HomeMy WebLinkAboutEstablishing a new revolving fund to be known as the Industrial Development Fund #434ORDINANCE No.
9331-02
Passed by the Common Coasncil of the Ciry of South Bend, Indiana
Attest:
Attest:
Presented by me to the Mayor of the City of Soutlt Bend, Indiana
June 14 20 02
Ciry Clerk
President of Common Corcncil
Ciry Clerk
Approved and signed by me June 14, 20 02
June 10, 20 02
ORDINANCE NO. l 3 ~ ~~ 0 Z-
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, ESTABLISHING A NEW REVOLVING FUND TO BE KNOWN AS THE
INDUSTRIAL DEVELOPMENT FUND (#434)
STATEMENT OF PURPOSE AND INTENT
On March 1, 2001, the Indiana General Assembly amended I.C. 36-7-13, (which provides
for Community Revitalization Enhancement District (CREED legislation), to include St. Joseph
County within the scope of the Act. In order for a municipality to provide the money needed to
improve a designated CREED district, its governing body must "create a special revolving fund to
be known as the industrial development fund, into which any available and unappropriated money
of the unit maybe transferred by the unit's legislative body." I.C. 36-7-13-4(a). This Ordinance
creates the fund required by I.C. 36-7-13-4(a).
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 Industrial Development Fund, designated further as Fund Number
434.
Section II. The new capital Industrial Development Fund # 434 shall be used as the
repository of any available and unappropriated money of the City of South Bend for the sole purpose
of acquiring, improving, and generally dealing with real property located within a designated
CREED district to the maximum extent permitted byI.C. 36-7-13-1 et seq., and specifically by I.C.
36-7-13-3.
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.
~G~~~ C~'-~L~~
Member, South Bend Common Council
0 2,
1st READING s ", 3
PUBLIC HEARWG (p-1 O_tJt
3 rd READING (~ - ~'p ^ C71-
NOT APPROVED
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REFERRED r- ^ OZ
PASSED YJ ,\O
COMMITTEE REPORT
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL N~_
29-02 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, ESTABLISHING A NEW REVOLVING FUND TO BE KNOWN AS
THE INDUSTRIAL DEVELOPMENT FUND (#434)
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 COiJNTY-C1TY 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 SL ECONOMIC DEVELOPMENT
JON R. HUNT
EXECUTIVE DIRECTOR
Apri126, 2002
South Bend Common Council
4`h Floor, County City Building
227 West Jefferson
South Bend, IN 46601
Dear Council Members:
Enclosed is an ordinance establishing the Industrial Development Fund (Fund #434). This Fund
is required for a Community Revitalization Enhancement District (CREED District) which we
would like to establish in the Studebaker/Oliver project area. The fund will be used to collect
monies that are deposited with the City for the purposes allowed in the CREED District.
I respectfully request your approval of this Resolution
Sincerely,
~/~Gc,
Ann E. Kolata
Senior Redevelopment Specialist
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COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL 8L PROGRAM
PAMELA C. MEYER DONALD E. INKS MANAGEMENT
574/235-9660 574/235-9371 ELIZABETH I.EOYARD
FAx: 5741235-9697 574!235-9371