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RESOLUTION NO. 1179 <br />RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION <br />DETERMINING TAX INCREMENT NEEDED TO SATISFY <br />OBLIGATIONS OF THE COMMISSION <br />REGARDING THE SAMPLE -EWING ALLOCATION AREA <br />(SOUTH BEND ALLOCATION AREA NO. 8) <br />WHEREAS, on April 16, 1993, the South Bend Redevelopment Commission <br />(the "Commission ") adopted its Resolution No. 1151 (the "Declaratory <br />Resolution ") declaring that an area designated by the Commission as the <br />Sample -Ewing Development Area (the "Area ") in the City of South Bend, <br />Indiana, is a "blighted area" within the meaning of the Redevelopment <br />of Cities and Towns Act of 1953, I.C. 36 -7 -14, as amended (the "Act "); <br />and <br />WHEREAS, on May 21, 1993, after notice of the public hearing <br />thereon and after obtaining all other approvals required by law, the <br />Commission, in its Resolution No. 1154, confirmed the Declaratory <br />Resolution; and <br />WHEREAS, the Commission in accordance with the Act, has previously <br />established the "Sample -Ewing Allocation Area (South Bend Allocation <br />°t Area No. 8) which has boundaries conterminous with the Area; and <br />WHEREAS, the Commission previously designated the Rum Village <br />Industrial Park Allocation Area (South Bend Allocation Area No. 4) and <br />the Studebaker Corridor Allocation Area (South Bend Allocation Area No. <br />6) and these allocation areas are now contained in the Sample -Ewing <br />Allocation Area (South Bend Allocation Area No. 8) since the adoption <br />of Resolution No. 1151; and <br />WHEREAS, the Commission, in accordance with the Act, has previously <br />established the South Bend Department of Redevelopment Allocation Area <br />(South Bend Allocation Area No. 8) Special Fund (the "Allocation <br />Fund "); and <br />WHEREAS, 50 IAC 8 contains rules adopted by the Indiana State Board <br />of Tax Commissioners concerning tax increment finance (the <br />"Regulations"); and <br />WHEREAS, Section 39 of the Act and 50 IAC 8 -2 -4 require the <br />Commission to determine before July 15, 1993, whether the sum of the <br />balance in the Allocation Fund plus estimated future investment <br />earnings on that balance is sufficient to satisfy obligations of the <br />Commission over the terms of those obligations, and whether the capture <br />of only a portion of the potential captured assessment (as defined in <br />the Regulations) will result in a balance in the Allocation Fund in <br />1994 that, when combined with future investment earnings on that <br />balance and the resultant tax increment to be collected in 1994, will <br />be sufficient to satisfy the obligations of the Commission over the <br />terms of those obligations. <br />NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment <br />Commission as follows: <br />1. The Commission hereby determines that the sum of the current <br />balance in the Allocation Fund plus estimated future investment <br />earnings on that balance is not sufficient to meet the uses by the <br />Commission of such sum pursuant to Section 39(b)(2) of the Act. <br />2. The Commission further determines that the capture of only a <br />portion of the potential captured assessment in 1994 will result in a <br />balance in the Allocation Fund in 1994 that, when combined with future <br />investment earnings on that balance and the resultant tax increment to <br />be collected in 1994, will not be sufficient to <br />satisfy the obligations of the Commission of such sum pursuant to <br />Section 39 (b) (2) of the Act, and that therefore all of the <br />potential captured assessment for the Allocation Area in 1994 shall <br />be treated as captured assessment (as defined in the Regulations). <br />In making this determination, the Commission has considered the <br />effect that the determination will have on the property tax rate in <br />the Redevelopment District. <br />