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02-23-09 Common Council Meeting Agenda & Packet
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02-23-09 Common Council Meeting Agenda & Packet
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9/1/2015 12:14:04 PM
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2/19/2009 1:16:27 PM
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City Council - City Clerk
City Council - Document Type
Agendas
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BILL NO. <br />ORDINANCE NO. <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH <br />BEND, INDIANA, AMENDING THE SOUTH BEND MUNICIPAL CODE AT <br />CHAPTER 2, ARTICLE 14, TO ESTABLISH ONE ADDITIONAL FUND <br />NAMELY, FUND NO. 454, AIRPORT ECONOMIC DEVELOPMENT <br />AREA/URBAN ENTERPRISE ZONE SPECIAL ZONE FUND <br />STATEMENT OF PURPOSE AND INTENT <br />This ordinance amends the South Bend Municipal Code at Chapter 2, Article 14 <br />by adding . a new Section 2- 170.13. This establishes the statutory fund contemplated by <br />IC 36- 7- 14 -39(g) for the deposit and disbursement of Tax Increment Financing dollars <br />attributable to excess property tax proceeds derived from parcels located in the Airport <br />Economic Development Area that are also located in the Urban Enterprise Zone. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA, as follows: <br />SECTION I . Chapter 2, Article 14 of the South Bend Municipal Code is hereby <br />amended to add a new Section 2- 170.13 to read in its entirety as follows: <br />Sec. 2- 170.13 Airport Economic Development Area/Urban Enterprise Zone Special <br />Zone Fund. <br />(a) The Airport Economic Development Area/Urban Enterprise Zone <br />Special Zone Fund ( #454) is established within the City of South Bend to <br />receive property tax proceeds derived from parcels located in the Airport <br />Economic Development Area that are also located in the Urban Enterprise <br />Zone, as provided and permitted by Indiana law (I.C. 36- 7- 14- 39(g)). <br />(b) All sums of money collected and deposited in this Fund shall be <br />available for appropriation by the South Bend Redevelopment <br />Commission and used for programs in job training, job enrichment and <br />basic skill development that are designed to benefit residents and <br />employers in the Urban Enterprise Zone and for other purposes permitted <br />by and consistent with IC 36- 7 -14 -39 and other applicable Tax Increment <br />Finance State Law. <br />(c) Any and all interest earned on monies deposited in the Airport <br />Economic Development Area / Urban Enterprise Zone, Special Zone Fund <br />shall remain in the Fund to be used for the permitted purposes of the Fund. <br />
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