No. 1273 determining tax increment needed to satisfy obligations of the Commission regarding the South Bend Central Allocation Area (No. 1A)

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RESOLUTION NO. 1273 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING TAX INCREMENT NEEDED TO SATISFY OBLIGATIONS OF THE COMMISSION REGARDING THE SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND CENTRAL ALLOCATION AREA NO. IA) WHEREAS, on May 10, 1985, the South Bend Redevelopment Commission (the "Commission ") adopted its Resolution No. 737 (the "Declaratory Resolution ") declaring that an area designated by the Commission as the South Bend Central Development Area (the "Area ") in the Redevelopment District of the City of South Bend, Indiana, is a "blighted area" within the meaning of the Redevelopment of Cities and Towns Act of 1953, I.C. 36 -7 -14, as amended (the "Act "); and WHEREAS, on June 14, 1985, after notice of the public hearing thereon and after obtaining all other approvals required by law, the Commission, in its Resolution No. 739, confirmed the Declaratory Resolution by the adoption of a Confirmatory Resolution; and WHEREAS, the Commission in accordance with the Act, has previously established the South Bend Central Allocation Area, (South Bend Central Allocation Area No. 1A) which has boundaries conterminous with the Area; and WHEREAS, the Commission, in accordance with the Act, has previously established the South Bend Central Allocation Area, (South Bend Allocation Area No. 1A) Allocation Fund (the "Allocation Fund "); and WHEREAS, 50 IAC 8 contains rules adopted by the Indiana State Board of Tax Commissioners concerning tax increment finance (the "Regulations "); and WHEREAS, Section 39 of the Act and 50 IAC 8 -2 -4 require the Commission to determine before July 15, 1994, whether the sum of the balance in the Allocation Fund plus estimated future investment earnings on that balance is sufficient to satisfy obligations of the Commission over the terms of those obligations, and whether the capture of only a portion of the potential captured assessment (as defined in the Regulations) will result in a balance in the Allocation Fund in 1995 that, when combined with future investment earnings on that balance and the resultant tax increment to be collected in 1995, will be sufficient to satisfy the obligations of the Commission over the terms of those obligations. NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The Commission hereby determines that the sum of the current balance in the Allocation Fund plus estimated future investment earnings on that balance is not sufficient to meet the obligations of the Commission of such sum over the term or terms of those obligations. 2. The Commission further determines that the capture of only a portion of the potential captured assessment in 1995 will result in a balance in the Allocation Fund in 1995 that, when combined with future investment earnings on that balance and the resultant tax increment to be collected in 1995, will not be sufficient to satisfy the obligations of the Commission over the term or terms of those obligations, and that therefore all of the potential captured assessment for the Allocation Area in 1995 shall be treated as captured assessment (as defined in the Regulations). In making this determination, the Commission has considered the effect that the determination will have on the property tax rate in the Redevelopment District. 3. Any one of the President, Vice President and Secretary of the Commission is hereby authorized and directed to immediately notify the St. Joseph County Auditor of the determination made herein by the Commission.