HomeMy WebLinkAbout5167-26 Resolution Establishing a Local Fund Pursuant to Indiana Code Section 5-20-5-15.5 RESOLUTION No . 5167-26
Passed by the Common Council of the City of South Bend, Indiana
March 23, 26
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Bianca L. Tirado
Attest: a President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
March 24, 20 26
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Bianca L. Tirado
Approved and signed by me PlArd% 3l 20 26
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BILL NO. 26-10
RESOLUTION NO. 5167-26
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND, INDIANA ESTABLISHING A LOCAL FUND PURSUANT TO
INDIANA CODE SECTION 5-20-5-15.5
WHEREAS, Indiana Code § 5-20-5-15.5 allows the governing body of a city, town, or
county to establish an affordable housing fund consisting of, among other things,payments in lieu
of taxes deposited in the fund under Indiana Code § 36-1-8-14.3, for certain purposes outlined in
Indiana Code § 5-20-5-15.5(c), to be administered by a department, a division, or an agency
designated by the governing body; and
WHEREAS,the City of South Bend,Indiana(the"City")desires to establish an affordable
housing fund(as defined herein,the"Fund")to be administered by the Department of Community
Investment of the City (the"Department") for those purposes outlined in Indiana Code § 5-20-5-
15.5(c); and
WHEREAS, on March 23, 2026, the Common Council of the City (the "Common
Council") adopted an ordinance pursuant to Indiana Code § 36-1-8-14.3(e) (the "Ordinance"),
requiring Heritage Trails South Bend,LP,to make payments in lieu of property taxes(the"PILOT
Payments") payable for certain property in the City, all as further described in the Ordinance; and
WHEREAS, in accordance with Indiana Code § 5-20-5-15.5, such PILOT Payments will
be deposited into the Fund, together with any other future payments in lieu of taxes received by
the City pursuant to Indiana Code § 36-1-8-14.3; and
WHEREAS, the Common Council, as the governing body of the City, now desires to
establish the Fund in accordance with Indiana Code § 5-20-5-15.5;
NOW,THEREFORE,BE IT RESOLVED by the Common Council of the City of South
Bend, Indiana, as follows:
SECTION 1. Establishment of the Fund. The Common Council hereby establishes Fund
Number 213 as an affordable housing fund pursuant to Indiana Code § 5-20-5-15.5 (the "Fund"),
to be designated as a local, non-reverting fund. The Fund shall consist of the following: (i)
payments in lieu of taxes deposited in the Fund under Indiana Code § 36-1-8-14.3; (ii) gifts and
grants to the Fund; (iii) investment income earned on the Fund's assets; (iv) money deposited in
the Fund under Indiana Code § 36-2-7-10; and (v) other funds from sources approved pursuant to
Indiana Code § 5-20-5-15.5(b)(5).
SECTION 2. Purpose. The Fund shall serve as a local,non-reverting fund which supports
the purposes described in Indiana Code § 5-20-5-15.5(c), to: (i) provide financial assistance to
those individuals and families whose income is at or below eighty percent (80%) of the county's
median income for individuals and families, respectively, to enable those individuals and families
to purchase or lease residential units within the City; (ii) pay expenses of administering the Fund;
(iii) make grants, loans, and loan guarantees for the development, rehabilitation, or financing of
affordable housing for individuals and families whose income is at or below eighty percent (80%)
of the county's median income for individuals and families, respectively, including the elderly,
persons with disabilities, and homeless individuals and families; and (iv) provide technical
assistance to nonprofit developers of affordable housing.
SECTION 3. Administration of the Fund. The Common Council hereby designates the
Department to administer the Fund. The Department is hereby authorized and directed, on behalf
of the Common Council, to notify the Indiana Housing and Community Development Authority
of the creation of the Fund. The Controller of the City (the "Controller") shall keep records and
monitor activities of all receipts into the Fund. The Controller shall invest the money in the Fund
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not currently needed to meet the obligations of the Fund in the same manner as other public funds
may be invested.
SECTION 4. Effectiveness. This Resolution shall be of full force and effect from and
upon its adoption, and in accordance with Indiana law.
PASSED, by the Common Council of the City of South Bend, Indiana, this 23rd day of
March, 2026.
,..---___ 1
Canneth J. Lee, ouncil President
South Bend Common Council
Attest:
Aft
Bianca L. Tirado, ty Clerk
Office of the City lerk
Presented by me, the undersigned Clerk of the City of South Bend, to the Mayor of the
City of South Bend, Indiana on the 24th day of March ,2026,at_ 12 o'clock p.m.
tailMAr
Bianca L. Tirado, dy lerk
Office of the City Clerk
Approved and signed by me on the �� p
day of 4/ , 2026, at y o'clock
I .m.
Jam Mueller, Mayor
Cit of South Bend, Indiana
DMS 50805738
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