No. 2557 setting a public hearing on the appropriation of TIF revenues from the Douglas Rd. allocation area for the payment of certain obligations and expenses related to the Douglas Rd. EDA areas and other related matters

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RESOLUTION NO. 2557 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION SETTING A PUBLIC HEARING ON THE APPROPRIATION OF TAX INCREMENT FINANCING REVENUES FROM THE DOUGLAS ROAD ALLOCATION AREA FOR THE PAYMENT OF CERTAIN OBLIGATIONS AND EXPENSES RELATED TO THE DOUGLAS ROAD ECONOMIC DEVELOPMENT ALLOCATION AREAS AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the governing body of the Department of Redevelopment of the City of South Bend, Indiana (the "City") and the City of South Bend, Indiana, Redevelopment District (the "District "), exists and operates under the provisions of Indiana Code § 36 -7 -14, as amended (the "Act "); and WHEREAS, on December 2, 2005, the Commission adopted Resolution No. 2199 (the "Declaratory Resolution ") declaring the Douglas Road Economic Development Area (the "Area ") to be an economic development area within the meaning of the Act and designated the Area as the Douglas Road Economic Development Area Allocation Area No. 1 ( "Allocation Area No. 1 ") for purposes of tax increment financing pursuant to the Act; and WHEREAS, on December 20, 2005, the Area Plan Commission of St. Joseph County ( "Plan Commission ") issued its written order approving the Declaratory Resolution by the adoption of Plan Commission Resolution 165 -05, in accordance with Indiana Code § 36- 7- 14-16; and WHEREAS, on January 23, 2006, the Common Council of the City approved the order of the Plan Commission through the adoption of Common Council Resolution No. 3556 -06; and WHEREAS, on February 17, 2006, the Commission held a duly noticed public hearing, in accordance with Indiana Code § 36-7 -14-17 and Indiana Code § 5 -3 -1; and WHEREAS, following said hearing, the Commission adopted Resolution No. 2199 confirming the Declaratory Resolution; and WHEREAS, the Declaratory Resolution created the Douglas Road Economic Development Area Allocation Area No. 1 Fund ( "Allocation Area No. 1 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 No. 1 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 No. 1 from funds remaining in the 10 Allocation Area No. 1 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