HomeMy WebLinkAbout9817-08 Establish Additional fund - Fund #435- TIF District
ORDINANCE No.
Passed by the Common Council of the City of South Bend, Indiana
January 14,
Attest:
Attest:
20 08
Presented by me to the Mayor of the City of South Bend, Indiana
January 15, 20 08
City Clerk
President of Common Council
Approved and signed by me January 16, 20 .Q$_
City Clerk
Mayer
BILL NO.
ORDINANCE NO. ~ 0 l ~ ~O
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA TO ESTABLISH ONE ADDITIONAL FUND, NAMELY, FUND N0.435
TIF DISTRICT -DOUGLAS ROAD ECONOMIC DEVELOPMENT ALLOCATION AREA
Statement of Purpose and Intent:
This ordinance establishes a new fund for the deposit and disbursement of Tax Increment
Financing dollars in the newly established Douglas Road Economic Development Allocation
Area TIF district established by the South Bend Redevelopment Commission resolution #2206.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend,
Indiana, as follows:
SECTION I. Anew fund is created that is called Fund No. 435 -City of South Bend
Redevelopment District Douglas Road Economic Development Allocation Area Capital
Fund.
SECTION II. All sums of money collected and deposited in the fund shall be used solely
for the purposes of acquisition, demolition, environmental assessment, public works
construction, disposition, site preparation, maintenance, and any other similar purpose permitted
by and consistent with applicable Tax Increment Finance State Law.
SECTION III. Any and all interest earned on monies deposited in Fund No. 435 shall
remain in the fund.
SECTION IV. Monies remaining in the fund at the end of the fiscal year shall not revert to
any other 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.
- ~, )`1'
Member of th~C on Council
City Clerk
Presented by me to the Mayor of the City of South Bend, Indiana on the d ~~"~day
of J~~-a ,2oc~8,at '~3g' o'clock m.
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Q~~~"'~
C Clerk ~ ~~r~~
Approved and signed by me on the day of %~~ , 2~, at /a o'clock
<-'c m.
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Mayor, City South Bend, Indiana
1st READING ~ ~' ~ ~ ~ ~
PUBLIC HEARING ~ ~1 ~~'~~
3 rd READING ~ ~ ~ ~( -0~
NOT APPROVED
Filer ClErit'S Gffice
DEC - 5 ~~~7
fir,-;; VflCR~E A
CITY G" _w =fl• BFo~ N~_ IN'~-
REFERRED
PASSED ~ ~- ~, ~ "~
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
87-07 BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA TO ESTABLISH ONE ADDITIONAL FUND, NAMELY, FUND
NO 435 TIF DISTRICT - DOUGLAS ROAD ECONOMIC
DEVELOPMENT ALLOCATION AREA
Respectfully report that they have examined the matter and that in their opinion, this bill is
being recommended to the full Council with a favorite recommendation.
Derek D. Dieter
Chairperson. Committee of the Whole
Covrrr5r-CTIY BUILDING
227 W. JEFFERSON BLVD.
Sovn-I BEND, INDV~xn 46601-1830
PxoNE574/235-9216
Fnx 574/235-9928
TDD 574/ 235-5567
CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR
DEPARTMENT OF .ADMINISTRATION AND FINANCE
M. CATHERINE FANELLO
CONTROLLER
December 4, 2007
Mr. Timothy Rouse, President
South Bend Common Council
41'' Floor, County-City Building
South Bend, IN 46601
Dear President Rouse:
The attached bill for your consideration and approval will create a new fund for the Douglas
Road Economic Development Allocation Area Fund as recently established by the
Redevelopment Commission. Elizabeth Leonard of the Community and Economic Development
Department will present this bill to the Council.
Please feel free to contact me if you have any questions. Thank you for your favorable
consideration of this ordinance.
Sincerely,
~a. ~---~
in H. Murphy
Assistant/Acting City Controller
CC: Jeff Gibney, Executive Director
Elizabeth Leonard, Director, Financial & Program Management
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JANICE I» HAII JOHN MuRPI-IY RosERT ALIEN ~.i
DIRECTOR ASSISTANT CONTROLLER DIRECTOR ~ ~ ~,
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