Laserfiche WebLink
I V <br />BI NO. <br />ORD INANCE o. <br />AN ORDIN OF THE COMMON COUNCIL O T HE CITY of SOUT <br />BE l IANA� AM TH S OUTH BE MUNICIP CO A <br />CHAPTER. 2 ARTICLE , To E STABLISH ON ADDITIONA <br />NAMELY, , FUN NO. 4544 AIRPORT ECONOMIC DEV <br />ARE AI AN ENTERPRI ZONE SP ZON FUN <br />STATEMENT of PURPOSE AND INT <br />This ordinance amends the South Bend Municipal Code a t Chapter 2, Article 1 <br />by addinga ne w Section - 1.70.13. This establishcs the statutory fund contemplated by <br />1C -36-7-14-39(g) for the deposit and disbursement of Tax Financing dollar <br />attributable to excess P roperty tax proceeds derived f r om parcels located the A <br />Economic Development Area that are also located in the Urban Enterprise Zone. <br />No <br />THEREFORE IT ORDArNED BY THE COMMON CC tTNCII, of THE <br />CITY of SO BEN, INDIANA, as follo <br />SECTION I. Chapter 2 , Article 14 of the South B end Municipal Code is hereby <br />amended to add a new Section - 170.13 to read in its entirety as follows: <br />See. 2 - 170.13 Airport Ec onomic Development Ares. /Urban Enterprise Zone Special <br />Zone Fund. <br />( a) The Airp E conomic Development Area/Urban Enterprise Zone <br />Sp ecial Zone Fund (9,454) is established w ithin the City of South Bend to <br />receive p tax proceeds derived - from parcels located in the Airport <br />E conomic Development Area that are also located in the Urban Enterprise <br />Zone as rovided and permitted by Indiana law 1.C. 36-7-14-39(g)). <br />( <br />All ums of money collected and deposited in this Fund shall <br />available for appropriation by the South Brad Redevelopment <br />Corn.mission and used for programs in job training, job en iclu - rent and <br />p <br />basic shill devel' ment that' are designed to benefit residents and <br />y <br />e1 p to ers in the Urban Enteil3rise Zone and for other purposes permitte <br />by and consistent with 1C 36 and other applicable Tax Increment <br />Finance State Lave. <br />( c) Any and all interest earned on monies deposited in the Airport <br />E conomic Development Area Urban Enterprise Zone, Special Zone Funs <br />shall remain in the Fund to be used for the permitted purposes of the Fund. <br />