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REGULAR MEETING <br />JANUARY 10.2005 <br />BILL NO.93-04 PUBLIC HEARING ON A BILL OF THE COMMON <br />COUNCIL OF THE CITY OF SOUTH BEND, INDIANA <br />AUTHORIZING THE ISSUANCE OF BONDS TO <br />EVIDENCE A LOAN FROM THE ENVIRONMENTAL <br />REMEDIATION REVOLVING LOAN FUND <br />ADMINISTERED BY THE INDIANA DEVELOPMENT <br />FINANCE AUTHORITY, PLEDGING A PORTION OF <br />THE CITY'S COUNTY OPTION INCOME TAX <br />REVENUES TO SECURE SUCH BONDS, AND <br />OTHER MATTERS CONNECTED TFIEREWITI-I <br />OPTION INCOME TAX REVENUES TO SECURE <br />SUCH BONDS, AND OTHER MATTER CONNECTED <br />TFIEREWITH <br />Councilmember Kuspa made a motion to hear the substitute version of this bill. <br />Councilmemer Varner seconded the motion which carried by a voice vote of nine (9) <br />ayes. <br />Councilmember Kelly, Chairperson, Community and Economic Development <br />Committee, reported that this committee met on this bill this afternoon and voted Lo send <br />it to the full Council with a favorable recommendation. <br />Mr. Gary Gilot, Director, Public Works Department, 1300 County-City Building, South <br />Bend, Indiana, made the presentation for this bill. <br />Mr. Gilot advised that this bill was filed with the Council earlier authorizing the issuance <br />of bonds related to a $750,000 loan from the Indiana Development Finance Authority for <br />the Erskine Common retail development project on Ireland Road. After the filing of the <br />Ordinance it came to my attention that there were a few technical corrections to be made. <br />They are the name of the State program which is the funding source has been changed in <br />the title and in the body of the Ordinance. Provisions have been added relating to the <br />distribution of the proceeds of the IDFA loan by the City to Anchor. Language has been <br />added to make it clear that the first funds that are to be used to repay the IDFA loan by <br />the City will be the payments received by the City from Anchor. Also, Ianguage has been <br />added, at the request of IDFA, to clarify that in the overt of the non-receipt of payments <br />from Anchor, other available revenues of the City will be used to repay the IDFA loan. <br />At the request of IDFA, we have also added language to make it clear that the 20% <br />forgivable portion is still under review by IDFA. The forgiveness of the 20% should not <br />be an issue because the project qualifies for it but IDFA wanted the language inserted <br />until their review was complete. Language has been added giving the Mayor and the City <br />Controller authority, consistent with the terms of the enclosed Ordinance, to negotiate the <br />specific terms of the documents with IDFA and Anchor. <br />This boing the time heretofore set for the Public Hearing on the above bill, proponents <br />and opponents were given an opportunity to be heard. <br />There being no one present wishing to speak to the Council either in favor of or in <br />opposition to this bill, Councilmember Kuspa made a motion for favorable <br />recommendation to full Council concerning this bill as substituted. Councilmember <br />Varner seconded the motion which carried by a voice vote of nine (9) ayes. <br />RISE AND REPORT <br />Councilmembor Kelly made a motion to rise and report to the full Council. <br />Councilmember Varner seconded the motion which carried by a vote vote of nine (9) <br />ayes. <br />12 <br />~n ~~ <br />