HomeMy WebLinkAboutSetting Final Interfund Loan Amortization Schedules Major Moves Fund412 Eddy Street Commons & Triangle Development ProjectsORDINANCE No. 10282 -13
Passed by the Common Council of the City of South Bend, Indiana
Attest:
December 9,
2013
JOHN VOORDE
Presented by me to the Mayor of the City of South Bend, Indiana
December 10, 20 13
City Clerk
President of Common Council
Approved and signed by me D f- C f/41 B iP- ! O 20 13
City Clerk
Mayan
ORDINANCE NO. (0 7,SL-
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, SETTING THE FINAL INTERFUND LOAN AMORTIZATION
SCHEDULES FOR MAJOR MOVES FUND 412 ADVANCES TO THE NORTHEAST
RESIDENTIAL TIF FUND 436 IN CONNECTION WITH THE EDDY STREET
COMMONS AND TRIANGLE DEVELOPMENT PROJECTS
STATEMENT OF PURPOSE AND INTENT
On January 28, 2008, the Common Council of the City of South Bend adopted Ordinance
No. 9824 -08 appropriating monies from Major Moves Fund 412 to provide funding for
certain infrastructure improvements relating to construction of a mixed use development
commonly known as Eddy Street Commons and the Triangle Development. The
appropriation was in the amount of $5,300,000 and included an interfund loan
amortization schedule requiring semi - annual payments of $291,205 from the Northeast
Residential TIF Fund 436 beginning August 15, 2011 and ending February 15, 2026.
Monies appropriated for the Triangle Development project under Ordinance No. 9824 -08
were never expended due to project delays and the City let the appropriation expire at the
end of 2009. On March 28, 2011, the Common Council of the City of South Bend
adopted Ordinance No. 10077 -11 re- appropriating $2,000,000 from Major Moves Fund
412 to provide funding for the Triangle Development project and included with this
ordinance an interfund loan amortization schedule requiring semi - annual payments of
$82,137 from the Northeast Residential TIF beginning August 15, 2014 and ending
February 15, 2029. In addition, a new interfund loan amortization schedule was approved
for the Eddy Street Commons project requiring semi - annual payments of $195,888 from
the Northeast Residential TIF beginning August 15, 2011 and ending February 15, 2026.
The final costs paid by Major Moves Fund 412 for the Eddy Street Commons and
Triangle Development projects are now known and were $3,942,529 and $1,513,920,
respectively. The City of South Bend desires to restate the loan amortization schedules
for these projects to reflect the final costs incurred and compute new semi - annual
payment amounts due Major Moves Fund 412 from the Northeast Residential TIF Fund
436. The interest rate charged and repayment period have not changed. The revised loan
amortization schedule for Eddy Street Commons requires semi - annual payments of
$195,888 beginning August 15, 2011 and ending August 15, 2013, semi - annual payments
of $186,218 beginning February 15, 2014 and ending August 15, 2025, and a final
payment of $186,231.87 on February 15, 2026. The revised loan amortization schedule
for the Triangle Development requires semi - annual payments of $60,371 beginning
August 15, 2014 and ending August 15, 2028 and a final payment of $60,388.32 on
February 15, 2029.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South
Bend, Indiana, as follows:
SECTION I: That Common Council Ordinance No. 9824 -08, dated January 28, 2008,
and Common Council Ordinance No. 10077 -11, dated March 28, 2011 are hereby
amended to incorporate the attached loan amortization schedules from Major Moves
Fund 412 to the Northeast Residential TIF Fund 436 to reflect final costs paid by Major
Moves Fund 412 in connection with the Eddy Street Commons and Triangle
Development projects. The revised semi - annual payment amounts are stated above.
SECTION II. This ordinance shall be in full force and effect from and after its passage
by the Common Council and approval by the Mayor.
