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South Bend Redevelopment Commission <br />Regular Meeting –June 18, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />I. Other <br /> <br />(2) continued… <br /> <br />Ms. Leonard noted that Resolution No. 2701 <br />sets a public hearing for 10:00 a.m., July 9, <br />2010 to appropriate an amount not to exceed <br />$4,000,000. <br /> <br />CRN.2701 <br />Upon a motion by Mr. Downes, seconded by <br />OMMISSION APPROVED ESOLUTION O <br />10:00.., <br />SETTING A PUBLIC HEARING FOR AM <br />Mr. Alford and unanimously carried, the <br />J9,2010T <br />ULY ON THE APPROPRIATION OF AX <br />Commission approved Resolution No. 2701 <br />IFR <br />NCREMENT INANCING EVENUES FROM <br />setting a public hearing for 10:00 a.m., <br />VARIOUS ALLOCATION AREAS FOR THE PAYMENT <br />July 9, 2010 on the appropriation of Tax <br />OF CERTAIN OBLIGATIONS AND EXPENSES <br />Increment Financing Revenues from various <br />RELATED TO THEIR RESPECTIVE ALLOCATION <br /> <br />AREAS AND OTHER RELATED MATTERS <br />allocation areas for the payment of certain <br />obligations and expenses related to their <br />respective allocation areas and other related <br />matters. <br /> <br /> <br />(3) Resolution No. 2705 determining that the <br />tax increment which may be collected in <br />the Year 2011 is needed to satisfy <br />obligations of the Commission and that no <br />excess assessed value may be allocated to <br />the respective taxing units and other <br />related matters. <br /> <br />Mr. Inks noted that Resolution No. 2705 sets <br />a public hearing for 10:00 a.m., July 9, 2010. <br />The state has a requirement that by July 15 of <br />each year we must inform the Auditor’s <br />Office whether any of the increment being <br />captured can be released to the other taxing <br />units. Resolution No. 2705 states that none <br />of the increment will be released; it will all <br />be retained in the TIF districts. Staff has put <br />together a list of anticipated TIF revenue for <br />2011 in each of the TIF areas and a list of <br />projects on which the revenues may be spent. <br /> 27 <br /> <br />