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Home My WebLink About9824-08 Appropriating $5,300,000 from the Major Moves Construction Fund (Fund #412) - Eddy Street CommonsORDINANCE No. 9824-08 Passed by the Common Council of the City of South Bend, Indiana January 28, Attest: Attest: 20 08 Presented by me to the Mayor of the City of Sotttlt Bend, Indiana January 29, 20 08 City Clerk President of Common Council City Clerk Approved attd signed by me January 30, 20 08 -~1~-- Ma}ior ORDINANCE NO. ~ g 2`~-- ~b AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING $5,300,000 FROM THE MAJOR MOVES CONSTRUCTION FUND (FUND NUMBER 412) FOR CERTAIN INFRASTRUCTURE IMPROVEMENTS AT THE EDDY STREET COMMONS AND TRIANGLE DEVELOPMENT STATEMENT OF PURPOSE AND INTENT The City of South Bend Indiana desires 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. On December 10, 2007, the City of South Bend Common Council passed Ordinance No. 9814-07, which approved a lease for certain public improvements between the South Bend Redevelopment Authority and the South Bend Redevelopment Commission. On December 21, 2007, the Department of Local Government Finance issued Order No. 07- 127 approving the lease. As part of the financing package, the City of South Bend is committed to spending $5,300,000 from its Major Moves Construction Fund 412.for project improvements. It is anticipated that the tax increment revenue in the Eddy Street Commons and Triangle Development Area will be sufficient to repay the City the funds expended under this Ordinance, plus interest at 5% per year. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: SECTION I: The following sum of money is hereby appropriated and ordered set apart within the Major Moves Construction Fund for project costs related to the Eddy Street Commons and Triangle Development. Account Number Description Amount 412 Major Moves Construction Fund $5,300,000 SECTION II: The Eddy Street Commons and Triangle Development Area will repay the Major Moves Construction Fund principal and interest of $291,205 every six months beginning August 15, 2011 and ending February 15, 2026. Additional principal and interest payments may be made without penalty. SECTION III: This ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. ~-~ A Member of the Co on Council Attest: Ci Cler Presented by me to the Mayor of the City of South Bend, Indiana, on the 2`~'~`~ day of _~c~,r,u.~ ~, , 2008, at 3•-~~ o'clock ~•. m. City C k r Approved and signed by me on the 2g~ day of ~ , 2008, at S o'clock . m. ~C... Mayor, City o outh Bend, Indiana .9 st READING ~ - 1 ~('- ~ PUBLIC HEAP.I,VG ~~-t,$-~~' ~3 rd READING NOr APPROVED 11~~ REFERRED PASSF„Q ~ _~~o g ,,, il^~ I~ ~f^1~~~';' ~~~:~ :~ JAP! - a ~~0 Jrs+ ;l'~I~F;,i9:vE TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee of the Whole, to whom was referred: BILL NO. 06-08 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING $5,300,000 FROM THE MAJOR MOVES CONSTRUCTION FUND (FUND NUMBER 412) FOR CERTAIN INFRASTRUCTURE IMPROVEMENTS AT THE EDDY STREET COMMONS AND TRIANGLE DEVELOPMENT 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 City of South Bend Eddy Street Commons Project Major Moves Fund 412 Amortization of Loan to Project to be Repaid from Project TIF Revenue Prepared 12/31/07. Original Capitalized New Princi al Interest Princi al Payment Principal 5,300,000 795,000 6,095,000 $291,204.72 Rate 0.05 Term (Yrs) 15 Payment Interest Principal Balance Beginning Balance 6,095,000 2/15/2011 0 0 0 6,095,000 8/15/2011 291,205 152,375 138,830 5,956,170 2/15/2012 291,205 148,904 142,300 5,813,870 8/15/2012 291,205 145,347 145,858 5,668,012 2/15/2013 291,205 141,700 149,504 5,518,507 8/15/2013 291,205 137,963 153,242 5,365,265 2/15/2014 291,205 134,132 157,073 5,208,192 8/15/2014 291,205 130,205 161,000 5,047,192 2/15/2015 291,205 126,180 165,025 4,882,167 8/15/2015 291,205 122,054 169,151 4,713,017 2/15/2016 291,205 117,825 173,379 4,539,638 8/15/2016 291,205 113,491 177,714 4,361,924 2/15/2017 291,205 109,048 182,157 4,179,767 8/15/2017 291,205 104,494 ~ 186,711 3,993,057 2/15/2018 291,205 99,826 191,378 3,801,678 8/15/2018 291,205 95,042 196,163 3,605,516 2/15/2019 291,205 90,138 201,067 3,404,449 8/15/2019 291,205 85,111 206,094 3,198,355 2/15/2020 291,205 79,959 211,246 2,987,109 8/15/2020 291,205 74,678 216,527 2,770,582 2/15/2021 291,205 69,265 221,940 2,548,642 8/15/2021 291,205 63,716 227,489 2,321,154 2/15/2022 291,205 58,029 233,176 2,087,978 8/15/2022 291,205 52,199 239,005 1,848,973 2/15/2023 291,205 46,224 244,980 1,603,992 8/15/2023 291,205 40,100 251,105 1,352,887 2/15/2024 291,205 33,822 257,383 1,095,505 8/15/2024 291,205 27,388 263,817 831,688 2/15/2025 291,205 20,792 270,413 561,275 8/15/2025 291,205 14,032 277,173 284,102 2/15/2026 291,205 7,103 284,102 (0) Totals 8,736,142 2,641,142 6,095,000 as v .,... ~'= ~ ~ m c~ ri (f~ ~ c~ N w iL ~ G7 / ~~ ~ r' N a 1 Z Y rx ~ ~ ~ U ~ ~ [% WUNTY-CITY BUILDING 227 W. JEFFERSON BLVD. SOUTH BEND, INDIANA 46601-1830 PxoNE574/235-9216 FAx 574/235-9928 TDD 574/ 235-5567 CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR DEPARTMENT OF ADMINISTRATION AND FINANCE M. CATHERINE FANEIZO CONTROLLER January 2, 2008 Mr. Timothy Rouse, President South Bend Common Council 4th Floor, County-City Building South Bend, Ii~1 46601 Dear President Rouse: The attached bill for your consideration and approval will appropriate $5,300,000 from the Major Moves Construction Fund to pay for infrastructure costs relating to the Eddy Street Commons and Triangle Development. Beginning in 2011, the Major Moves Fund will be repaid principal and interest at 5% from tax increment revenue over 15 years. Don Inks and I will present this bill to the Common Council. Please feel free to contact me if you have any questions. Thank you for your favorable consideration of this ordinance. Sincerely, ~h ~ ~, o H. Murphy Assistant/Acting City Controller Attachment I In A-) . ni ~ ~ 1 .. JAN - 9 200 Gf',Y C1.r~Y, 5C. E.'d0, IM, JAxICE L. HALI. JoxN MURPI-Ir RosERT AI.I.EN DIRECTOR ASSISTANT CONTROLLER DIRECTOR HUMAN RESOURCES INFORIrIATIONTECxxoLOC~~~ ~~