Attest:
C � .tti'r.��J
City Clerk
�N
4ber Meof the Common Council
Presented by me to the Mayor of the City of South Bend, Indiana, on the
1:&V,\ day of QuQ4,�6w , 2013, at t d 13 J o'clock q . m.
Approved and signed by me on the io
$ o'clock . m.
L,i ✓l 3
I,t READING t 1
PUBLIC HEARING 1 L'sl. -L-3
3rd READING t 1_A -'L,3
NOT APPROVED
REFERRED
PASSED `L -k--�3
City C e k 1 4"
3
dayof OfefMB4k 20 at
Mayor, City Sou end, Indiana
C` 15 20i3
CITY 1 CLFRK 30111 .li , SII•
City of South Bend, Indiana
Major Moves Fund 412 Interfund Loan to NE Residential TIF Fund 436
Eddy Street Commons
Interfund Loan Amortization Schedule
November 11, 2013
Principal - $3,942,529 (costs paid by Major Moves Fund) Revised
Semi - annual, beginning August 15, 2011 through February 15, 2026.
Thirty (30) payments. Interest rate - 5%
E Residental TIF Expenditures - #436- 1050 - 460 -38 -01 (Principal), #436- 1050- 460 -38 -02 (Interest)
lajor Moves Revenue - #412- 0000 - 399 -02 -06 (Principal), #412- 0000 - 399 -02 -07 (Interest)
ayment - $186,218.00
Beginning 5% Ending
Payment Payment Principal Total Interest Principal Principal
Number Date Balance Paid Paid Paid Balance
1
8115/2011
3,942,529.00
195,888.00
98,563.23
97,324.78
3,845,204.23
2
2/15/2012
3,845,204.23
195,888.00
96,130.11
99,757.89
3,745,446.33
3
8115/2012
3,745,446.33
195,888.00
93,636.16
102,251.84
3,643,194.49
4
2/15/2013
3,643,194.49
195,888.00
91,079.86
104,808.14
3,538,386.35
5
8/15/2013
3,538,386.35
195,888.00
88,459.66
107,428.34
3,430,958.01
6
2/15/2014
3,430,958.01
186,218.00
85,773.95
100,444.05
3,330,513.96
7
8/15/2014
3,330,513.96
186,218.00
83,262.85
102,955.15
3,227,558.81
8
2/15/2015
3,227,558.81
186,218.00
80,688.97
105,529.03
3,122,029.78
9
8/15/2015
3,122,029.78
186,218.00
78,050.74
108,167.26
3,013,862.52
10
2/1512016
3,013,862.52
186,218.00
75,346.56
110,871.44
2,902,991.09
11
8/15/2016
2,902,991.09
186,218.00
72,574.78
113,643.22
2,789,347.86
12
2115/2017
2,789,347.86
186,218.00
69,733.70
116,484.30
2,672,863.56
13
8/15/2017
2,672,863.56
186,218.00
66,821.59
119,396.41
2,553,467.15
14
2/1512018
2,553,467.15
186,218.00
63,836.68
122,381.32
2,431,085.83
15
8/15/2018
2,431,085.83
186,218.00
60,777.15
125,440.85
2,305,644.97
16
2/15/2019
2,305,644.97
186,218.00
57,641.12
128,576.88
2,177,068.10
17
8115/2019
2,177,068.10
186,218.00
54,426.70
131,791.30
2,045,276.80
18
2/15/2020
2,045,276.80
186,218.00
51,131.92
135,086.08
1,910,190.72
19
811512020
1,910,190.72
186,218.00
47,754.77
138,463.23
1,771,727.49
20
2/15/2021
1,771,727.49
186,218.00
44,293.19
141,924.81
1,629,802.68
21
8/15/2021
1,629,802.68
186,218.00
40,745.07
145,472.93
1,484,329.74
22
2/15/2022
1,484,329.74
186,218.00
37,108.24
149,109.76
1,335,219.99
23
8/15/2022
1,335,219.99
186,218.00
33,380.50
152,837.50
1,182,382.49
24
2/15/2023
1,182,382.49
186,218.00
29,559.56
156,658.44
1,025,724.05
25
8/15/2023
1,025,724.05
186,218.00
25,643.10
