11-25-13 Common Council Agenda & Packet

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V� tl \ 0�) (o� - �3 ORDINANCE NO. AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, SETTING THE FINAL INTERFUND LOAN AMORTIZATION SCHEDULES FOR MAJOR MOVES FUND 412 ADVANCES TO THE NORTHEAST RESIDENTIAL TIE FUND 436 IN CONNECTION WITH THE EDDY STREET COMMONS AND TRIANGLE DEVELOPMENT PROJECTS STATEMENT OF PURPOSE AND INTENT On January 28, 2008, the Common Council of the City of South Bend adopted Ordinance No. 9824-08 appropriating monies from Major Moves Fund 412 to provide funding for certain infrastructure improvements relating to construction of a mixed use development commonly known as Eddy Street Commons and the Triangle Development. The appropriation was in the amount of$5300,000 and included an interfund loan amortization schedule requiring semi-annual payments of$291,205 from the Northeast Residential TIF Fund 436 beginning August 15, 2011 and ending February 15, 2026. Monies appropriated for the Triangle Development project under Ordinance No. 9824-08 were never expended due to project delays and the City let the appropriation expire at the end of 2009. On March 28,2011, the Common Council of the City of South Bend adopted Ordinance No. 10077-11 re-appropriating $2,000.000 from Major Moves Fund 412 to provide funding for the Triangle Development project and included with this ordinance an interfund loan amortization schedule requiring semi-annual payments of $82,137 from the Northeast Residential TIE beginning August 15, 2014 and ending February 15. 2029. In addition, a new interfund loan amortization schedule was approved for the Eddy Street Commons project requiring semi-annual payments of$195,888 from the Northeast Residential TIF beginning August 15, 2011 and ending February 15, 2026. The final costs paid by Major Moves Fund 412 for the Eddy Street Commons and Triangle Development projects are now known and were $3,942,529 and 51,513.920. respectively. The Cite of South Bend desires to restate the loan amortization schedules for these projects to reflect the final costs incurred and compute new semi-annual payment amounts due Major Moves Fund 412 from the Northeast Residential TIF Fund 436. The interest rate charged and repayment period have not changed. The revised loan amortization schedule for Eddy Street Commons requires semi-annual payments of $195.888 beginning August 15. 2011 and ending August 15,2013. semi-annual payments of$186.218 beginning February 15, 2014 and ending August 15, 2025, and a final payment of$186,231.87 on February 15, 2026. The revised loan amortization schedule for the Triangle Development requires semi-annual payments of$60;371 beginning August 15. 2014 and ending August 15. 2028 and a final payment of$60,388.32 on February 15, 2029.