HomeMy WebLinkAboutNo. 1712 appropriating monies for the purpose of defraying the expenses of certain local public improvements for fiscal year beginning 1/1/99 ending 12/31/99 including all outstanding claims/obligationsRESOLUTION NO. 1712
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROPRIATING
MONIES FOR THE PURPOSE OF DEFRAYING THE EXPENSES OF CERTAIN LOCAL
PUBLIC IMPROVEMENTS FOR THE FISCAL YEAR BEGINNING JANUARY 1, 1999,
AND ENDING DECEMBER 31, 1999, INCLUDING ALL OUTSTANDING CLAIMS
AND OBLIGATIONS, FIXING A TIME WHEN THE SAME SHALL TAKE EFFECT
Whereas, the South Bend Redevelopment Commission is the lessee of certain local
public improvements which, during calendar year 1999, realize revenues and incur expenses in
connection with the operation and maintenance of the same; and
Whereas, the South Bend Redevelopment Commission has determined that it is
necessary to appropriate the revenues of certain public improvements in order to defray the expenses of
those local public improvements.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION AS FOLLOWS:
1. For the expenses of the Leighton Plaza Retail Space and Plaza, for the fiscal year 1999,
the sums of money, as set forth in the budget which is made a part hereof, are hereby appropriated and
ordered set apart out of the funds hereinafter named, and for the purposes hereinafter specified, subject to
the laws governing the same. The sums herein appropriated shall be deemed to include all expenditures
to be made in said year, unless otherwise expressly stipulated or provided by law.
2. For the fiscal year ending December 31, 1999, the above referenced appropriations are
made within the Leighton Plaza Fund.
This resolution shall be in full force and effect from and after its adoption.
Adopted at the regular meeting of the South Bend Redevelopment Commission held Friday,
November 5, 1999, at 10:00 a.m., 1308 County -City Building, 227 West Jefferson Boulevard, South Bend,
Indiana 46601.
SO UT D REDEVEOPMENT COMMISSION
Roe Hunt, resident
ATTEST:
Philip J. Facc d ecretary
HAWPDATA \RESOLUT\RES 1712.wpd
South Bend Redevelopment Commission - Resolution No. 1712
1999 Leighton Plaza Retail Space and Plaza Budget
JOK Cash Balance 1/1199 $0
Transfer from Fund 420 $34,000
Beginning Balance $34,000
Income
Gross Potential Rent ( July -December) $60,512
(Vacancy Loss) ($37,753)
(Rent Concessions) ($7,311)
Common Area Maintenance Income $2,167
Total Income $17,615
Expenses - Retail Space
Administrative Expenses
$390
Common Area Maintenance Grounds
$1,100
Maintenance Suprervisor Labor
$1,500
Common area Meintenance
$984
Management Fees
$2,958
Pest Control
$120
Repair Contract
$300
Repairs materials
$300
Trash Removal
$1,350
Vacancy Electric (Non -Cam)
$600
Total Operating Expenses - Retail Space
$9,602
Insurance (plate glass)
$120
Total Expenses - Retail Space
$9,722
Net Operating Income
$7,893
Leasing Commissions
$35,226
Net Income - Retail Space
($27,333)
Expenses - Plaza Maintenance
Daily Policing of Grounds
$5,346
Grand Opening
$267
snow Shoveling $321
Ice Melt $40
Replacement of Light bulbs $20
Bulb allowance $30
Bi- annual Power Washing of Plaza $0
Total Expenses - Plaza Maintenance $6,024
Net Operating Income - Retail and Plaza ($33,357)
Projected Cash Balance 12/31/99 $643