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HomeMy WebLinkAbout9839-08 Appropriating $1,000,000 of Indiana Community Revitalization Enhancements District Increment Funds - Fund 434ORDINANCE No. a Passed by the Common Council of the City of South Bend, Indiana May 27, 20 08 Attest: Attest: Presented by me to the Mayor of the City of Sorrtlr Bend, Indiana May 28, Z0 08 City Clerk President of Common Council Approved and signed by me June 2 Zp08 City Clerk '1`r ~ ~`'`~ Maynr J ORDINANCE NO. ~.~3o't.~~~ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA APPROPRIATING $1,000,000.00 OF INDIANA COMMUNITY REVITALIZATION ENHANCEMENT DISTRICT INCREMENT FUNDS WITHIN THE INDUSTRIAL DEVELOPMENT FUND, FUND 434, FOR THE PURPOSE OF DEVELOPMENT AND REDEVELOPMENT WITHIN THE CITY OF SOUTH BEND STUDEBAKER/OLIVER COMMUNITY REVITALIZATION ENHANCEMENT DISTRICT STATEMENT OF PURPOSE AND INTENT This bill will appropriate $1,000,000 from the Industrial Development Fund, Fund 434, for repayment of the Section 108 Loan for the Studebaker/Oliver Project. As required by Indiana Code 36-7-13-5, the Council may not conduct any business requiring expenditures from Fund 434 without the approval, in writing, of a majority of the members of the South Bend Advisory Commission on Industrial Development. On May 2, 2008 the Advisory Commission on Industrial Development met and unanimously approved Resolution No. 7-2008 recommending that the $1,000,000 received for Fiscal Year 2007 be appropriated and spent for the repayment of the Section 108 Loan for the Studebaker/Oliver Project. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana: Section I. The sum of $1,000,000.00, plus interest earned thereon, from the tax increment revenues from the CRED is hereby appropriated and set aside within Fund 434 for repayment of the Section 108 Loan for the Studebaker/Oliver Project. 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. ~ n /o% Mem er of the C mon Council Presented by me to the Mayor of the City of South Bend, Indiana on the ~~s~-. day of , 2 c~ , at L`-©~ o'clock ~. m. City Clerk Approved and signed by me on the Z,~d day of r-~-~- , 2~_, at 2 : So o'clock ~. m. ,G-,- ~.-~- ~-~- Mayor, City of outh Bend, Indiana 1 st READING S `~ ~-' ~ g PUELIC NEARING S _Z7 _a8' 3 rd READING S_Zl -J8' NOT APPROVED REr=ERRED PASSED S-L~ -08' i;il~ci lr~ ~i~i'!e ~ Office PY" A}~ - 7 2008 JO~PI VQGRDE IN. CITY CLEriK, SQ. aEi IQ+ TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee of the Whole, to whom was referred: BILL NO. 27-08 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING $1,000,000.00 OF INDIANA COMMUNITY REVITALIZATION ENHANCEMENT DISTRICT INCREMENT FUNDS WITHIN THE INDUSTRIAL DEVELOPMENT FUND, FUND 434, FOR THE PURPOSE OF DEVELOPMENT AND REDEVELOPMENT WITHIN THE CITY OF SOUTH BEND STUDEBAKER/OLIVER COMMUNITY REVITALIZATION ENHANCEMENT DISTRICT Respectfully report that they have examined the matter and that in their opinion, this bill is being recommended to the full Gouncil with a favorable recommendation. Derek D. Dieter Chairperson. Committee of the Whole 120U COUNTY-CITY BUILDING 227 W. JEFFERSON BOULEVARD SOUTH BEND, INDIANA 46601-1830 PHONE 574/ 235-9371 FAx 574/235-9021 TDD 574/ 235-5567 CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR COMMUNITY SL ECONOMIC DEVELOPMENT JEFFREY V. GIBNEY EXECUTIVE DIRECTOR May 2, 2008 South Bend Common Council Fourth Floor Council Chambers 227 W. Jefferson Boulevard South Bend, IN 46601 Dear Council Members: The attached bill for your consideration and approval will appropriate $1,000,000 from the Industrial Development Fund, Fund 434, for repayment of the Section 108 Loan for the Studebaker/Oliver Project. As required by Indiana Code 36-7-13-5, the Council may not conduct any business requiring expenditures from Fund 434 without the approval, in writing, of a majority of the members of the South Bend Advisory Commission on Industrial Development. On May 2, 2008 the Advisory Commission on Industrial Development met and unanimously approved Resolution No. 7-2008 recommending that the $1,000,000 received for Fiscal Year 2007 be appropriated and spent for the repayment of the Section 108 Loan for the Studebaker/Oliver Project. A copy of Resolution No. 7-2008 is attached for your review. I will attend the Council meeting when the ordinance is considered. Contact me at 235-9374 or akolata(c~southbendin.gov if you have any questions. Sincerely, ~."' ~ ~ , Ann E. Kolata Senior Redevelopment Specialist File in ~1~i•~'~ Cifisve ~,1 AY - 7 200 JC`~N VOOSD~ Cf7Y CLEtir;, S0. eE?•iD, til. COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL SC PROGRAM PAMELA C. MEYER DONALD E. INKS MANAGEMENT 574/235-9660 574/235-9371 ELIZABETH LEONARD O ~~/ ~ FAX: 574/235-9697 574/235-9371 I (` !