No. 2563 transferring TIF revenues from the AED allocation area fund to the AED / urban enterprise zone special zone fund

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Code 36-7-14-39(b)(1) and from the proceeds from the sale or leasing of property in the Area § p 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. l by adding and consolidating the SEDA Allocation Area into Allocation Area No. 1 (collectively referred to hereafter as "Allocation Area No. I"); 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, due to an overlap in the Area and the Zone (the "Overlap Area "), Indiana Code i§ 36- 7- 14 -39(g) requires the establishment of a special zone fund (to be known as the Airport Economic Development Area / Urban Enterprise Zone Special Zone Fund) (the "Zone Fund ") for the purpose of depositing into 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; and WHEREAS, Bill No. 12 -09, entitled "AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AMENDING THE SOUTH BEND MUNICIPAL CODE AT CHAPTER 2, ARTICLE 14, TO ESTABLISH ONE ADDITIONAL FUND NAMELY, FUND NO. 454, AIRPORT ECONOMIC DEVELOPMENT AREA/URBAN ENTERPRISE ZONE SPECIAL ZONE FUND" is pending before the South Bend Common Council which establishes the Zone Fund by ordinance; 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 should be transferred from the Allocation Area No. 1 Fund into the Zone Fund; and WHEREAS, the tax increment revenues to be transferred by the Commission into the Zone Fund are described on the attached Exhibit A and are as follows: •