9906-09 Appropriating $350,000 from major moves fund #412 for acquisition of property for construction

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ORDINANCE NO. -1 ~ ~b~~~ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING $350,000 FROM THE MAJOR MOVES FUND NUMBER 412 FOR THE ACQUISITION OF PROPERTY NEEDED FOR CONSTRUCTION OF THE AUTEN ROAD CONNECTOR STATEMENT OF PURPOSE AND INTENT The City of South Bend, Indiana, desires to improve and extend Auten Road to provide for increased economic development in the City and to improve the safety of its residents. The City, by and through its Board of Public Works and the South Bend Redevelopment Commission, have negotiated an agreement with Holliday Properties pursuant to which the City will purchase the property located at 51270 Mayflower Road, South Bend, Indiana (the "Property") which is located in the Auten Road Corridor. The project will improve the safety and convenience of Auten Road and result in additional investment in the City. Accordingly appropriating and expending funds to acquire the Property is in the best interest of the health, safety and welfare of the City and its residents. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The following sum of money is hereby appropriated and ordered set apart from and within the Major Moves Fund (#412) for the acquisition of the property located at 51270 Mayflower Road. Said appropriation must be reimbursed in full from AEDA TIF monies upon the completion of the acquisition of the Mayflower Road property by the City. Fund Number Description Amount 412 Major Moves Fund $350,000.00 Said appropriation must be reimbursed in full from AEDA TIF monies upon the completion of the acquisition of the Mayflower Road property by the City. SECTION II. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor.