No. 2073 approving an amendment to the SSDA of the COSB and related matters

Home Browse Search

�� It ` Q-1 ?' 1 1 i RECORDED ON 02/17/2005 04:24:37f' TERRA J. RETHLAKE RESOLUTION N0.2073 5T. JDSEPH COUNTY RECORDER REC FEE: $17.00 RESOLUTION OF THE SOUTH BEND REDEVELOPMMW : 3 COMMISSION APPROVING OF AN AMENDMENT TO THE SOUTH SIDE DEVELOPMENT AREA OF THE CITY OF SOUTH BEND, INDIANA, AND RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the governing body of the City of South Bend, Indiana, Redevelopment District and the City of South Bend, Indiana, Department of Redevelopment, did, on November 1, 2002, adopt Resolution No. 1914 (the "Declaratory Resolution ") declaring the South Side Development Area (the "Area ") to be a blighted area within the meaning of Ind. Code § 36 -7 -14 (the "Act "), and approving a Redevelopment Plan for the Area (the "Plan ") pursuant to the Act; and WHEREAS, the Declaratory Resolution was confirmed by the Commission on December 20, 2002; and WHEREAS, pursuant to the Declaratory Resolution, the Commission designated an allocation area for purposes of Section 39 of the Act which allocation area is known as Allocation Area No. 1 ( "Allocation Area No. V) for purposes of tax increment financing ( "7117") pursuant to the Act and which is described as set forth in the Declaratory Resolution; and WHEREAS, Section 17.5 of the Act and Section 39.1 of the Act provide the means for approving amendments to the Plan; and WHEREAS, there has been proposed to the Commission by Anchor Acquisitions, Ltd. a project involving the construction of a significant commercial and retail center at or about the southwest corner of the intersection of Ireland and Michigan Streets in the Area (the "Project "); and WHEREAS, Section 39 of the Act has been enacted to permit the creation of allocation areas within a redevelopment area to provide for the allocation and distribution, as provided in the Act, of the proceeds of taxes levied on property situated in an allocation area, and the Commission desires to create a separate allocation area within the Area described at Exhibit A attached hereto and incorporated herein (the "Allocation Area No. 2 ") for the purpose of accounting for the TIF revenues produced as a result of the Project in the Area separately (the "Project Tax Increment Revenues ") and to amend the Plan accordingly to include certain local public improvements including roadway and related infrastructure improvements to Ireland and Michigan Streets; and WHEREAS, the Commission has complied with the notice provisions of Section 17.5(a) of the Act; and SBIMAN 1 188221v2