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ORDINANCE NO. <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA, APPROVING AN AMORTIZED REPAYMENT SCHEDULE OUT OF TAX <br />INCREMENT FINANCE (TIF) FUNDS OF THE LOAN FROM MAJOR MOVES FUND <br />(#412) FOR THE DOUGLAS ROAD EXPANSION PROJECT <br />STATEMENT OF PURPOSE AND INTENT - <br />In 2007 the sum of One Million Dollars ($1,000,000) was appropriated through <br />Ordinance No. 9801-07 for the purpose of improving and expanding Douglas Road just west of <br />its intersection with State Road 23 to the Mishawaka City Limits (the "Project"). A corrective <br />(Ordinance # 9851-08) was passed on June 23, 2008 to clarify that the appropriation was from <br />Major Moves Fund (#412) and not from Motor Vehicle Highway Fund (#202). <br />The original appropriation provided that Tax Incremental Financing (TIF) revenues from <br />the Douglas Road Project TIF Area would be sufficient to repay the City for its loan from Major <br />Moves Fund (#412). This Ordinance approves the repayment of the Major Moves appropriation. <br />Semi-annual payments of Dollars ($~ will commence on with <br />the final payment due <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South <br />Bend, Indiana, as follows: <br />Section I. The repayment of the Major Moves appropriation is hereby approved. This <br />Schedule provides for repayment of the loan of One Million Dollars ($1,000,000) for the <br />Douglas Road Project out of TIF Project revenues at percent (%) interest. Semi- <br />annual payments of Dollars ($_~ will commence on <br />with the final payment due <br />Section II. This Ordinance shall be in full force and effect from and after its passage by <br />the Common Council and approval by the Mayor. <br />I ~ h--~~~,1~. ~~-~ 0~° <br />Attest: Member of the Common Council <br />City Clerk <br />~, <br />~_: - <br />~ _ ...., _ ~. - ~ -. .3u <br />- 'v <br />eo.•~i~s ' "a <br />