No. 2541 appropriating TIF revenues from allocation area fund for the pmt of certain obligations and expenses related to the NNDA allocation area

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• RESOLUTION NO. 2541 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM ALLOCATION AREA FUND FOR THE PAYMENT OF CERTAIN OBLIGATIONS AND EXPENSES RELATED TO THE NORTHEAST NEIGHBORHOOD DEVELOPMENT AREA ALLOCATION AREA WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the governing body of the City of South Bend Department of Redevelopment (the "Department "), on November 17, 2003, adopted Resolution No. 2016 declaring the Northeast Neighborhood Development Area in the City of South Bend, Indiana (the "City ") to be an area needing redevelopment within the meaning of the Redevelopment of Cities and Towns Act of 1953, as amended, which is codified at, Indiana Code § 36-7 -14-1 et seq (the "Act "); and WHEREAS, Resolution No. 2016 and the Northeast Neighborhood Development Area Development Plan (the "Development Plan ") adopted by Resolution No. 2016 on November 17, 2003, were confirmed by Resolution No. 2021 adopted on December 19, 2003 (collectively, the "Declaratory Resolution "); and WHEREAS, the Declaratory Resolution created the Northeast Neighborhood Allocation Area Special Fund ( "Allocation Area Fund ") for the purpose of depositing into such 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 Allocation Area from funds remaining in the Allocation Area 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 Area Fund are described on the attached Exhibit A; and WHEREAS, the proposed appropriations from Allocation Area Fund are not for the operating expenses of the Commission; and WHEREAS, such appropriations are subject to the provisions of Indiana Code § 6- 1.1 -18 -5; and WHEREAS, on December 19, 2008, the Commission adopted Resolution 2532 setting a public hearing on said appropriations for 10:00 a.m. on January 16, 2009 and authorizing the Secretary of the Commission to duly publish notice of said hearing; and