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Home My WebLink AboutAppropriation- Proceeds from Sale of Revenue Bonds � � � . ORDI�IA�IC� I�o. 8779_9� Passed by the Common Council of the City of South Bend,Indiana April 28, 97 19 Attest: ' City Clerk L TTA .DUD �'�-�- � Attest: Presrdent of Common Councal Presented by me to the Mayor of the City of South Bend,Indiana April 29, 19 97 L � C� City Clerk LORETTA J.D A Approved and signed by me May 1, 19 9 7 �� Mayor Y , • 4 ORDINANCE NO. D / � / ` / An Ordinance of the City of South Bend, Indiana, Appropriating the Proceeds Derived from the Sale of Bonds Heretofore Authorized to Be Issued and Designated as "City of South Bend, Indiana, County Economic Development Income Tax Revenue Bonds of 1997" (Together with Investment Earnings Thereon), for the Purpose of Financing Costs of All or Any Portion of a Proposed Economic Development Project of the City, Together with Expenses in Connection with the Issuance of the Bonds STATEMENT OF PURPOSE AND INTENT The Common Council and the Mayor have previously approved a capital improvement plan (the "Plan") pursuant to I.C. 6-3.5-7-15 specifying the uses of the revenues to be received by the City of South Bend, Indiana (the "City") under I.C. 6-3.5-7. The Plan sets forth the City's intention to use the revenues to be received under I.C. 6-3.5-7 for, among other projects, the construction and equipping of a parking garage to be located at the northwest corner of Michigan and Jefferson Streets and extending along Michigan Street which will include approximately Six Hundred Eighty (680) spaces for parking above and below ground and approximately Eleven Thousand(11,000) square feet of retail space fronting Michigan Street, the construction of improvements to the surface parking lot located at the southwest corner of Michigan and Washington Streets, and the construction of public improvements including sidewalks and a public plaza in the block bounded by Michigan, Washington, Main and Jefferson Streets (collectively, the "Economic Development Project") or for the retirement of bonds issued under I.C. 6-3.5-7-14 to finance such Economic Development Project. Based on preliminary engineering and technical studies, the cost of the Economic Development Project, together with expenses in connection with the issuance of bonds therefor, is in excess of Eleven Million Nine Hundred Sixty Thousand and 00/100 Dollars ($11,960,000.00). The proposed Economic Development Project constitutes an "economic development project" as defined in I.C. 6-3.5-7-13(c) in that it will promote significant opporiunities for the gainful employment of the citizens of the City and will involve expenditures for various costs relating to site improvements and structures. Such Economic Development Project and the financing by the City of the costs of such Economic Development Project are necessary and will be of general benefit to the City and its citizens. The City has no funds available or provided for in the existing budgets or tax levies that may be applied to the costs of the Economic Development Project, together with expenses in connection with the issuance of bonds, and the issuance of such bonds of the City in the amount of Eleven Million Nine Hundred Sixty Thousand and 00/100 Dollars ($11,960,000.00) (the "Bonds") to finance the costs of the Project, together with expenses in connection with the issuance of the Bonds, has been heretofore authorized to procure the r T ' \ � necessary funds and an extraordinary emergency and necessity exist for the making of the additional appropriation set out herein. The proceeds of the Bonds(including investment earnings thereon)have not been included in any regular budget. Notice of a hearing on such appropriation has been published as required by I.C. 6-1.1-18-5 and such public hearing was held on such appropriation at which all taxpayers and interested persons had an opportunity to appear and express their views as to such additional appropriation. