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ORDINANCE NO. <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH <br />BEND, INDIANA APPROPRIATING $955,315.00 OF INDIANA COMMUNITY <br />REVITALIZATION ENHANCEMENT DISTRICT INCREMENT FUNDS <br />WITHIN THE INDUSTRIAL DEVELOPMENT FUND, FUND 434, FOR THE <br />PURPOSE OF DEVELOPMENT AND REDEVELOPMENT WITHIN THE CITY <br />OF SOUTH BEND STUDEBAKER/OLIVER COMMUNITY REVITALIZATION <br />ENHANCEMENT DISTRICT <br />STATEMENT OF PURPOSE AND INTENT <br />-This bill will appropriate $955,315 from the Industrial Development Fund, Fund <br />434, for repayment of the Section 108 Loan for the Studebaker/Oliver Project. Pursuant <br />to Ind. Code Section 36-7-13-5(c ), the Advisory Commission on Industrial <br />Development met on November 8, 2005 and approved Resolution No. 3-2005 pledging <br />all available CRED Revenues for the repayment of the Section 108 Loan for the <br />StudebakeriOliver Project. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of <br />South Bend, Indiana: <br />Section I. The sum of $955,315.00, plus interest earned thereon, from the tax <br />increment revenues within the Community Revitalization Enhancement District (CRED) <br />is hereby appropriated and set aside within CRED Fund 434 for repayment of the Section <br />108 Loan for the Studebaker101ivex Project, as previously approved by the Advisory <br />Commission on Industrial Development as evidenced in its Resolution No. 3-2005. <br />Section II. This Ordinance shall be in full force and effect from and after its <br />passage by the Common Council and Approval by the Mayor. <br />Member of the Common Counch <br />Attest: ap~lf~~~f~~ SOT ~C`s~~v ~~u~ll~ &~td <br />~~1 a~l~tl ~ ~i~ ~€!~s <br />City Clerk <br />