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Home My WebLink About10077-11 Appropriation- $2.400,000 total funds involved (#412 & 642) Infrastructure Triangle Property Project Site O RD I NAN C E N o . �0077-�� Passed by the Common Council of the City of South Bend, Indiarza � March 28, 20 11 �- -. , r F y r R � ' ! �`s'. .��- �� Attest: �-��- � �� City Clerk JOH1�T.VOOR E ;, Y`t� �' Attest: a President of Common Council Presented by me to the Mayor of tlae City of Sorrth Bend, Inciiana March 29 20 11 ' City Clerk JO VO DE Approved and signed by me March 29 20 11 � ,t,�-�-��2.,� May�vr ORDINANCE NO. ��u1��\ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,INDIANA,APPROPRIATING THE SUM OF $2,000,000. FROM MAJOR MOVES FUND (#412)AND THE SUM OF $400,000. FROM SEWAGE WORKS CAPITAL FUND (#642),FOR TOTAL APPROPRIATION OF$2,400,000,FOR THE PURPOSE OF INFRASTRUCTURE CONSTRUCTION AT THE TRIANGLE PROPERTY PROJECT SITE STATEMENT OF PURPOSE AND INTENT On January 28, 2008, the Common Council adopted Ordinance No. 9824-08, appropriating monies to provide funding for certain infrastructure improvements relating to the construction of a mixed use development commonly known as Eddy Street Commons and Triangle Development. The Triangle Development project is a construction project defined as 55-60 residential properties, 70% at market rate pricing and 30%affordable pricing. Monies appropriated for the Triangle Development under Ordinance 9824-08 were never expended, due to project delays resulting from property acquisition delays. The City let the appropriation expire at the end of 2009. The City of South Bend now desires to recommence the Triangle Development. The appropriated funds will be used to pay for the public infrastructure improvements including roads, curbs, sidewalks, street lamps, sewer lines, and similar items,per the approved architectural and project design. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: Section I. The sum of Two Million Dollars ($2,000,000) is hereby appropriated and set aside within Major Moves Fund (#412) for infrastructure construction at the Triangle Property Project site. Section II. The sum of Four Hundred Thousand Dollars ($400,000) is hereby appropriated and set aside within Sewage Works Capital Fund (#642) for infrastructure construction at the Triangle Property Project site. Section III. The monies appropriated within this ordinance from Major Moves Fund (#412) will be repaid from TIF Northeast Residential Fund (#436) to the Major Moves Fund (#412) beginning in fiscal 2012, with a principal and interest payment of $82,137, every six months commencing August 15, 2014 and ending February 15, 2029. Interest will accrue from date of appropriation. Section IV. The Common Council appropriates these funds contingent on the Administration not awarding construction contracts until there is firm evidence of demand for lots to build housing in the Triangle subdivision. This evidence of demand shall be met when 25 lots are held by 25% deposits on the value of the lots. It is understood these are refundable deposits if the project does not go forward. The City Administration agrees to include a specification clause calling for the highest level of local resident workers within St. Joseph County,but not less than 20%. 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, and upon the conditions set forth in Section IV being met. � �� ' Member of the Common Council Atte • 'ty C r Presented by me to the Mayor of the City of South Bend, Indiana on the 2�1� day of }'�j�c� , 2 O l l , at 1 '�� o'clock� m. � ^ (1� � � � City Clerk . � Approved and signed by me on the 29 day of�v��,20// , at 2. S o'clock�m. 1 � Mayor, City out Bend FI�@d i� �l�r�`�� °�f�� _Z �_�� f�,�.� � � ��ti� i Lf F � ' ;'u °� .� ;.. 3 -L�'-L l 2S Su.�aS�Q� JUHN VOOFiDH ^s ru' i<c��v�:[::" 3-L�l 1 t{S ,.r'c.t.�S-�ti�a� CIIY CL�RK,SOUTH B@I+ID,IN ,�'aT `�,. ,::t;b'c� s:"=��;;�:EJ Pl',ss[!� 3-L.