporation and the TJX Companies to provide for the location of a warehousing and distribution center (TJX Proj ect) in the general vicinity of Sample and Olive Streets in the City of South Bend known as the TJX site. Redevelopment Commission Resolution #1904 as amended, authorized the deposit of proceeds from the sale of the TJX Project bonds into the Redevelopment District's Special Taxing District Capital Fund of an aggregate principal amount not to exceed nine million dollars ($9,000,000.00) which was the full and complete estimated cost (with all incidental expenses) of the redevelopment and economic development intended to be pursued in the designated area which is a Tax Increment Fund (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 TJX Project pursuant to the South Bend Redevelopment Commission's Resolution #1904 as amended, 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 Sample/Ewing Allocation Area Capital Fund, designated further as Fund Number 427. Section II. The new South Bend Redevelopment District Sample/Ewing Allocation Area Capital Fund Number 427 shall be used exclusively as the repository of the proceeds from the issuance of Redevelopment District bonds for the Sample/Ewing TJX Project as well as any gifts or donations for purposes related to the TJX Project, all pursuant to Indiana Code 36-7-14-26. Section III. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval of the Mayor. 1 st READING ~ ~-~`~GZ' PUBLIC HEARING ~ I-zS-4L 3rd READING 11_j,s-OZ.. NOT APPROVED, REFERRED PASSED ~ ~ l ~ ~- S - O1_ Flied in ~leris's ®~fiC~ LORFtTI'e~ d. tEUDi ~, 03'P1t CL&fi~C, ~O. F~~i~ III' j/ \~~ (/ Member, South Bend Common ouncil