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No. 1151 designating the SEDA, declaring the SEDA to be blighted, approving a development plan and conditions under which relocation payments will be made, and establishing an allocation area for purposes of TIF
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No. 1151 designating the SEDA, declaring the SEDA to be blighted, approving a development plan and conditions under which relocation payments will be made, and establishing an allocation area for purposes of TIF
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10/18/2012 2:50:11 PM
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Parcel Five: <br />Bend Allocation <br />described in the <br />assessement date <br />The area described in paragraph 13.E., as South <br />Area No. 8, Parcel 5, and coterminus with the area <br />4th WHEREAS clause as Expansion Area No. 1, base <br />of March 1, 1993. <br />17. Nothing herein shall be construed to change the base <br />assessment date for the allocation provisions for each parcel within <br />the Sample -Ewing Allocation Area (South Bend Allocation Area No. 8), <br />as stated in paragraph 16 above. <br />18. The special funds created by Resolutions No. 650 and 762 <br />shall be and hereby are merged for purposes of the Act and this <br />Resolution into a special fund, hereby created, for the Sample -Ewing <br />Allocation.Area to be known as Sample -Ewing Allocation Area (South <br />Bend Allocation Area No.8) Special Fund (Special Fund). <br />19. The enterprise zone funds created by Resolutions No. 952 and <br />953 shall be and hereby are merged for purposes of the Act and this <br />Resolution into an enterprise zone fund, hereby created, for the <br />Sample -Ewing Allocation Area (South Bend Allocation Area No. 8) to be <br />known as the Sample - Ewing Development Area Enterprise Zone Fund. <br />20. With regard to taxes levied on property in the Sample -Ewing <br />Allocation Area (South Bend Allocation Area No. 8), property tax <br />proceeds in excess of those attributable to the lesser of: <br />(a) the assessed value of the property before the assessment date <br />with respect. to which the allocation and distribution is made; or <br />(b) the assessed value of all property as finally determined for <br />the assessment date initially preceding the effective date (as <br />listed in paragraph 18 above) of the allocation.provisions of the <br />pertinent declaratory resolutions establishing the former <br />allocation areas, now individual parcels within Sample -Ewing <br />Allocation Area. (South Bend.Allocation Area No. 8), <br />shall be allocated to the South Bend Redevelopment District, and, <br />when collected, paid into the Special Fund, that may be used by the <br />Commission only to: <br />a. Pay the principal of and interest on any obligations <br />payable solely from allocated tax proceeds which are <br />incurred by the redevelopment district for the purpose of <br />financing or refinancing the redevelopment of that <br />allocation area; <br />b. Establish, augment or restore the debt service reserve <br />for bonds payable solely or in part from allocated tax <br />proceeds in that allocation area; <br />c. Pay the principal of and interest on bonds payable from <br />allocated tax proceeds in that allocation area and from the <br />special tax levied under I.C. 36- 7- 14 -27; <br />d. Pay the principal of and interest on bonds issued.by the <br />City to pay for local public improvements in or serving the <br />allocation area; <br />e. Pay premiums on the redemption before maturity of bonds <br />payable solely or in part from allocated tax proceeds in the <br />allocation area; <br />f. Puke payments on leases payable from allocated tax <br />premiums in the allocation area under L.C. 36 -7 -14 -25.2; <br />g. Reimburse the City for expenditures made by it for <br />local public improvements (which include buildings, parking <br />IL facilities, and other items described in I.C. <br />36- 7- 14- 25.1(a)) in or serving the allocation area; <br />-25- <br />
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