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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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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
12/9/2013
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120ON COUNTY -CITY BUILDING <br />227 W. JEFFERSON BLVD. <br />SOUTH BEND, INDIANA 46601 -1830 <br />PHONE 574.235.9216 <br />Fax 574.235.9928 <br />CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR <br />DEPARTMENT OF ADMINISTRATION AND FINANCE <br />November 12, 2013 <br />Mr. Derek D. Dieter, President <br />City of South Bend Common Council <br />227 W. Jefferson Boulevard, 4`I' Floor <br />South Bend, Indiana 46601 <br />RE: Revision of Major Moves Fund Interfund Loan Amortization Schedules with the <br />Northeast Residential TIF Fund for the Eddy Street Commons and Triangle Development <br />Dear President Dieter, <br />On January 28, 2008 and on March 28, 2011, the Common Council approved <br />appropriations from the Major Moves Fund to pay for certain infrastructure costs in <br />connection with the Eddy Street Commons and Triangle Development projects. The costs <br />paid by Major Moves are being repaid by the Northeast Residential TIF Fund according <br />to amortization schedules and these schedules were based on maximum allowable <br />expenditure limits. <br />The final costs paid by Major Moves are now known and were $3,942,529 for Eddy <br />Street Commons and $1,513,920 for the Triangle Development. Therefore, City <br />Administration desires to amend the inter fund loan amortization schedules currently in <br />effect to reflect the actual amounts paid. The interest rate charged and other terms have <br />not changed. <br />I will present this bill to the Common Council at the appropriate committee and council <br />meetings. It is requested that this bill be filed for I" reading on November 25, 2013 with <br />2 "d reading, public hearing and 3`d reading scheduled for December 9, 2013. <br />Thank you for your attention to this request. If you should have any questions;-please feel <br />to contact me at 574- 235 -7500. i �a, ; L, , <br />Fit�d in �.- .. <br />Regards, <br />Mark W. Neal <br />City Controller ; <br />orrYCLia:.. _,_.._._._... <br />I <br />�� A <br />
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