9907-09 Amending Chapter 2, Article 14, to establish one additional fund namely, fund #454

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BILL NO. 12-09 ORDINANCE NO. 9907-09 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AMENDING THE SOUTH BEND MUNICIPAL CODE AT CHAPTER 2, ARTICLE 14, TO ESTABLISH ONE ADDITIONAL FUND NAMELY, FUND NO. 454, AIRPORT ECONOMIC DEVELOPMENT AREA/URBAN ENTERPRISE ZONE SPECIAL ZONE FUND STATEMENT OF PURPOSE AND INTENT This ordinance amends the South Bend Municipal Code at Chapter 2, Article 14 by adding a new Section 2-170.13. This establishes the statutory fund contemplated by IC 36-7-14-39(g} for the deposit and disbursement of Tax Increment Financing dollars attributable to excess property tax proceeds derived from parcels located in the Airport Economic Development Area that are also located in the Urban Enterprise Zone. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, as follows: SECTION I. Chapter 2, Article 14 of the South Bend Municipal Code is hereby amended to add a new Section 2-170.13 to read in its entirety as follows: Sec. 2-170.13 Airport Economic Development Area/Urban Enterprise Zone Special Zone Fund. (a) The Airport Economic Development Area/Urban Enterprise Zone Special Zone Fund (#454) is established within the City of South Bend to receive property tax proceeds derived from parcels located in the Airport Economic Development Area that are also located in the Urban Enterprise Zone, as provided and permitted by Indiana law (I.C. 36-7-14-39(g)). (b) All sums of money collected and deposited in this Fund shall be available for appropriation by the South Bend Redevelopment Commission and used for programs in job training, job enrichment and basic skill development that are designed to benefit residents and employers in the Urban Enterprise Zone and for other purposes permitted by and consistent with IC 36-7-14-39 and other applicable Tax Increment Finance State Law. (c) Any and all interest earned on monies deposited in the Airport Economic Development Area /Urban Enterprise Zone, Special Zone Fund shall remain in the Fund to be used for the permitted purposes of the Fund.