�-� 1 as su�.l�-►-�4-r1� TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee of the Whole, to whom was referred: BILL NO. 07-11 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING THE SUM OF � $2,000,000 FROM MAJOR MOVES FUND (#412) AND THE SUM OF $400,000 FROM SEWAGE WORKS CAPITAL FUND (#642), FOR TOTAL APPROPRIATION OF $2,400,000 FOR THE PURPOSE OF INFRASTRUCTURE CONSTRUCTION AT THE TRIANGLE PROPERTY PROJECT SITE 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 as amended and substituted by the following. Add Section IV. The Common Council appropriates these funds contingent on the Administration not awarding construction contracts until there is firm evidence of demand for lots to build housing in the Triangle subdivision. This evidence of demand shall be met when 25 lots are held by 25% deposits on the value of the lots. It is understood these are refundable deposits if the project does not go forward. The City Administration agrees to include a specification clause calling for the highest level of local resident workers within St. Joseph County, but not (ess than 20%. Add to Section V. and upon the conditions set forth in Section IV being met. This bill was heard by the Public Works and Property Committee. Timothy Rouse Chairperson, Committee of the Whole f '1 . .} • o4s�U TH 8�'�%� �� `, � �� \\ ,- �t ��_ ^ �'a�' A 1865 e CITY OF SOUTH BEND STEPHEN J. LUECKE,MAYOR DEPARTMENT OF ADMINISTRATION & FINANCE GREGG D.ZIENTARA """""""""— CONTROLLER �� t �«� '"sn� ��.� �'��; '*� , ��.. March 9, 2011 �,�� Mr. Derek Dieter President, South Bend Common Council ��,.,;�� 4th Floor, County-City Building C�TyC��x,�.��y�Tp��r� South Bend, IN 46601 re: 15�Substitute Bill 07-11 Appropriation of the Common Council for the Cost of Public Infrastructure Construction in the Triangle Property Project Site Dear President Dieter: Bill 07-11, in its original version, was submitted to Council for consideration on February 23, 2011, with 15t read at the Council meeting on February 28, 2"d read, 3�d read and Council vote on March 14, 2011. City Administration herewith files a 1St Substitute to Bill 07-11, amending certain language omitted from the original filing. The omitted language is contained in Section III of the Substitute Bill, whereby"The monies appropriated within this ordinance from Major Moves Fund (#412) will be repaid from TIF Northeast Residential Fund (#436) to the Major Moves Fund (#412) beginning in fiscal 2012, with a principal and interest payment commencing August 15, 201� and ending February 15, 2029. Interest will accrue from the date of appropriation". This language, added to the bill, will ensure that the desired infrastructure improvements are paid for by TIF financing and to secure repayment from the TIF district to the Major Moves fund. This language is consistent with the original Council appropriation from January 28, 2008. On January 28, 2008, Council adopted Ordinance No. 9824-08, appropriating monies to provide funding for certain infrastructure improvements relating to the construction of a mixed use development commonly known as Eddy Street commons and Triangle Development. Further background is provided with the following language from the original bill cover letter correspondence of February 23, 2011. "The Triangle Development project is a construction project defined as 55-60 residential properties, 70% at market rate pricing and 30°/a affordable pricing. The appropriated funds will be used to pay for the public infrastructure improvements including roads, curbs, sidewalks, street lamps, sewer lines, etc., per the approved architectural and project design. The original appropriation of $5.3 million was segmented to include $4.1 million related to Eddy Street Commons and $1.2 million to Triangle Development. Monies appropriated for the Triangle Development County-City Building 227 West Jefferson Boulevard South Bend,Indiana 46601-1830 Phone:574/235-9216 Fax: 574/235-9928 TDD: 574/235-5567 C were never expended, due to project delays resulting from property acquisition delays. The City let the appropriation expire at the end 2009. Now, the City of South Bend desires to recommence the Triangle Development project at this time. Therefore, request is made to appropriate $2.4 million, $2.0 million in Major Moves Fund 412 and $0.4 million in Sewer Capital Fund 642. This bill is presented to Council for first read at the February 28 meeting, committee meeting, 2"d read, 3�d read and Council vote on March 14, 2011. Mayor Luecke and Public Works Director Gilot will present this bill to Council at the committee meeting and at the Council session." Rega Gregg entara cc: tephen J. Luecke, Mayor of the City of South Bend Gary Gilot