160,574.90
865,149.15
26
2/1512024
865,149.15
186,218.00
21,628.73
164,589.27
700,559.88
27
8/15/2024
700,559.88
186,218.00
17,514.00
168,704.00
531,855.88
28
2/15/2025
531,855.88
186,218.00
13,296.40
172,921.60
358,934.27
29
8115/2025
358,934.27
186,218.00
8,973.36
177,244.64
181,689.63
30
2/15/2026
181,689.63
186,231.87
4,542.24
181,689.63
(0.00)
Total 5,634,903.87 1,692,374.87 3,942,529.00
City of South Bend, Indiana
Major Moves Fund 412 Interfund Loan to NE Residential TIF Fund 436
Triangle Development
Interfund Loan Amortization Schedule
March 14, 2011
iriginal Principal - $1,513,920 (costs paid by Major Moves Fund) Revised
ayments - Semi - annual, beginning August 15, 2014 through February 15, 2029.
Thirty (30) payments. Interest rate - 2 %.
E Residental TIF Expenditures - #436 - 1050. 460 -38 -01 (Principal), #436-1050-460-38-02 (Interest)
lajor Moves Revenue - #412- 0000 - 399 -02 -06 (Principal), #412- 0000 - 399 -02 -07 (Interest)
ayment- $60,371.00
2%
Beginning 2% Unpaid Ending
Payment Payment Principal Total Interest Principal Capitalized Principal
Number Date Balance Paid Paid Paid Interest Balance
Total 1,811,147.32 253,097.32 1,558,050.00 44,130.00
2128/2013
1,513,920.00
0.00
0.00
0.00
44,130.00
1,558,050.00
1
8/15/2014
1,558,050.00
60,371.00
15,580.50
44,790.50
0.00
1,513,259.50
2
2/15/2015
1,513,259.50
60,371.00
15,132.60
45,238.41
0.00
1,468,021.10
3
8/15/2015
1,468,021.10
60,371.00
14,680.21
45,690.79
0.00
1,422,330.31
4
2/1512016
1,422,330.31
60,371.00
14,223.30
46,147.70
0.00
1,376,182.61
5
8/15/2016
1,376,182.61
60,371.00
13,761.83
46,609.17
0.00
1,329,573.44
6
2/15/2017
1,329,573.44
60,371.00
13,295.73
47,075.27
0.00
1,282,498.17
7
8/15/2017
1,282,498.17
60,371.00
12,824.98
47,546.02
0.00
1,234,952.15
8
2/15/2018
1,234,952.15
60,371.00
12,349.52
48,021.48
0.00
1,186,930.67
9
8/15/2018
1,186,930.67
60,371.00
11,869.31
48,501.69
0.00
1,138,428.98
10
2/15/2019
1,138,428.98
60,371.00
11,384.29
48,986.71
0.00
1,089,442.27
11
8/15/2019
1,089,442.27
60,371.00
10,894.42
49,476.58
0.00
1,039,965.69
12
2/15/2020
1,039,965.69
60,371.00
10,399.66
49,971.34
0.00
989,994.35
13
8/15/2020
989,994.35
60,371.00
9,899.94
50,471.06
0.00
939,523.29
14
2/15/2021
939,523.29
60,371.00
9,395.23
50,975.77
0.00
888,547.53
15
8/15/2021
888,547.53
60,371.00
8,885.48
51,485.52
0.00
837,062.00
16
2115/2022
837,062.00
60,371.00
8,370.62
52,000.38
0.00
785,061.62
17
8/15/2022
785,061.62
60,371.00
7,850.62
52,520.38
0.00
732,541.24
18
2/15/2023
732,541.24
60,371.00
7,325.41
53,045.59
0.00
679,495.65
19
8/15/2023
679,495.65
60,371.00
6,794.96
53,576.04
0.00
625,919.61
20
2/15/2024
625,919.61
60,371.00
6,259.20
54,111.80
0.00
571,807.80
21
8/15/2024
571,807.80
60,371.00
5,718.08
54,652.92
0.00
517,154.88
22
2/15/2025
517,154.88
60,371.00
5,171.55
55,199.45
0.00
461,955.43
23
8115/2025
461,955.43
60,371.00
4,619.55
55,751.45
0.00
406,203.98
24
2/15/2026
406,203.98
