No. 2561 setting a public hearing on the appropriation of TIF revenues from the AED/urban enterprise zone special zone fund for payment of certain obligations and expenses related to the AEDA and the urban enterprise zone

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• • Commission and resulting solely from the increase in the assessed value of personal property and real property and improvements thereon located in the SEDA 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 Declaratory Resolution was further amended by the Resolution No. 2348 and Resolution No. 2351, adopted on June 19, 2007 and July 20, 2007 respectively and said resolution expanded the Area by adding and consolidating the SEDA into the Area (collectively referred to hereafter as the "Area ") and expanded Allocation Area No. I by adding and consolidating the SEDA Allocation Area into Allocation Area No. 1 (collectively referred to hereafter as "Allocation Area No. 1 "); and WHEREAS, under the Declaratory Resolution, the funds and deposits of the SEDA Allocation Funds have further been consolidated and deposited with Allocation Area No. 1 Fund (collectively referred to hereafter as "Allocation Area No. 1 Fund "); and WHEREAS, on October 27, 2003, the South Bend Common Council adopted Resolution No. 3261 -03, requesting that the State Enterprise Zone Board establish the Urban Enterprise Zone (the "Zone ") as an enterprise zone within the meaning of Indiana Code § 4 -4 -6.1 (now Indiana Code § 5- 28 -15) which was approved by the State of Indiana, effective January 1, 2004, for a period of ten (10) years and expiring on December 31, 2013; and WHEREAS, the purpose for the existence of the Zone is to: (1) Increase the number of jobs in the Zone by retention and expansion of existing businesses and attraction and development of new businesses; and (2) Improve the quality of life of zone residents, improve zone residents' employability, and fill zone jobs with zone residents; and WHEREAS, due to an overlap in the Area and the Zone (the "Overlap Area "), the Airport Economic Development Area / Urban Enterprise Zone Special Zone Fund was established for the purpose of depositing into a special fund (the "Zone Fund ") tax increment revenues allocated to the Commission and resulting solely from the increase in the assessed value of personal property and real property and improvements thereon located in the Overlap Area pursuant to Indiana Code § 36- 7-14-39(g); and WHEREAS, pursuant to Indiana Code § 36- 7- 14- 39(g), tax increment revenues allocated to the Commission and resulting solely from the increase in the assessed value of personal property and real property and improvements thereon located in the Overlap Area have been transferred from the Allocation Area No. 1 Fund into the Zone Fund; and WHEREAS, the Commission desires to pay certain expenses incurred by third parties for programs located in or serving the Overlap Area from funds remaining in the Zone Fund, in accordance with Indiana Code § 36- 7- 14 -39(g) and certain other expenditures incurred by the Commission in accordance with Indiana Code § 36- 7- 14- 39(b)(2); and