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RESOLUTION NO. 2855 <br />A RESOLUTION OF THE <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />DETERMINING TO TERMINATE ALLOCATION AREA NO.2 OF <br />THE SOUTH SIDE DEVELOPMENT AREA SO THAT INCREASES <br />IN THE ASSESSED VALUE OF PROPERTY LOCATED IN <br />ALLOCATION AREA NO.2 WILL ACCRUE TO THE BENEFIT <br />OF OVERLAPPING TAXING UNITS <br />WHEREAS, the South Bend Redevelopment Commission (the "Commission "), <br />the governing body of the City of South Bend, Indiana, Redevelopment District (the "District ") <br />and the City of South Bend, Indiana, Department of Redevelopment (the "Department "), exists <br />and operates under the provisions of Indiana Code 36 -7 -14, as amended from time to time (the <br />"Act "); and <br />WHEREAS, the Commission adopted Resolution No. 1914 ,the "Declaratory <br />Resolution ") on November 1, 2002, declaring the South Side Development Area,,(the "Area ") to <br />be a blighted area within the meaning of Section 14 of the Act, approving a Redeve;opment Plan <br />for the Area (the "Plan "), and creating Allocation Area No. 1 for the purpose of tax increment <br />financing ( "TIF "), which Declaratory Resolution was later confirmed by the Commission on <br />December 20, 2002, all pursuant to the Act; and <br />WHEREAS, Anchor Acquisitions, Ltd., proposed to the Commission a significant <br />retail and commercial center at the southwest corner of Ireland and Michigan Streets in the Area <br />(the "Project "); and <br />WHEREAS, the Commission adopted Resolution No. 2073 on July 27, 2004, for <br />the purpose of amending the Declaratory Resolution and the Plan to create a separate allocation <br />area within the Area known as Allocation Area No. 2 ( "Allocation Area No. 2 ") for the purpose <br />of accounting for the TIF revenues produced as a result of the Project in the Area separately and <br />to provide for the construction of certain public improvements, including roadway and related <br />infrastructure improvements at the intersection of Ireland and Michigan Streets in the Area; and <br />WHEREAS, the TIF revenues from the Project located in Allocation Area No. 2 <br />were used in part to pay the principal of and interest on (i) the City of South Bend, Indiana, <br />Redevelopment Adjustable Rate Demand Tax Increment Revenue Bonds, Series 2004 (Erskine <br />Commons Project) and (ii) the City of South Bend, Indiana, Taxable Economic Development <br />Revenue Bonds, Series 2005 (Erskine Commons Project) (such bonds being collectively referred <br />to herein as the "Bonds "); and <br />WHEREAS, the increases in the assessed value of property located in Allocation <br />Area No. 2 and attributable to the Project have been such that the Bonds have been paid in full <br />prior to their respective final maturity dates; and <br />BDDB01 6567002v 1 <br />