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Home My WebLink AboutApproving the Issuance by South Bend Redevelopment Commission of Bonds South Bend Allocation Area No. 1AAttest: RESOLUTION 3269 -03 Passed by the Common Council of the City of South Bend, Indiana November 24, 03 20_. Presented by me to the Mayor of the City of South Bend, Indiana November 25, 20 03 City Clerk President of Common Council Approved and signed by me November 26 2003 . City Clerk M-. RESOLUTION NO. 32—'4-03 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA CONSENTING TO AND APPROVING THE ISSUANCE, BY THE SOUTH BEND REDEVELOPMENT COMMISSION OF BONDS FOR THE PURPOSES OF PROVIDING FUNDS FOR REFUNDING OUTSTANDING BONDS AND FINANCING REDEVELOPMENT PROJECTS IN THE SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 1A) AND PAYING INCIDENTAL EXPENSES IN CONNECTION THEREWITH AND ON ACCOUNT OF THE ISSUANCE OF THE BONDS WHEREAS, on October 17, 2003, the South Bend Redevelopment Commission (the "Commission ") adopted a resolution authorizing the issuance of bonds in an amount not to exceed Twenty -Two Million Dollars ($22,000,000) (the "Bonds ") for the purpose of providing funds for refunding outstanding bonds and financing redevelopment projects in the South Bend Central Allocation Area (South Bend Allocation Area No. 1 A) and paying incidental expenses in connection therewith and on account of the issuance of the Bonds; and WHEREAS, IND. Code §36- 7- 14- 25.1(p) provides that the Common Council of the City of South Bend, Indiana (the "Common Council'), as the legislative body of the City of South Bend, Indiana, must approve the issuance of the Bonds by the Commission because the aggregate principal amount of the Bonds is equal to or greater than Three Million Dollars ($3,000,000). NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AS FOLLOWS: SECTION 1. The Common Council hereby approves the issuance of the Bonds by the Commission pursuant to the provisions of IND. Code §36- 7- 14- 25.l(p). SECTION 2. This Resolution shall be in full force and effect immediately upon its adoption by the Common Council and approval by the Mayor. PRESENTED 1 Zy -d3 NOT APPROVED ADOPTED I' - 2' *A' 03 COMMON CO IL OF THE CITY OF SOUTH BEND By: 14 Zllxt� Member of the Common ouncil Filed In Clerk's Office OCT 2 2 2003 LOPMAIL MM TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee of the Whole, to whom was referred: BILL NO. 03 -119 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA CONSENTING TO AND APPROVING THE ISSUANCE, BY THE SOUTH BEND REDEVELOPMENT COMMISSION OF BONDS FOR THE PURPOSES OF PROVIDING FUNDS FOR REFUNDING OUTSTANDING BONDS AND FINANCING REDEVELOPMENT PROJECTS IN THE SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 1A) AND PAYING INCIDENTAL EXPENSES IN CONNECTION THEREWITH AND ON ACCOUNT OF THE ISSUANCE OF THE BONDS 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 COUNTY- CRYBmDING SOUTH BEND, INDuNA 46601 -1830 CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR PHONE 574/235 -9216 FAx 574/235 -9928 TDD 574/ 235 -5567 DEPARTMENT OF ADMINISTRATION AND FINANCE FREDERICK B. OLLETT, III CONTROLLER October 21, 2003 Ms. Karen White, President South Bend Common Council 4"' Floor, County -City Building South Bend, IN 46601 Re: Resolution Approving Redevelopment Commission Bond Issuance in Excess of $3,000,000 Dear Ms. White: Attached for approval by the South Bend Common Council is a Resolution approving the South Bend Redevelopment Commission's (Commission) issuance of a bond not to exceed $22,000,000. This bond was approved by the Commission on October 17, 2003 for the purpose of providing funds to refund outstanding bonds and to finance projects in the South Bend Central Allocation Area. Because the maximum bond amount of $22,000,000 exceeds $3,000,000, Common Council approval is required by Indiana Code Section 36- 7- 14- 25.1(1)(p). Favorable consideration of this Resolution by the Common Council is requested. I will be available to discuss this Resolution at the appropriate Council committee meeting and at the public hearing. Sincerely, Frederick B. 011ett, III Controller u (1i CATHERINE A. HUBBARD -SHEAR LIZ ROWE THOMAS SKARBEK SUSAN WALLACE ROBERTALLEN DIRECTOR DIRECTOR DIRECTOR MANAGER DIRECTOR iVy HUMAN RESOURCES CITYRNANCE BUDGETING& FINANCIAL REPORTING BENEFITS INFORMATIONTECHNOLC 1200 COUNTY -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 October 24, 2003 South Bend Common Council Fourth Floor Council Chambers 400 County-City Building South Bend, IN 46601 Dear Council Member: Resolution No. 03 -119 will approve the issuance of up to $22.0 million in Tax Increment Financing (TIF) Revenue Bonds for several downtown projects. We respectfully request consideration of this resolution be continued to your meeting on November 24, 2003. If you have any questions, please call me at 235 -9339. Sincerely, nald E. Inks Director, Economic Development Filed in Clerk's Office OCT 2 4 2003 LOMMA J. DUDA CITY CLEK 8O. BBlW, Ud. HAWPDATAOonkouncil cover3.wpd COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL & PROGRAM PAMELA C. MEYER DONALD E. INKS MANAGEMENT 5741235 -9660 574/235 -9371 ELIZABETH LEONARD FAR: 574/235 -9697 574/235 -9371 CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR OFFICE OF THE MAYOR President Karen White South Bend Common Council 4`h Floor, County -City Building South Bend, Indiana 46601 Dear Karen: November 24, 2003 Concerns have been raised by Councilmembers about not having final construction costs for the Studebaker National Museum. In order to provide assurance that funds will be sufficient for this project, we will return to Council after bids have been received. I commit that we will not spend any of the proceeds of the bond authorized by Bill No. 03 -119 for construction of the Studebaker National Museum until we have been able to show you that we are within budget for our dollars. This will allow us to be able to proceed with construction in a timely manner, rather than have to issue a new bond at that time. It will also allow you final review of the project so that you can be assured of its viability. I ask for the Council's favorable action on this Bill tonight. Thank you. Sincerely, Stephen J. Luecke, Mayor City of South Bend COUNTY -CITY BUILDING • SOUTH BEND, INDIANA 46601 PHONE 219/235 -9261 • FAX 219/235 -9892 • TDD 219/235 -5567