HomeMy WebLinkAbout10011-10 Establishing - A New Fund (#436), The Northeast Neighborhood Residential TIF FundORDINANCE No. mil-10
Passed by the Common Council of the City of South Bend, Indiana
Attest:
Attest:
April 26, 2010
JOHN
Presented by me to the Mayor of the City of South Bend, Indiana
April 27,
20 10
Approved and signed by me April 27, 20 10
City Clerk
President of Common Council
City Clerk
Mayer
ORDINANCE NO. 1 Co .i t —�
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, ESTABLISHING A NEW FUND ( #436), THE NORTHEAST
NEIGHBORHOOD RESIDENTIAL TIF FUND
STATEMENT OF PURPOSE AND INTENT
This Council approved on July 20, 2007 the Northeast Neighborhood Residential Tax
Increment Financing (TIF) District to, among other things, provide debt service financing for the
City of South Bend's obligations relating to Eddy Street Commons. It is now necessary to
establish a separate Fund within the City as the repository of this new residential TIF district
revenue to pay the bond obligations due in February and August of 2011 and in subsequent years
thereafter per the terms of the City's financing obligation, with any excess funds to be used for
those purposes permitted by Ind. Code § 36 -7 -14 et seq.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND, INDIANA as follows:
SEC "rioN I. The Northeast Neighborhood Residential TIF Fund ( #436) is
established within the City of South Bend to receive and disburse Tax Increment Finance (TIF)
revenues for debt service financing of South Bend's bond obligations relating to Eddy Street
Commons, with any excess funds to be used for appropriate expenditures permitted by Ind. Code
§ 36 -7 -14 et se g.
SECTION II. Any disbursements from this Fund ( #436) other than for debt service shall
be subject to approval of this Council.
SECTION III. This Fund shall be subject to any limitations and restrictions imposed by
Ind. Code § 36 -7 -14 and any and all other applicable laws.
SECTION IV. The monies deposited in this Fund shall remain in the Fund and shall not
revert to the General Fund.
SECTION V. This Ordinance shall be in full force and effect from and after its passage
by the Common Council, and approval by the Mayor.
Member of the Common Council
Attest:
4ityrk
Presented by me to the Mayor of the City of South Bend, Indiana on the 7-�S day
of , 2 CKo , at ti -3 t' o'clock --P— m.
city
,Yrk
Approved and signed by me on the off% day of , 2 a y , at 9:_30 o'clock
M.
Mayor, City f outh Bend
, q— t Z.--1 c)
1st READING
Punic �g�.n.�c �1 L� _Vo
3 rd REA.t�!G (�
NOT ApppOVED
REFERRED. Lv�b�iA
PASSED
a1. 1� -i it, B Ei:�vo
APR - 7 2010
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
19 -10 A BILL OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND, INDIANA, ESTABLISHING A NEW FUND
(#436), THE NORTHEAST NEIGHBORHOOD
RESIDENTIAL TIF FUND
Respectfully report that they have examined the matter and that in their opinion,
this bill is being recommended to the full Council with a favorable
recommendation with the following recommendation.
Ann Puzzello
Chairperson, Committee of the Whole
CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR
DEPARTMENT OF ADMINISTRATION AND FINANCE
GREGG D. ZIENTARA
CONTROLLER
April 5, 2010
Mr. Derek Dieter
President, South Bend Common Council
4`t' Floor, County -City Building
South Bend, IN 46601
Re: Ordinance Establishing a New Fund Within the City — The Northeast Neighborhood
Residential TIF Fund (# 436)
Dear President Dieter:
The South Bend Common Council approved on July 20, 2007 the Northeast
Neighborhood Residential Tax Increment Financing (TIF) District to, among other things,
provide debt service financing for the City of South Bend's obligations relating to Eddy Street
Commons. From inception to the present time the TIF District did not generate incremental tax
revenue, therefore a separate fund was not established. With the completion of Eddy Commons,
the TIF District will generate tax revenues. Therefore, in order to segregate these specific TIF
funds within the City budget, it is necessary to establish a separate fund. This ordinance
establishes a new Fund #436 entitled The Northeast Neighborhood Residential TIF Fund. From
this fund and its TIF revenues, the City will pay the bond obligations due in February and August
of 2011 and in subsequent years thereafter, with any excess funds to be used for purposes
permitted by Indiana code.
For the information of the Common Council, I attach a map showing the Northeast
Neighborhood Development area and the specifically designated Residential TIF district.
I will present this ordinance to the Common Council at its Committee meeting and at the
public hearing.
Thank you for your consideration of this
.nanc . Fils's In CI0l``�'S O ;C@
Sinc r APR - 7 2010
Gregg ienta CtiY GL
Controller '
COUNTY -CITY BUILDING 227 W JEFFERSON BOULEVARD SOUTH BEND, INDIANA 46601 -1830
PHONE 574/235 -9216 FAx 574/235 -9928 TDD 574/235 -5567 h ,