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Home My WebLink About9480-03 Appropriating $124,525 of Section 108 Loan Project Income, plus interest earned thereon ( Fund No. 212) for use in rehabilitation, construction, andr ORDINANCE No. 9480-03 Passed by the Contnto~t CounciC of the City of Soutlt Bend, Indiana December 8, Attest: Attest: Presented by me to the Mayor of the City of Soutlt Bend, Indiana December 9, 20 03 Ciry Clerk President of Common Council City Clerk Approved and signed by me n P c P m h P r ~~ 20 ~.3- ~~/~~~-- 03 20 Mayor ORDINANCE NO. - 1 1 ~~ ~ ~~ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA APPROPRIATING $124,525.00 OF SECTION 108 LOAN PROJECT INCOME, PLUS INTEREST EARNED THEREON (FUND No. 212), FOR USE IN REHABILITATION, CONSTRUCTION AND REDEVELOPMENT ACTIVITIES STATEMENT OF PURPOSE AND INTENT On April 23, 2001, the South Bend Common Council adopted the Studebaker/Oliver Plow Works Redevelopment Strategy in Resolution 2988-01 and on Apri122, 2002 in Resolution 2988-01 it appropriated Section 108 loan funds, plus interest earned thereon, for use in rehabilitation, construction and redevelopment activities in the Studebaker/Oliver redevelopment project area. The Section 1081oan funds were used to finance redevelopment of the Oliver Plow Works site into the Oliver Industrial Park, in which thirty-six acres of derelict industrial structures were cleared to be redeveloped as a light industrial park. The loan funds contributed to demolition, environmental cleanup, building stabilization, and construction of infrastructure. At this time, the land in the Oliver Industrial Park has been appraised and is available for purchase by qualified developers. Approximately five acres of land in the new Oliver Industrial Park were sold to Rose Fuel & Materials, Inc. on November 13, 2003. Consequently, project income of $124,525.00 has been made available for additional redevelopment activity in the Studebaker/Oliver Redevelopment Project area. Appropriation ofthese funds is necessary to continue redevelopment activities relating to the Studebaker/Oliver Redevelopment Project. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The sum of $124,525 of Section 1081oan funds, plus interest earned on such funds, is hereby appropriated from and within Fund 212 for redevelopment activities in the Studebaker/Oliver redevelopment project area. SECTION II. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval of the Mayor. ~ ~~ Member, South Bend Comm n Council 1st READING ~ ~-L~-o..3 PUBLlC HEARING ~Z' ~~ b3 3 rd READING 1Z-$-0,3 NOT APPROVED REFERRED PASSED 12,-~'^~~~ Filed in Cieri:'s Offie~ P~ 0!! 1 ~ 2003 LO~iS1'TA J. ~!1 C97Y C1.I5R~, L'.O. BIQN9~ lea. TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee of the Whole, to whom was referred: BILL NO. 98-03 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA APPROPRIATING $124,525.00 OF SECTION 108 LOAN PROJECT INCOME, PLUS INTEREST EARNED THEREON (FUND NO. 212), FOR USE IN REHABILITATION, CONSTRUCTION AND REDEVELOPMENT ACTIVITIES 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. Karl King Chairman 1200 COUNTY-CITY BUILDING $OUTFI BEND, INDIANA 46601-1830 PxoNE 574/ 235-9371 FAx 574(235-9021 TDD 574/ 235-5567 CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR COMMUNITY ~ ECON®NIIC DEVELOPMENT November 17, 2003 South Bend Common Council 227 W. Jefferson Blvd South Bend, IN 46601 Dear Common Council Members: The Redevelopment Commission has recently seen remarkable progress in the Oliver Plow Works redevelopment project. Phase III of demolition is nearly complete and the first developer, Rose Fuel & Materials, is preparing for their move into the new Oliver Industrial Park. The Commission closed on the property with Rose on November 13, 2003. Project income is now available as a result of that land sale. This ordinance will appropriate the $124,525.00 purchase proceeds to conduct activities to meet the goals laid forth in the Studebaker/Oliver Plow Works Redevelopment Strategy. Elizabeth Leonard, Finance & Program Management Director, will be presenting this ordinance to the Council at its December 8, 2003 meeting. I will attend the afternoon committee session to answer any question you may have regarding this ordinance. Please contact me at 245-6112 or alaurent r(.~ci.south-bend.in.us with any questions. Sincerely Andy Laurent Economic Development Specialist COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL ttc PROGR4M r~ ~1~~i PAMELA C. MEYER DONALD E. INxs MANAGEMENT ( } 5741235-9660 574/235-9371 ELIZABETH LEONARD ''$~~ Fax: 574/235-9697 574!235-9371