HomeMy WebLinkAbout9828-08 Closing Fund #414 SEDA TIF Fund and Transferring remaining to AEDA TIF Fund #324ORDINANCE No.
Passed by the Common Council of the City of South Bend, Indiana
February 11,
Attest:
JO V
~.--~
Attest: __~~~2
20 08
City Clerk
President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
February 12,
20
08
City Clerk
JOHN OOR
Approved and signed by me 20
ORDINANCE NO. q ~ Zg "~$
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, CLOSING SEDA TIF FUND N0.414 AND TRANSFERRING REMAINING
FUNDS TO AEDA TIF FUND N0.324
STATEMENT OF PURPOSE AND INTENT
On June 25, 2007 by Resolution No. 3763-07 this Common Council approved an Order of
the Area Plan Commission expanding the boundaries and area within the Airport Economic
Development Area (AEDA) which Order, among other things, incorporated and consolidated within
the AEDA the previously designated Tax Increment Finance (TIF) district known as the "Sample-
Ewing Development Area" (SEDA). The South Bend Redevelopment Commission approved the
expanded Airport Economic Development Area by Resolution No. 2351 on July 20, 2007.
Consistent with the absorption of the Sample-Ewing Development Area (SEDA) into the
Airport Economic Development Area (AEDA), it is necessary and appropriate to close SEDA TIF
Fund No. 414, and transfer any funds remaining in that account to AEDA TIF Fund No. 324.
NOW, THEREFORE, BE TT ORDAINED BY THE COMMON COUNCIL OF THE CITY
OF SOUTH BEND, INDIANA:
Section I. The Sample-Ewing Development Area TIF Fund No. 414 shall be closed.
Section II, The balance of any funds remaining in SEDA TIF Fund No. 414 shall be
transferred to Airport Economic Development Area (AEDA) TIF Fund No. 324.
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.
< ~j
Member, Sou Bend Common Council
e
ity Jerk
Presented by me to the Mayor of the City of South Bend, Indiana on the ~ 2~'~ day of
~ e-~ r~ , 2~, at ('~ ~~ o'clock _~. m.
_ p~
U-N~~,
City G rk ~ ~y~t~
Approved and signed by me on the ~Z~day of ~~ , 2s`'~, at Z~ Joo'clock
~m
Mayor, City of So Bend, Indiana
PUGL;C hE~.E?ING 2-II-~
3 rd READ1h~lG Z-l t_~1
NOT APPROVED
~I~E;~ ~ti ~~~E'~a'a ~1iEC~
JAS; ~ ..
REFERRED
PASSED Z- t, - 4~
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
09-08 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, CLOSING SEDA TIF FUND NO.414AND TRANSFERRING
REMAINING FUNDS TO AEDA TIF FUND NO. 324
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
1200 COUNTY-CITY BUILDING
227 W. JEFFERSON BOULEVARD
SOUTH BEND; INDIANA 46601-1830
PxoNE574/235-9371
FAx 574/235-9021
TDD 574/ 235-5567
CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR
COMMUNITY $L ECONOMIC DEVELOPMENT
JEFFREY V. GIBNEY
EXECUTIVE DIRECTOR
January 22, 2008
South Bend Common Council
Fourth Floor Council Chambers
400 County-City Building
South Bend, IN 46601
Dear Council Members:
The attached bill for your consideration and approval will allow us to close the Sample-Ewing
Development Area (SEDA) TIF fund (Fund 414) and transfer all monies to the Airport
Economic Development Area (AEDA) TIF (Fund 324). This change:is necessary to mesh
with the expansion of the AEDA to include the SEDA boundaries and will allow us to account
for funds more properly.
If you have any questions, please call me at 235-9330. I will present the bill at your February
11th meetings.
Sincerely,
~..._-
- ~ ~
Elizabeth Leonard
Director
Financial & Program Management
cc: Don Inks
John March
Nick Witwer
Film In Clerk's t~f~ice
JAtd 2 ? ?,~
JO'r::J VO~~uE
CJTY CLERK, d0. 6EitiD, (N.
COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL HC PROGRAM ~ ~1~~
PAMELA C. MEYER DONALD E. INKS MANAGEMENT 1j
574/235-9660 574/235-9371 ELlzanerH LEONARD
FAX: 574/235-9697 574/235-9371 L~