No. 1175 supplemental appropriation resolution of the City of South Bend Redevelopment Commission

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RESOLUTION NO. 1175 SUPPLEMENTAL APPROPRIATION RESOLUTION OF THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION WHEREAS, the South Bend Redevelopment Commission (the "Commission "), has heretofore on July 2, 1993, adopted Resolution No. 1174, the provisions of which Resolution are hereby included herein by this reference thereto, determining to make payments for local public improvements that are in or serving the Sample -Ewing Development Area (the "Area "); 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 established an Escrow Account (the "Escrow Account ") with York Title and Escrow 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 ASK 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 amount of funds in the Redevelopment General Fund proposed to be expended for said expenses incurred by the Commission is Forty -One Thousand Six Hundred Sixty -One Dollars and Seventy -Five Cents ($41,661.75); and WHEREAS, the Commission did not include said funds in any regular budget for the year 1993; and WHEREAS, the Secretary of the Commission has caused notice of a hearing on said appropriation to be published as required by law; and WHEREAS, such public hearing was held on July 16, 1993, at 10:00 a.m., E.S.T., at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601, on said appropriation at which all taxpayers and interested persons had an opportunity to appear and express their views as to such additional appropriation. NOW, THEREFORE, BE IT RESOLVED by the Commission that: 1. Funds from the Redevelopment General Fund in the amount of Forty -One Thousand, Six Hundred Sixty -One Dollars and Seventy -Five Cents ($41,661.75) be, and they are hereby, appropriated from the Redevelopment General Fund for local public improvements in or serving the Sample -Ewing Development Area. 2. Such appropriation shall be in addition to all appropriations provided for in the existing budget and levy and shall continue in effect until the completion of the activities described in Section 1 above. Any surplus of such proceeds shall be credited to the proper fund as provided by law. 3. The President and Secretary of the Commission be and they are hereby authorized and directed to certify a copy of this Resolution together with such other proceedings and actions as may be necessary to the St. Joseph County Auditor for certification to