No. 1176 determining tax increment needed to satisfy obligations of the commission regarding the WWCAA (No.1A)

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RESOLUTION NO. 1176 OWN RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING TAX INCREMENT NEEDED TO SATISFY OBLIGATIONS OF THE COMMISSION REGARDING THE WEST WASHINGTON - CHAPIN ALLOCATION AREA (WEST WASHINGTON - CHAPIN ALLOCATION AREA NO. 1A) WHEREAS, on October 23, 1987, the South Bend Redevelopment Commission (the "Commission ") adopted its Resolution No. 818 (the "Declaratory Resolution ") declaring that an area designated by the Commission as the West Washington- Chapin 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 December 11, 1987, after notice of the public hearing thereon and after obtaining all other approvals required by law, the Commission in its Resolution No. 824 confirmed the Declaratory Resolution; and WHEREAS, the Commission, in accordance with the Act, has previously established the West Washington - Chapin Allocation Area (West Washington- Chapin Allocation Area No. 1A) which has boundaries conterminous with the Area; and WHEREAS, the Commission, in accordance with the Act, has previously established the West Washington- Chapin Allocation Area (West Washington- Chapin 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, 1993, 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 1994 that, when combined with future investment earnings on that balance and the resultant tax increment to be collected in 1994, will be sufficient to satisfy the obligations of the Commission over the terms of those obligations. WHEREAS, while the Commission has no obligations payable out of the sum of the balance in the Allocation Fund plus estimated future investment earnings on that balance, the sum of the balance in the Allocation Fund plus estimated future investment earnings on that balance is not sufficient for the purposes for which such sum is being utilized by the Commission pursuant to Section 39(b)(2) of the Act. 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 uses by the Commission of such sum pursuant to Section 39(b)(2) of the Act. 2. The Commission further determines that the capture of only a portion of the potential captured assessment in 1994 will result in a balance in the Allocation Fund in 1994 that, when combined with future investment earnings on that balance and the resultant tax increment to be collected in 1994, will not be sufficient to