HomeMy WebLinkAboutNo. 2384 revising the appropriation of monies for the purpose of defraying the expenses of certain local public improvements for the fiscal year beginning January 1, 207 and ending December 31, 2007, including all outstanding claims and oblig (2)RESOLUTION NO. 2384
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
REVISING THE APPROPRIATION OF MONIES FOR THE PURPOSE OF
DEFRAYING THE EXPENSES OF CERTAIN LOCAL PUBLIC
IMPROVEMENTS FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2007,
AND ENDING DECEMBER 31, 2007, INCLUDING ALL OUTSTANDING
CLAIMS AND OBLIGATIONS, FIXING A TIME WHEN THE SAME SHALL
TAKE EFFECT
WHEREAS, the South Bend Redevelopment Commission is the lessee of certain local public
improvements which, during calendar year 2007, realize revenues and incur expenses in connection
with the operation and maintenance of the same; and
WHEREAS, the South Bend Redevelopment Commission has determined that it is necessary to
appropriate the revenues of certain public improvements in order to defray the expenses of those local
public improvements.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION AS FOLLOWS:
1. For the expenses of the South Bend Central Development Area Building Operations
Budget Fund 425 (which currently includes Wayne Street Retail, Leighton Plaza Retail Space and
Leighton Plaza Courtyard), for the fiscal year 2007, the sums of money, as set forth in the budget
which is made a part hereof, are hereby appropriated and ordered set apart out of the funds hereinafter
named, and for the purposes hereinafter specified, subject to the laws governing the same. The sums
herein appropriated shall be deemed to include all expenditures authorized to be made in said year,
unless otherwise expressly stipulated or provided by law.
2. For the fiscal year ending December 31, 2007, the above referenced appropriations are
made within the South Bend Central Development Area Building Operations Budget Fund.
3. This resolution shall be in full force and effect from and after its adoption.
Adopted at the regular meeting of the South Bend Redevelopment Commission held Friday,
November 2, 2007, at 10:00 a.m., 403 E. Madison, Meeting Room West, South Bend, Indiana 46617.
SOUTH BEND REDEVELOPMENT COMMISSION
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Marcia I. Jones, President
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ATTEST:
Fund 425 REVISED 10/30/07
Redevelopment Retail
Building Operations Budget
for Calendar Year 2007
Proposed
Revised Original Total
2007 2007 Increase % 2006
Budget Budget (Decrease) Change Actual
Beginning Cash @ 1/1
Cash in City Accounts $68,605 $68,605 0 0.00% $66,291
Accounts Receivable -City Accounts 47,741 47,741 (0) 0.00 % 0
Accounts Receivable -Wayne St. Retail 0 0 0 0.00 % 14,623
Cash with Fiscal Agent 14,463 14,463 job 0.00 % 38,614
Total Cash @ 111 130,809 130,810 (0) 0.00 % 119,528
Revenue (425.0000):
Due from Other Funds 0 0 0 0.00 % 47,741
361-00-00 Interest Income (City Cash) 0 0 0 0.00 % 2 314
Total Revenue on City Cash 0 0 0 0.00 % 50,055
Leighton Retail Revenue (425.1081):
362-00-00 Gross Potential Rent 98,993 115,527 (16,534) -14.31% 104,436
360-00-00 CAM Income 26,164 42,329 (16,165) -38.19% 20,399
Miscellaneous Income 2,719 0 2,719 0.00% 3,183
361-00-00 Interestlncome 0 200 (200) -100.00% 73
Sub-total Revenue 127,877 158,056 (30,180) -19.09% 128,091
Wayne Street Retail Revenue (425.1083):
362-00-00 Gross Potential Rent 17,064 17,064 0 0.00 % 8,795
360-00-00 CAM Income 0 0 0 0.00 % 0
Miscellaneous Income 0 0 0 0.00°/ 0
361-00-00 Interest Income 0 0 0 0.00 % 0
Sub-total Revenue 17,064 17,064 0 0.00% 8,795
TOTAL REVENUE 144,941 175,120 (30,180) -17.23% 186,941
Leighton Retail Space (425.1081.460):
23-99 General Maint. -Materials 3,925 2,090 1,835 87.80 % 4,457
31-05 Appraisals 0 0 0 0.00% 0
31-10 Leasing Commissions 13,133 6,408 6,725 104.95% 11,168
35-01 Electric 1,252 0 1,252 0.00% 3,982
35-02 Gas 445 0 445 0.00 % 0
35-03 Trash Removal 8,371 5,056 3,315 65.57 % 9,025
35-04 Water/Sewer 656 0 656 0.00% 0
36-12 Common Area Maint. -Grounds 20,885 8,633 12,252 141.92 % 14,860
36-13 Supervisor-Labor 5,444 4,800 644 13.42% 7,945
36-14 Repair Contract 0 1,080 (1,080) -100.00% 0
36-16 General Maint. -Labor 26,611 12,200 14,411 118.12 % 18,064
39-02 Mileage 1,118 0 1,118 0.00% 0
39-03 Management Fee 7,983 7,903 80 1.01 % 7,814
39-09 AdminExpenses 2,000 1,920 80 4.17% 4,153
39-89 Misc. Charges (Real Estate Taxes) 17,532 17,531 1 0.01 % 17,531
42.02 Capital -Buildings 4 834 20,000 15 166 -75.83 % 30,546
Sub-Total Expenses 114,189 87,621 26,568 30.32% 129,544
Leighton Plaza (425.1082.460):
22-07 Landscaping Materials 71 1,000 (929) -92.90% 1,170
22-08 Maintenance Supplies 396 900 (504) -56.00% 0
23-99 Grounds Supplies 252 2,150 (1,898) -88.28% 0
36-12 Common Area Maint. -Grounds 34,610 25,226 9,384 37.20 % 20,613
36-16 Landscape Contract 2,667 7,196 (4,529) -62.94% 162
39-01 Management Fee 900 900 0 0.00% 750
39-09 Admin Expenses 1 0 1 0.00% 1
39-64 Property Management 0 0 0 0.00 % 0
Sub-Total Expenses 38,897 37,372 1,525 4.08% 22,698
0
Wayne Street Retail (425.1083.460)': 0
39-01 Management Fee 1,650 2,400 (750) -31.25% 1,800
39-04 Lease Commissions 0 0 0 0.00 % 10,333
39-64 Property Management 445 6 000 5( 555) -92.58 % 11.285
Sub-Total Expenses 2,095 8,400 (6,305) -75.06 % 23,418
Reserve Fund 0 20,000 (20,000) -100.00% 0
Total Expenses Retail & Plaza 155,181 153,393 1,788 1.17°/ 175,660
Net Income for Fund 425 (10,241) 21,727 (31,968) -147.13% 11,281
~cnding Cash @ End of Period $120,569 $152,537 ($31,968) -20.96 % $130,809
F:\DATA\SHARE\ECONDEV\FPM1Budgets\Budget 2007\TIFFUND 425 Revised.xls10/30/2007