HomeMy WebLinkAbout9617-05 Establish one additional fund, Fund # 430 TIF District - South Side DevelopmentORDINANCE No.
Passed by the Common Council of the Ciry of South Bend, Indiana
September 12,
Attest:
Attest:
20 05
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Presented by me to the Mayor of the City of South Bend, Indiana
September 13,
JOHN
20
05
Ciry Clerk
President of Common Council
Ciry Clerk
Approved and signed by me September 16 20 ~_
Mayer
ORDINANCE NO. `~ `~ ^ ~
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA TO ESTABLISH ONE ADDITIONAL FUND, NAMELY, FUND N0.430 TIF
DISTRICT -SOUTH SIDE DEVELOPMENT AREA #1
Statements of Purpose and Intent:
This ordinance establishes a new fund for the deposit and disbursement of Tax Increment
Financing dollars in the newly established South Side Development Area #1 TIF district recently
established by the South Bend Redevelopment Commission by resolution #1928.
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 #430 TIFDistrict -South Side
Development Area #1.
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 the South Side
Development Area #1 TIF fund shall remain in the fund.
SECTION IV. Monies remaining in each respective 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.
Member of the Common Cou it
Attest•
' Cl rk
Presented by me to the Mayor of the City of South Bend, Indiana on the _~~day
of ~~~' 2c~a/, at ~ 1 o'clock m.
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Gx~~ City 1 rk
Approved and signed by me on the /G day of , 2 col at // .o'clock
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Mayor, Cit f South Bend, Indiana
1st READING g "tz-~~
PUBLIC HEARING ~-~1-'~ S
3 rd READING Ct_ !,L-o r
NOT APPROVED
REFERRED
PASSED ~--~Z.-o S~
Filed to Ci~rk'~ Cffiice
AU G 1 7 2005
JONP~ VOORDE
CITY CLERK, SD. BEND, IN.
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
61-05 A BILL OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND, INDIANA TO ESTABLISH ONE ADDITIONAL
FUND, NAMELY, FUND NO. 430 TIF DISTRICT -
SOUTH SIDE DEVELOPMENT AREA #1
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.
Roland Kelly
Chairman
1200 C.oUNTY-CITY BUILDING
227 W. JEFFERSON BOULEVARD
SOUTH BEND, INDIANA 46601-1830
PxoNE574/235-9371
FAx 574/235-9021
TDD 5741235-5567
CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR
COMMUNITY ~L ECONOMIC DEVELOPMENT
SHARON T. KENDALL
EXECUTIVE DIRECTOR
August 15, 2005
South Bend Common Council
Fourth Floor Council Chambers
400 County-City Building
South Bend, IN 46601
Dear Council Member:
The attached bill for your consideration and approval will create a new fund for the deposit of
TIF revenue for the South Side Development Area #1 as recently established by the
Redevelopment Commission.
If you have any question regarding this bill, please call me at 235-9330. I will present this bill at
the September 12, 2005 committee and Council meetings.
Sincerely,
Elizabe Leonard
Director
Financial and Program Management
cc: Sharon Kendall
Don Inks
John March
Tom Skarbek
Filed nl Clcrk'~ C~~ice
AUG } 7 205
JCn,: ~.!~ r~t^, IPl.
CITY CLEF>>,
COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL ~C PROGRAM
PAMELA C. MEYER DONALD E. INKS MANAGEMENT
574/235-9660 574/235-9371 ELIZABETH LEONARD Y1`r
FAx: 574/235-9697 574/235-9371