5A(1)&(2) Public Hearing Resolution No. 2663

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RESOLUTION N0.2663 ADDITIONAL APPROPRIATION RESOLUTION OF THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION (SOUTH BEND CENTRAL DEVELOPMENT AREA) WHEREAS, the South Bend Redevelopment Commission ("Commission"), governing body of the City of South Bend Department of Redevelopment ("Department"), on May 10, 1985, adopted Resolution No. 737 declaring the South Bend Central Development Area in the City of South Bend, Indiana ("City") to be a blighted area within the meaning of the Redevelopment of Cities and Towns Act of 1953, as amended, Indiana Code § 36-7-14 ("Act"); and WHEREAS, Resolution No. 737 and the South Bend Central Development Area Development Plan ("Development Plan") adopted by Resolution No. 737 on May 10, 1985, were confirmed by Resolution No. 739 adopted on June 14, 1985; and WHEREAS, Section 43 of the Act permits the creation of an allocation area within a redevelopment area to provide for the allocation and distribution, as provided by the Act, of the proceeds of taxes levied on property situated in the allocation area; and WHEREAS, the Commission, in accordance with the Act, has previously established the South Bend Central Allocation Area (South Bend Allocation Area No. 1 A) (the "Allocation Area") and the South Bend Central Development Area (South Bend Allocation Area No. 1 A) Special Fund (the "Allocation Fund"), for the purpose of depositing into such Allocation Fund tax increment revenues allocated to the Commission and resulting solely from the increase in the assessed value of real property and improvements thereon located in Allocation Area pursuant to Indiana Code § 36-7- 14-39(b)(1)and from the proceeds from the sale or leasing of property in the Area under Indiana Code § 36-7-14-22, all in accordance with Indiana Code § 36-7-14-26; and WHEREAS, the Commission desires to pay certain expenses incurred by it or the City for local public improvements that are in or serving the Allocation Area, including but not limited to debt service and lease payment for said improvements, from funds remaining in the Allocation Fund, in accordance Indiana Code § 36-7-14-39(b)(2) and certain other expenditures incurred by the Commission in accordance with Indiana Code § 36-7-14-39(b)(2); and WHEREAS, .the expenditures incurred or anticipated to be incurred by the Commission proposed to be paid with funds from Allocation Fund are described on the attached Exhibit A; and WHEREAS, the proposed appropriations from Allocation Fund are not for the operating expenses of the Commission; and