HomeMy WebLinkAbout10148-12 Create Certified Technology Park Fund #439ORDINANCE No.
Passed by the Common Council of the City of South Bend, Indiana
Attest:
Attest:
February 13, 12
20
Presented by me to the Mayor of the City of South Bend, Indiana
February 14, 12
20
10148 -12
City Clerk
President of Common Council
City Clerk
Approved and signed by me E hr"ttl /Y 20 t �-
e� - 5V5 *. Mayer
ORDINANCE NO. � 0 N �_ ( I
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, TO CREATE THE CITY OF SOUTH BEND CERTIFIED TECHNOLOGY
PARK FUND ( #439)
STATEMENT OF PURPOSE AND INTENT
Effective January 1, 2009, the City of South Bend, Indiana and the City of South Bend
Redevelopment Commission entered into a Certified Technology Park Agreement with the
Indiana Economic Development Corporation. Each redevelopment commission with a certified
technology park is required by IC 36- 7 -32 -23 to establish a separate certified technology park
Rind ( "CTP Fund ") to receive property tax proceeds, state gross retail and use taxes, and other
revenue. Money deposited in the CTP Fund may be used for the acquisition, improvement,
construction and maintenance of public facilities, debt service and other permitted uses under IC
36- 7 -32 -23 in connection with a certified technology park.
To accomplish this, it is in the best interests of the City of South Bend to establish a City
of South Bend Certified Technology Park Fund ( #439). Fund 439 will be a capital project fund
for financial reporting purposes and will earn interest on outstanding cash balances. Fund 439
will be subject to annual appropriation by the City of South Bend Redevelopment Commission.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY
OF SOUTH BEND, INDIANA as follows:
SECTION I. A City of South Bend Certified Technology Park Fund ( #439) is created as
the repository of eligible revenue and will be used to pay for eligible expenditures of the certified
technology park. The fund shall be non - reverting and shall be operated in accordance with all
legal requirements. The fund shall earn interest on outstanding cash balances and shall be subject
to annual appropriation by the City of South Bend Redevelopment Commission. An annual
report on proposed short and long -term expenditures shall be filed by the South Bend
Redevelopment Commission with the Office of the City Clerk, no later then the end of the first
quarter of each year.
SECTION II. This ordinance shall be in full force and effect from and after its passage
by the Common Council and approval by the Mayor.
aleea,)�k&
Member, South Bend Common Council
Presented by me to the Mayor of the City of South Bend, Indiana on the day of
2 —OLL I at C-V o'clock -f—m.
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City Verk
Approved and signed by me on the day of e. u , 2 Q(
at o'clock, m.
Mayor, City of S B d, Indiana
1 st READING I Z_ —I ?,-L I I
PLEWC HEARING2--j-3-1 2- 0-'
READNG
j,:,-',T APPROVE,[$.
,c�Af:ED
PASSED 1, — 13 -
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
84 -11 A BILL OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND, INDIANA, TO CREATE THE CITY OF
SOUTH BEND CERTIFIED TECHNOLOGY PARK FUND
( #439)
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 substituted with the following language: Amend Section I to
add the following sentence at the end of the current language:
An annual report on proposed short and long -term expenditures shall be filed by
the South Bend Redevelopment commission with the Office of the City Clerk, no
later then the end of the first quarter of each year.
This bill was heard by the Personal & Finance Committee.
Karen L. White
Chairperson, Committee of the Whole
CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR
DEPARTMENT OF ADMINISTRATION & FINANCE
GREGG D. ZIENTARA
CONTROLLER
December 7, 2011
Mr. Derek Dieter
President, South Bend Common Council
4 1 Floor, County -City Building
South Bend, IN 46601
Re: Ordinance of the Common Council Creating a New Fund
Dear President Dieter:
Effective January 1, 2009, the City of South Bend, Indiana and the City of South Bend Redevelopment
Commission entered into a Certified Technology Park Agreement with the Indiana Economic
Development Corporation.
Each redevelopment commission with a certified technology park is required by IC 36- 7 -32 -23 to
establish a separate certified technology park fund ( "CTP Fund ") to receive property tax proceeds, state
gross retail and use taxes, and other revenue. Money deposited in the CTP Fund may be used for the
acquisition, improvement, construction and maintenance of public facilities, debt service and other
permitted uses under IC 36- 7 -32 -23 in connection with a certified technology park.
To accomplish this, it is in the best interests of the City of South Bend to establish a City of South Bend
Certified Technology Park Fund (#439). Fund 439 will be a capital project fund for financial reporting
purposes and will earn interest on outstanding cash balances. Fund 439 will be subject to annual
appropriation by the City of South Bend Redevelopment Commission.
City Administration submits this appropriation spending request for 1St reading at the December 12, 2011
Council Meeting, 2nd read, public hearing, 3rd read and Council vote at the same January 9, 2012 Council
Meeting.
City Administration will present this bill to Council at the appropriate committee meeting and at the
Council session.
Luecke, Mayor of the City of South Bend
z
County -City Building 227 West Jefferson Boulevard South Bend, Indiana 46601 -1830 n,(�/
Phone: 574 /235 -9216 Fax: 574/235 -9928 TDD: 574/235 -5567 i jj�/