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Home My WebLink About9738-07 Closing Fund # 424 - Transferring to Fund # 425 & 601 - Changing Title of Fund # 425ORDINANCE No. Passed by the Common Council of the Cary of South Bend, Indiana February 12, 20 07 Attest: JOHN Attest: i Presented by me to the Mayor of the City of South Bend, Indiana February 13, 07 20 - City Clerk President of Common Council City Clerk Approved and signed by me February 13 20 07 Mayer ORDINANCE NO. ~ ~ 3 b ~" ~ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA CLOSING FUND 424 (TIF-SBCDA), TRANSFERRING FUNDS WITHIN FUND 424 TO FUNDS 425 AND 601, AND CHANGING THE TITLE OF FUND 425 FROM "TIF-LEIGHTON PLAZA" TO "REDEVELOPMENT RETAIL" STATEMENT OF PURPOSE AND INTENT In 1999 by Ordinance 9016-99, two new tax increment finance accounts (TIF) were established for the South Bend Central Development Areas (SBCDA), namely, Fund 424 -TIF- SBCDA-Buildings, and Fund 425-TIF Leighton Plaza. Presently, Fund 424 is the repository solely of income derived from the retail and garage operations of the Wayne Street Parking garage complex, and it is financially efficient to consolidate income from all retail operations of redevelopment projects into one fund. Fund 425 is the current repository of Leighton Plaza retail revenues, and Fund 425 would be an appropriate repository for all redevelopment retail projects. To accomplish this, the Wayne Street retail funds should be transferred from Fund 424 to Fund 425. At some time prior to 1982, Fund 601 was created and titled "Parking Garage Fund" for - the purpose of receiving revenues related to City-owned parking garages, and in 1982 by Ordinance 18-82, Fund 601 also became the depository of monies received from parking tickets. It would be financially efficient to deposit all revenue from the garage operations of City- owned garages into Fund 601 including the transfer of any monies from the Wayne Street Parking Garage which might be contained in Fund 424. With all monies contained in Fund 424 being transferred either to Fund 601 or Fund 425, there is no further need for Fund 424 which should be closed. Fund 425 should be renamed "Redevelopment Retail." Fund 425 as renamed is no longer a TIF fund because the Leighton Plaza TIF bond has been paid off. By effectuating the accounting changes in this Ordinance, all income derived from retail operations of City-owned garages or other redevelopment retail projects will be deposited in Fund 425, and all income derived from the City-owned garages and parking tickets will be deposited in Fund 601. This is an appropriate, efficient accounting adjustment. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, as follows: Section I. All monies contained in Fund 424-TIF SBCDA-Buildings relating to Wayne Street garage operations shall be transferred to Fund 601-Parking Garage. Section II. All monies contained in Fund 424 TIF SBCDA-Buildings relating to Wayne Street retail operations shall be transferred to Fund 425. Section III. The name of Fund 425 shall be changed from "TIF-Leighton Plaza" to "Redevelopment Retail". Section IV. Fund 424 shall be closed after all monies contained therein are appropriately transferred per this Ordinance. 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, South Be Common Council Presented by me to the Mayor of the City of South Bend, Indiana on the 13 day of ~r , 2 ov , at (L`.`tc~ o'clock ~0_ . m. _ ~ City Cler Approved and signed by me on the ~-3~ day of , 2~, at ~~ /o'clock ~. m. Mayor, ity of th Bend, Indiana ~-LL-d~ ,r ~~E,aGUvG 3 rd REAE7:NG Z_ t L_ a1 NOT APPROVED I REFERRED PASSED 'L -~yp~ ~'i1~'~ ~~i ~~~~`f~+~~ ~s~3C~i ,~n~,~ ~ 5 200 JC.tiPJ V~3~ ~SD~ TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee of the Whole, to whom was referred: BILL NO. 5-07 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA CLOSING FUND 424 (TIF-SBCDA), TRANSFERRING FUNDS WITHIN FUND 424 TO FUNDS 425 AND 601, AND CHANGING THE TITLE OF FUND 425 FROM "TIF-LEIGHTON PLAZA" TO "REDEVELOPMENT RETAIL" 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. Karen L. White Chairperson 1200 COUNTY-CITY BUILDING 227 W. JEFFERSON BOULEVARD SOUTH BEND, 1NDGINA 46601-1834 PHONE 574/235-9371 Fax 574/235-9021 TDD 574/ 235-5567 CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR COMMUNITY ~ ECONOMIC DEVELOPMENT SHARON T. KENDALL EXECUTNE DIRECTOR January 10, 2007 South Bend Common Council Fourth Floor County-City Building South Bend, IN 46601 Dear Council Members: Attached is a copy of a proposed ordinance for your consideration which will allow us to consolidate the accounting of revenue and expenses for the Parking garages and Redevelopment-owned Retail space. As outlined, the operations of a113 parking garages (Main/Colfax, Leighton, and Wayne Street) will be consolidated, with Parking Enforcement, into Fund 601. In addition, the revenues and expenses for the retail spaces of the Leighton and Wayne Street garages and other redevelopment retail space into Fund 425. This action will also close Fund 424 which had housed Wayne Street garage and retail operations. I will attend your February 12, 2007 meeting to present this bill. Please contact me if you have any questions prior to that time. Sincerely, ~~ Elizabeth Leonard Director, Financial & Program Management cc: Jeff Gibney Don Inks John March Liz Rowe ~1~ ~ ~1'~C 'S ~ifiCe JA~t ~ 5 2007 ~; ~r1t'C^E C,T: C! Cr'~Kr COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINAN•CIAL Iic PROGRAM PAMELA C. MEYER DONALD E. INKS MANAGEMENT 574/235-9660 574/235-9371 EuueEre LEONARD Q Fax: 574/235-9697 574/235-9371