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12-09-13 Common Council Agenda & Packet
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12-09-13 Common Council Agenda & Packet
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12/6/2013 2:55:19 PM
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
12/9/2013
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01-L � o (0-1 - � � <br />ORDINANCE NO. <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA, SETTING THE FINAL INTERFUND LOAN AMORTIZATION <br />SCHEDULES FOR MAJOR MOVES FUND 412 ADVANCES TO THE NORTHEAST <br />RESIDENTIAL TIF FUND 436 IN CONNECTION WITH THE EDDY STREET <br />COMMONS AND TRIANGLE DEVELOPMENT PROJECTS <br />STATEMENT OF PURPOSE AND INTENT <br />On January 28, 2008, the Common Council of the City of South Bend adopted Ordinance <br />No. 9824 -08 appropriating monies from Major Moves Fund 412 to provide funding for <br />certain infrastructure improvements relating to construction of a mixed use development <br />commonly known as Eddy Street Commons and the Triangle Development. The <br />appropriation was in the amount of $5,300,000 and included an interfund loan <br />amortization schedule requiring semi - annual payments of $291,205 from the Northeast <br />Residential TIF Fund 436 beginning August 15, 2011 and ending February 15, 2026. <br />Monies appropriated for the Triangle Development project under Ordinance No. 9824 -08 <br />were never expended due to project delays and the City let the appropriation expire at the <br />end of 2009. On March 28, 2011, the Common Council of the City of South Bend <br />adopted Ordinance No. 10077 -11 re- appropriating $2,000,000 from Major Moves Fund <br />412 to provide funding for the Triangle Development project and included with this <br />ordinance an interfund loan amortization schedule requiring semi - annual payments of <br />$82,137 from the Northeast Residential TIF beginning August 15, 2014 and ending <br />February 15, 2029. In addition, a new interfund loan amortization schedule was approved <br />for the Eddy Street Commons project requiring semi - annual payments of $195,888 from <br />the Northeast Residential TIF beginning August 15, 2011 and ending February 15, 2026. <br />The final costs paid by Major Moves Fund 412 for the Eddy Street Commons and <br />Triangle Development projects are now known and were $3,942,529 and $1,513,920, <br />respectively. The City of South Bend desires to restate the loan amortization schedules <br />for these projects to reflect the final costs incurred and compute new semi - annual <br />payment amounts due Major Moves Fund 412 from the Northeast Residential TIF Fund <br />436. The interest rate charged and repayment period have not changed. The revised loan <br />amortization schedule for Eddy Street Commons requires semi - annual payments of <br />$195,888 beginning August 15, 2011 and ending August 15, 2013, semi - annual payments <br />of $186,218 beginning February 15, 2014 and ending August 15, 2025, and a final <br />payment of $186,231.87 on February 15, 2026. The revised loan amortization schedule <br />for the Triangle Development requires semi - annual payments of $60,371 beginning <br />August 15, 2014 and ending August 15, 2028 and a final payment of $60,388.32 on <br />February 15, 2029. <br />
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