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14 <br />f <br />South Bend Redevelopment Commission <br />Regular Meeting— August 16, 2002 <br />6. NEW BUSINESS (CONT.) <br />D. Sample -Ewing Development Area <br />(5) continued... <br />Upon a motion by Ms. Jones, seconded by <br />Ms. Roemer and unanimously carried, the <br />Commission approved Resolution <br />No. 1905 appropriating the proceeds <br />(including investment earnings thereon) of <br />the South Bend Redevelopment District <br />Bonds to be applied to the cost of property <br />acquisition, redevelopment and economic <br />development in or serving the Sample - <br />Ewing Development Area. (TJX Project) <br />(6) Commission approval requested for <br />Resolution No. 1906 authorizing <br />publication of a public hearing to <br />provide for the designation of a <br />taxpayer pursuant to I.C. 36 -7 -14 -39.3 <br />Mr. Rompola explained that part of the <br />TIF revenues that will be generated from <br />this project will be from personal property. <br />Normally you cannot collect TIF revenues <br />from personal property, but there was an <br />amendment to this state statute allows that <br />in circumstances where the project <br />involves a manufacturing company or an <br />industrial or commercial company if we <br />show that we need those revenues to pay <br />for debt service on bonds that will be <br />related to that project. Our scenario fits <br />that exactly: we will use the TJX real and <br />personal property TIF revenues to pay for <br />the debt service on the bonds that are for <br />this project. To do that we need to hold a <br />public hearing and amend the original <br />23 <br />COMMISSION APPROVED RESOLUTION NO. 1905 <br />APPROPRIATING THE PROCEEDS (INCLUDING <br />INVESTMENT EARNINGS THEREON) OF THE <br />SOUTH BEND REDEVELOPMENT DISTRICT <br />BONDS TO BE APPLIED TO THE COST OF <br />PROPERTY ACQUISITION, REDEVELOPMENT AND <br />ECONOMIC DEVELOPMENT IN OR SERVING THE <br />SAMPLE -EWING DEVELOPMENT AREA. (TJX <br />PROJECT) <br />