HomeMy WebLinkAbout9245-03 Establishing a new Capital Fund to be known as the South Bend Redevelopment District allocaion Area Capital Fund ( # 428)ORDINANCE No. says-o=
Passed by the Common Council of the Ciry of South Bend, Indiana
June 9,
Attest:
Attest:
20 03
Ciry Clerk
President of Common Council
Presented by me to the Mayor of the City of Soutli Bend, Indiana
June 10, 03
20
Ciry Clerk
June 10, 03
Approved and signed by me 20
~~ ~f{~'',"`-`~j^= Mayor
ORDINANCE NO. ~ 1 2 S- 6.3
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, ESTABLISHING A NEW CAPITAL FUND TO BE KNOWN AS
THE SOUTH BEND REDEVELOPMENT DISTRICT ALLOCATION
AREA CAPITAL FUND( #428)
STATEMENT OF PURPOSE AND INTENT
On March 21, 2003 the South Bend Redevelopment Commission adopted Resolution
No. 1965 authorizing the issuance of bonds of the South Bend Redevelopment District for the
purpose of raising money for economic development in the Airport Economic Development
Area. The Commission has determined to undertake certain local public improvements in the
Area, such local public improvements including without limitation road improvements to
Cleveland Road (from Mayflower to Ralph Jones Drive), Olive Road/Nimtz Parkway, Bendix
Drive/Lincolnway intersection, Bendix Drive relocation and related right of way property
acquisition and engineering costs and improvements at the Bosch site (collectively, the "AEDA
Project").
Redevelopment Commission Resolution No. 1965 authorized the deposit of proceeds
from the sale of the AEDA Project bonds into the Redevelopment District Allocation Area
Capital Fund of an aggregate principal amount not to exceed thirteen million dollars
($13,000,000.00) which was the full and complete estimated cost (with all incidental expenses)
of the economic development intended to be pursued in the designated area, which is a Tax
Increment Finance (TIF) area under Indiana Code 36-7-14-1 et seq.
It is necessary to create a special fund within the City of South Bend as the depository for
the bond proceeds dedicated and allocated to the AEDA Project, pursuant to the South Bend
Redevelopment Commission's Resolution No. 1965 and further pursuant to Indiana Code 36-7-
14-26.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND as follows:
Section I. Anew capital fund shall be and hereby is established within the Civil City of
South Bend to be known as the South Bend Redevelopment District Allocation Area Capital
Fund, designated further as Fund Number 428.
Section II. The new South Bend Redevelopment District Allocation Area Capital Fund
Number 428 shall be used exclusively as the repository of the proceeds from the issuance of
Redevelopment District bonds for the AEDA Project, all pursuant to Indiana Code 36-7-14-26.
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Section III. This Ordinance shall be in full force and effect from and after its passage by
the Common Council and approval of the Mayor.
Member of the Common Counc'
1st READING s-Z~-o3
PUBEIC HEARING (p -~(-{~3
3rd READING (o-~t~~3
NOT APPROVED
REFERRED
PASSED ~ -~-03
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Filed in C1~~'e:'S ®f$~c~ °
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LOAETTA J. GilDA
C17Y CLfiR~, ~. a~K>7~ fii~ ~ .,.
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
42-03 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH
BEND, INDIANA, ESTABLISHING A NEW CAPITAL FUND TO BE
KNOWN AS THE SOUTH BEND REDEVELOPMENT DISTRICT
ALLOCATION AREA CAPITAL FUND (#428)
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
12U0 ~'.oUNTY-CITY BUILDING
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 ~ ECONOMIC DEVELOPMENT
JON R. HUNT
EXECUTIVE DIRECTOR
May 19, 2003
South Bend Common Council
4"' Floor Council Chambers
400 County-City Building
South Bend, IN 46601
Dear Council Member:
The attached bill for your consideration will create a new Fund to be known as the South Bend
Redevelopment District Allocation Area Capital Fund #428.
This bill is related to the issuance of Tax Increment Finance Revenue Bonds, Series 2003
(Airport Economic Development Area), as authorized by the Redevelopment Commission's
Resolution No. 1965. This bond covers the City's costs for road improvement projects and part
of the City's commitment to the Bosch project for building renovations.
Resolution No. 1965 requires the creation of this Capital Fund, as does Indiana Code 36-7-14-26.
The Capital Fund will receive the bond proceeds which will be disbursed for the above noted
project costs.
I appreciate your consideration of this bill, and if you have any questions, please feel free to call
me at 235-9339. I will present this bill at your June 9`'' meeting.
Sincerely,
Donald E. Inks
~ ~~
Director
Division of Economic Development
cc: John March
Elizabeth Leonard
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C1TY CLEFt!~, °.A. ~:3:~,1 ;,
H:\WPDATA\~dfi4Nil9t~E'PY~~LOPMENT ECONOMIC DEVELOPMENT FINANCIAL SC PROGRAM
PAMELA C. MEYER DONALD E. INKS MANAGEMENT'
574/235-9660 574/235-9371 ELIZABETH LEONARD ~u
FAx: 574/235-9697 574/235-9371