26-10 Resolution Establishing a Local Fund Pursuant to Indiana Code Section 5-20-5-15.5

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Filed in Clerk's Office Mar 18, 2026 BILL NO. 26-10 Bianca Cirado City Clerk, South Bend, IN RESOLUTION NO. A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA ESTABLISHING A LOCAL FUND PURSUANT TO INDIANA CODE SECTION 5-20-5-15.5 WHEREAS, Indiana Code § 5-20-5-15.5 allows the governing body of a city, town, or county to establish an affordable housing fund consisting of,among other things,payments in lieu of taxes deposited in the fund under Indiana Code § 36-1-8-14.3, for certain purposes outlined in Indiana Code § 5-20-5-15.5(c), to be administered by a department, a division, or an agency designated by the governing body; and WHEREAS,the City of South Bend,Indiana(the"City")desires to establish an affordable housing fund(as defined herein,the"Fund")to be administered by the Department of Community Investment of the City(the "Department") for those purposes outlined in Indiana Code § 5-20-5- 15.5(c); and WHEREAS, on March 23, 2026, the Common Council of the City (the "Common Council") adopted an ordinance pursuant to Indiana Code § 36-1-8-14.3(e) (the "Ordinance"), requiring Heritage Trails South Bend,LP,to make payments in lieu of property taxes(the"PILOT Payments") payable for certain property in the City, all as further described in the Ordinance; and WHEREAS, in accordance with Indiana Code § 5-20-5-15.5, such PILOT Payments will be deposited into the Fund, together with any other future payments in lieu of taxes received by the City pursuant to Indiana Code § 36-1-8-14.3; and WHEREAS, the Common Council, as the governing body of the City, now desires to establish the Fund in accordance with Indiana Code § 5-20-5-15.5; NOW,THEREFORE,BE IT RESOLVED by the Common Council of the City of South Bend, Indiana,as follows: SECTION 1. Establishment of the Fund. The Common Council hereby establishes Fund Number 213 as an affordable housing fund pursuant to Indiana Code § 5-20-5-15.5 (the "Fund"), to be designated as a local, non-reverting fund. The Fund shall consist of the following: (i) payments in lieu of taxes deposited in the Fund under Indiana Code § 36-1-8-14.3; (ii) gifts and grants to the Fund; (iii) investment income earned on the Fund's assets; (iv) money deposited in the Fund under Indiana Code § 36-2-7-10; and (v) other funds from sources approved pursuant to Indiana Code § 5-20-5-15.5(b)(5).