No. 1174 determining to pay certain expenses incurred for local public improvements in or serving the Sample-Ewing Allocation Area (No. 8) from the Sample-Ewing Allocation Area (No. 8) special fund

Home Browse Search

RESOLUTION NO. 1174 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING TO PAY CERTAIN EXPENSES INCURRED FOR LOCAL PUBLIC IMPROVEMENTS IN OR SERVING THE SAMPLE -EWING ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 8) FROM THE SAMPLE -EWING ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 8) SPECIAL FUND WHEREAS, the South Bend Redevelopment Commission ( "Commission "), governing body of the City of South Bend Department of Redevelopment ( "Department "), on April 16, 1993, adopted Resolution No. 1151 declaring the Sample -Ewing Development Area (the "Area ") to be a blighted area within the meaning of IC 36 -7 -14 (the "Act "); and WHEREAS, Resolution No. 1151 and the Sample -Ewing Development Area Plan were confirmed by Resolution No. 1154 adopted on May 21, 1993; and WHEREAS, the Commission previously purchased a property (the "Real Estate ") in the Studebaker Corridor (which is now part of the Area) and at the time of purchase the previous owner of the Real Estate founded established an Escrow Account (the " Excrow Account ") with Abstract and Title Corporation of South Bend (the "Escrow Agent ") in the amount of $45,000.00 (the "Escrow Fund ") to cover the costs of services related to the remediation of environmental conditions existing at or upon the Real Estate; and WHEREAS, the Commission has incurred costs in remediating environmental conditions existing at or upon the Real Estate and has received proceeds from the Escrow Account and has deposited them in the Redevelopment General Fund; and WHEREAS, in furtherance of its efforts to redevelop the Studebaker Corridor Development Area (now a part of the Area), the Commission in 1990 issued bonds in the approximate amount of $4,900,000.00 with the proceeds thereof to be used for property acquisition and redevelopment; and WHEREAS, the Commission desires to pay expenses incurred by it for local public improvements that are in or serving the Area with the proceeds received from the Escrow Account; and WHEREAS, the Commission desires to approve said payments from the Redevelopment General Fund in the total amount as described on Exhibit "A"; and WHEREAS, such payments will be used for purposes consistent with the purposes for which the Bonds were issued; and WHEREAS, the proposed payment from the Redevelopment General Fund as provided for herein is not for the operating expenses of the Commission. NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment Commission, governing body of the City of South Bend, Department of Redevelopment, as follows: 1. The Commission hereby approves the use of funds in the Allocation Fund in the amount of Forty -one Thousand, Six Hundred Sixty -one Dollars and Seventy -five Cents ($41,661.75) for purposes of paying the expenditures as described on Exhibit "A ". The Secretary of the Commission is hereby authorized and directed to take all necessary steps to obtain the approval of the expenditure of such funds pursuant to IC 6- 1.1 -18 -5, including the publication in accordance with IC 5 -3 -1 of notice of a hearing on the appropriation of such funds to be held at 10:00