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0450UT11 <br /> � O <br /> U d <br /> W PEACE a <br /> 1865 <br /> Office of the Mayor <br /> NEWS RELEASE <br /> June 6,2011 <br /> 5 p.m. <br /> Bill 27-11: Investments for South Bend's future <br /> Contact: Mikki Dobski, Director of Communications&Special Projects, 235-5855 or 876-1564 <br /> A bill being considered by the South Bend Common Council would appropriate $9.15 <br /> million for special project investments in 2011 in three areas: new economic development <br /> opportunities, infrastructure upkeep and repairs, and quality of life enhancements. <br /> During the past two years,the City of South Bend has overcome an unprecedented <br /> budget challenge from the property tax caps. While it provided necessary property-tax <br /> relief for residents and businesses, it took great creativity to sustain city services and <br /> continue economic growth with a 27 percent loss of revenue. The City cut more than $11 <br /> million from its operating budget and streamlined many services. During this time,the <br /> administration set aside more than the usual level of reserves in the face of uncertainty. <br /> The adoption of new local income taxes means municipal budgets are now on a firm <br /> footing—at a lower spending level than before the property tax caps. (One of the new <br /> local option income taxes provided additional property tax relief for homeowners.) In <br /> 2010,two national agencies increased South Bend's bond rating, citing prudent fiscal <br /> management, sufficient cash reserves and spending reductions as well as diverse and <br /> stable revenue sources. Because this administration has been prudent financially, we have <br /> resources to support key services in the city. <br /> "Just as families look to their future, the City of South Bend must find a way—even with <br /> economic challenges—to invest in economic growth, sustain our infrastructure and <br /> enhance quality of life," said Mayor Stephen J. Luecke. "New businesses won't relocate <br /> to a community that does not invest in itself. Now is precisely when a city must invest in <br /> economic-development strategies that bring fixture growth." <br /> Here are the proposed investments in the appropriations bill before the Council: <br />