60,371.00
4,062.04
56,308.96
0.00
349,895.02
25
8/1512026
349,895.02
60,371.00
3,498.95
56,872.05
0.00
293,022.97
26
2115/2027
293,022.97
60,371.00
2,930.23
57,440.77
0.00
235,582.20
27
8/15/2027
235,582.20
60,371.00
2,355.82
58,015.18
0.00
177,567.02
28
2/15/2028
177,567.02
60,371.00
1,775.67
58,595.33
0.00
118,971.69
29
8115/2028
118,971.69
60,371.00
1,189.72
59,181.28
0.00
59,790.41
30
2/15/2029
59,790.41
60,388.32
597.90
59,790.42
0.00
(0.00)
Total 1,811,147.32 253,097.32 1,558,050.00 44,130.00
120ON COUNTY -CITY BUILDING
227 W. JEFFERSON BLVD.
SOUTH BEND, INDIANA 46601 -1830
PHONE 574.235.9216
FAX 574.235.9928
CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR
DEPARTMENT OF ADMINISTRATION AND FINANCE
November 12, 2013
Mr. Derek D. Dieter, President
City of South Bend Common Council
227 W. Jefferson Boulevard, 41h Floor
South Bend, Indiana 46601
RE: Revision of Major Moves Fund Interfund Loan Amortization Schedules with the
Northeast Residential TIF Fund for the Eddy Street Commons and Triangle Development
Dear President Dieter,
On January 28, 2008 and on March 28, 2011, the Common Council approved
appropriations from the Major Moves Fund to pay for certain infrastructure costs in
connection with the Eddy Street Commons and Triangle Development projects. The costs
paid by Major Moves are being repaid by the Northeast Residential TIF Fund according
to amortization schedules and these schedules were based on maximum allowable
expenditure limits.
The final costs paid by Major Moves are now known and were $3,942,529 for Eddy
Street Commons and $1,513,920 for the Triangle Development. Therefore, City
Administration desires to amend the inter fund loan amortization schedules currently in
effect to reflect the actual amounts paid. The interest rate charged and other terms have
not changed.
I will present this bill to the Common Council at the appropriate committee and council
meetings. It is requested that this bill be filed for I" reading on November 25, 2013 with
2nd reading, public hearing and 3`d reading scheduled for December 9, 2013.
Thank you for your attention to this request. If you should have�any dues ' se--eel
to contact me at 574- 235 -7500. Filed € „
Regards,
Mark W. Neal
City Controller
a
CITY CEre_ „� -•. ^-` - -.
I
�� A
CC: Mayor Pete Buttigieg
Kathryn Roos, Deputy Chief of Staff
Christal Brisco, Corporation Counsel
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
67 -13 A BILL OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND, INDIANA, SETTING THE FINAL
INTERFUND LOAN AMORTIZATION SCHEDULES FOR
MAJOR MOVES FUND 412 ADVANCES TO THE
NORTHEAST RESIDENTIAL TIF FUND 436 IN
CONNECTION WITH THE EDDY STREET COMMONS
AND TRIANGLE DEVELOPMENT PROJECTS
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.
This bill was heard by the Public Works & Property Vacation Committee
Karen L. White
Chairperson, Committee of the Whole