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REGULAR MEETING JUNE 23, 2008 <br /> <br /> <br /> <br /> <br />In Rebuttal, Mr. Inks responded to the suggestion that this is a transaction that is contrary <br />to the concept or thought behind state law. Mr. Inks stated that he believes that is <br />absolutely incorrect, these are exactly the types of situations the state law contemplates. <br />State Law prescribes for a Redevelopment Authority to be established in a community <br />and gives the Redevelopment Authority the ability to issue Lease Rental Revenue Bonds. <br />It provides under the statute the Redevelopment Commission, the ability to pledge TIF <br />Revenues for the Redevelopment Authority to accept other pledges of resources for the <br />repayment of those bonds all for needed capital improvements for the benefit of the City. <br />So this project is entirely appropriate under State Law, and just fits to a “T” what the <br />State was envisioning when they enacted these provisions. <br /> <br />There being no one else present wishing to speak either in favor of or in opposition to this <br />bill, Councilmember Puzzello made a motion for favorable recommendation to full <br />Council concerning this bill as substituted. Councilmember White seconded the motion <br />which carried by a voice vote of eight (8) ayes. <br /> <br /> <br />RISE AND REPORT <br /> <br />Councilmember Varner made a motion to rise and report to the full Council. <br />Councilmember Puzzello seconded the motion which carried by a voice vote of eight (8) <br />ayes. <br /> <br /> <br /> <br />ATTEST: ATTEST: <br /> <br /> <br /> <br />_________________________ _________________________ <br />John Voorde, City Clerk Derek D. Dieter, Chairperson <br /> Committee of the Whole <br /> <br />REGULAR MEETING RECONVENED <br />Be it remembered that the Common Council of the City of South Bend reconvened in the <br />Council Chambers on the fourth floor of the County-City Building at 8:25 p.m. President <br />Timothy Rouse presided with eight (8) members present. <br /> <br /> <br />BILLS – THIRD READING <br /> <br /> <br />ORDINANCE NO. 9847-08 AN ORDINANCE OF THE COMMON <br /> COUNCIL OF THE CITY OF SOUTH <br /> BEND, INDIANA, ANNEXING TO AND <br /> BRINGING WITHIN THE CITY LIMITS <br /> OF SOUTH BEND, INDIANA, CERTAIN <br /> LAND IN GERMAN TOWNSHIP, <br /> CONTIGUOUS THEREWITH; <br /> COUNCILMANIC DISTRICT 1, <br /> WAGGONER FARM DEVELOPMENT, <br /> L.P. 51270 MAYFLOWER ROAD, <br /> SOUTH BEND, INDIANA <br /> <br /> <br />This bill had third reading. Councilmember Dieter made a motion to pass this bill. <br />Councilmember Oliver Davis seconded the motion which carried. The bill passed by a <br />roll call vote of eight (8) ayes. <br /> <br /> <br /> <br /> 20 <br /> <br />