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: SECTION 1. The proceeds derived from the sale of the Bonds heretofore authorized to be issued and designated as "City of South Bend, Indiana, County Economic Development Income Tax Revenue Bonds of 1997" in the aggregate principal amount of Eleven Million Nine Hundred Sixty Thousand and 00/100 Dollars ($11,960,000.00), and all investment earnings thereon, shall be and the same are hereby appropriated to provide financing for all or any portion of the Economic Development Project,together with expenses in connection with the issuance of the Bonds. This appropriation shall be in addition to all appropriations provided for in the existing budget and levy, and shall continue in effect until the City has made full payment for the costs of the Project, together with expenses in connection with the issuance of bonds to provide therefor. Any surplus of such proceeds shall be credited to the proper fund as required by law. SECTION 2. A certified copy of the additional appropriation made herein, together with such other proceedings and actions as may be necessary, shall be filed by the Controller of the City with the Indiana State Board of Tax Commissioners (the "Board") for the purpose of informing the Board of the additional appropriation made herein. SECTION 3. This Ordinance shall be in full force and effect from and upon compliance with the procedures required by law. ��✓�� Member, South Bend Common C cil l:\WPDOCSIRRROMPOL\STFffiEND�PARKGAR.96�ED1780ND.APP �St READ;r�c �/-/�/'-4.J PU3LIC HEARING �I LS� 9 ' 3 rd READI�G y-��,��7 -2 NOT ��p�pVED "eFERRED PASSfCI �_��C� ', � : . � COMMITTEE REPORT ?'O THE CDMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee to whom was referred BILL NO. 35-97 A BILL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING THE PROCEEDS DERIVED FROM THE SALE OF BONDS HERETOFORE AUTHORIZED TO BE ISSUED AND DESIGNATED AS "CITY OF SOUTH BEND, INDIANA, COUNTY ECONOMIC DEVELOPMENT INCOME TAX REVENUE BOND5 OF 1997" (TOGETHER WITH INVESTMENT EARNINGS THEREON) , FOR THE PURPOSE OF FINANCING COSTS OF ALL OR ANY PORTION OF A PROPOSED ECONOMIC DEVELOPMENT PROJECT OF THE CITY, TOGETHER WITH EXPENSES IN CONNECTION WITH THE ISSUANCE OF THE BONDS Respectfully report that they have examined the matter and that in their opinion, this bill has been recommend to the Council favorably. � • �SpUTHg�� .-' .. p ,��li'i��'//�� O '�' , /� r IZOO COUNTY-CITY BUILDING �j �\��y i �� PHOrre 219/235-9371 SOUTH BEND� IrrD�nrrn 46601-1830 ��E",�E% a Fax 219/235-9021 � a�� a� TDD 219/235-5567 1865 CITY OF SOUTH BEND STEPHEN J.LUECKE, MAYOR COMMUNITY �I ECONOli�iIC DEVELOPMENT JoN R. HuNr Arnv E. KOLATA EXECUTIVE DIRECTOft DEPUTY EXECUTIVE DIRECTOR Apri19, 1997 Members of the South Bend Common Council 4th Floor County-City Building South Bend, Indiana 46601 Re: Ordinance Appropriating the Proceeds of the Proposed City of South Bend, Indiana, County Economic Development Income Tax Bonds Dear Council Members: Enclosed is an ordinance appropriating the proceeds of the proposed County Economic Development Income Tax Revenue Bonds for the Trammell Crow/Memorial project. As noted in my cover letter to the bond ordinance, the bond proceeds will be used to construct an economic development project consisting of a parking garage containing approximately 680 parking spaces and 11,000 square feet of retail space as well as a public plaza and associated public improvements. This improvements are being constructed in conjunction with the private development of over 135,000 square feet of new development. Memorial Health System, Inc. will be constructing the Memorial-Leighton Health Plex at the corner of Main and Jefferson. This building will be a minimum of four stories and will contain appro�mately 75,000 square feet. It will contain a mix of uses that include health and fitness facilities available to the public on a membership basis, community education, clinical treatment programs, orthopedic therapy, physical therapy, educational instruction and office uses. Trammell Crow MW, Inc. will be building a four story, 60,000 square foot Class A office building along Main Street,just north of the Memorial- Leighton Health Plex. Construction of the parking garage will also meet the City's obligation to Teachers Credit Union that was agreed to in 1984 when TCU purchased land from the Commission in order to construct their 60,000 square foot headquarters in downtown South Bend. Without the construction of the parking garage and the public plaza, neither of these private investments would occur. The enclosed Ordinance appropriates the proceeds of the bonds and the earnings thereon for such purpose. I am requesting that it have first reading on Monday, April 14, 1997 with final reading and adoption on Monday, Apri128, 1997. REDEVELOPMENT BUSINESS ASSISTANCE FINANCIAL SL PROGRAM BUREAU OF HOUSING PLANNING Si NEIGHSORHOOD ANN E. KOLATA Si DEVELOPMEhT MANAGEMENT KATEiRYN BAUMGARTNER DEVELOPMENT 219/235-9371 DONALD E. INKS ELIZABETH LEONARD SZL ECLIPSE PLACE PAMELA C.MEYER 219/235-9335 219/235-9335 219/235-9475 219/235-9660 Fnx:219/235-9469 Fax:219/235-9697 :, , - , " I respectfully ask for your support of this Ordinance. Please call me if you have any questions. Sincerely, � � Ann E. Kolata Redevelopment Director Enclosure