HomeMy WebLinkAboutEstablishing a New Capital Fund to be known as South Bend Redev District Sample/Ewing Allocation Area Capital Fund #427ORDINANCE No.
9378-02
Passed by the Compton Council of the City of South Bend, Indiana
November 25, 20 02
Attest:
City Clerk
Attest: President of Common Cor~ncil
Presented by me to the Mayor of the Ciry of South Bend, Indiana
December 2 20 02
City Clerk
Approved and signed by me December 2 20 02
Mayor
ORDINANCE NO. ~ 3 7 ~ Q
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 SAMPLE/EWING ALLOCATION
AREA CAPITAL FUND (#427)
STATEMENT OF PURPOSE AND INTENT
On August 16, 2002, the South Bend Redevelopment Commission adopted Resolution 1904,
as later amended by Resolution 1920, authorizing the issuance of bonds of the South Bend
Redevelopment District for the purpose of raising money for redevelopment and economic
development in the Sample/Ewing development area. Prior to this Resolution the Redevelopment
Commission in the City of South Bend entered a contract for sale for private redevelopment with
AJW South Bend Realty Corporation and the TJX Companies to provide for the location of a
warehousing and distribution center (TJX Proj ect) in the general vicinity of Sample and Olive Streets
in the City of South Bend known as the TJX site.
Redevelopment Commission Resolution #1904 as amended, authorized the deposit of
proceeds from the sale of the TJX Project bonds into the Redevelopment District's Special Taxing
District Capital Fund of an aggregate principal amount not to exceed nine million dollars
($9,000,000.00) which was the full and complete estimated cost (with all incidental expenses) of the
redevelopment and economic development intended to be pursued in the designated area which is
a Tax Increment Fund (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 TJX Project pursuant to the South Bend
Redevelopment Commission's Resolution #1904 as amended, 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 Sample/Ewing Allocation Area
Capital Fund, designated further as Fund Number 427.
Section II. The new South Bend Redevelopment District Sample/Ewing Allocation Area
Capital Fund Number 427 shall be used exclusively as the repository of the proceeds from the
issuance of Redevelopment District bonds for the Sample/Ewing TJX Project as well as any gifts
or donations for purposes related to the TJX Project, all pursuant to Indiana Code 36-7-14-26.
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.
1 st READING ~ ~-~`~GZ'
PUBLIC HEARING ~ I-zS-4L
3rd READING 11_j,s-OZ..
NOT APPROVED,
REFERRED
PASSED ~ ~ l ~ ~- S - O1_
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03'P1t CL&fi~C, ~O. F~~i~ III'
j/ \~~ (/
Member, South Bend Common ouncil
COMMITTEE REPORT
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
94-02 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
SAMPLE/EWING ALLOCATION AREA CAPITAL FUND (#427)
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 COUN'[Y-Cl'CY BUILDING
SOUTH BEND, INDUNA 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
JoN R. HUNT
ExECUTIVE DIRECTOR
November 4, 2002
South Bend Common Council
4th Floor Council Chambers
400 County City Building
South Bend, Indiana 46601
Dear Council Member:
The attached bill for your consideration will create a new Fund to be known as The South Bend
Redevelopment District Sample/Ewing Allocation Area Capital Fund #427.
This bill is related to the issuance of Redevelopment District Special Taxing District Bonds,
Series 2002, as authorized by the Redevelopment Commission's Resolution 1904, and amended
by Resolution 1920. This bond covers the City's costs of the TJX development project.
Resolutions 1904 and 1920 require 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 TJX
development costs.
I appreciate your consideration of this bill, and if you have any questions, please feel free to call
me at 235-9339. Either Elizabeth Leonard or I will present this bill at your November 25`n
meeting.
Sinc ely,
D nald E. Inks
Director
Division of Economic Development
cc: Jon Hunt
John March
Elizabeth Leonard
T+4y
t
COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL & PROGRAM
PAMBLA C. MEYER DONALD E. INKS MANAGEMENT
574/235-9660 574/235-9371 ELIZABETH LEONARD
FAx: 574/235-9697 574/235-9371