No. 1170 determining to appropriate money from the SBCAA (No. 1A) special fund

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RESOLUTION NO. 1170 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING TO APPROPRIATE MONEY FROM THE SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 1A) SPECIAL FUND WHEREAS, the South Bend Redevelopment Commission ( "Commission "), governing body of the City of South Bend Department of Redevelopment ( "Department "), on May 10, 1985, adopted Resolution No. 737 declaring the South Bend Central Development Area to be a blighted area within the meaning of IC 36 -7 -14 (the "Act "); and WHEREAS, Resolution No. 737 and the South Bend Central Development Area Plan were confirmed by Resolution No. 739 adopted on June 14, 1985; and WHEREAS, Resolution No. 737 has been amended from time to time pursuant to the provisions of the Act; and WHEREAS, Resolution No. 737 created the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) and the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) Special Fund ( "Allocation Fund ") for purposes of paying into such fund property tax proceeds in excess of those described in Section 39(b)(1) of the Act and proceeds from the sale or lease of property in South Bend Allocation Area No. 1A, pursuant to Section 26(d) of the Act for the purposes as described in Section 39(b)(2) of the Act; and WHEREAS, the South Bend Redevelopment Commission (the "Commission ") entered into an agreement on June 1, 1988 (the "Parking Garage Lease "), to lease a parking garage facility from the South Bend Redevelopment Authority (the "Authority "), which Lease requires semiannual lease rental payments by the Commission to the Authority; and WHEREAS, under Commission Resolution No. 847, adopted June 17, 1988, the Commission must levy a special tax payable in 1994 upon all the taxable property in the Redevelopment District if the balance in the Parking Garage Principal and Interest Account of the Redevelopment District Bond Fund as of August 1, 1993, is insufficient to pay all lease rental payments under the Parking Garage Lease in the 12 -month period beginning January 1, 1994; and WHEREAS, in order to eliminate the need to impose such a special tax, the Commission proposes to appropriate the amount of Three Hundred Ninety One Thousand, Six Hundred Fifty -five Dollars ($391,655.00) from the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) Special Fund (the "Allocation Fund ") to the Parking Garage Principal and Interest Account of the Redevelopment District Bond Fund; and WHEREAS, the Commission entered into an agreement on November 1, 1989 (the "Public Improvements Lease"), to lease certain land and public improvements in the South Bend Central Development Area from the South Bend Redevelopment Authority (the "Authority "), which Lease requires semiannual lease rental payments by the Commission to the Authority; and WHEREAS, under Commission Resolution No. 915, adopted February 16, 1990, the Commission must levy a special tax payable in 1994 upon all the taxable property in the Redevelopment District if the balance in the South Bend Central Development Area Public Improvement Project Principal and Interest Account of the Redevelopment District Bond Fund as of August 1, 1993, is insufficient to pay all lease rental payments under the Public Improvements Lease in the 12 -month period beginning July 1, 1994; and WHEREAS, in order to eliminate the need to impose such a special tax, the Commission proposes to appropriate the amount of