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No. 0954 establishing the West Washington Chapin enterprise zone fund within the WWCAA of the WWCDA
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No. 0954 establishing the West Washington Chapin enterprise zone fund within the WWCAA of the WWCDA
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RESOLUTION NO. 954 <br />A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION <br />ESTABLISHING THE WEST WASHINGTON - CHAPIN ENTERPRISE ZONE FUND <br />WITHIN THE WEST WASHINGTON - CHAPIN ALLOCATION AREA <br />OF THE WEST WASHINGTON - CHAPIN DEVELOPMENT AREA <br />WHEREAS, the South Bend Redevelopment Commission ( "Commission "), <br />governing body of the South Bend Department of Redevelopment, on <br />October 23, 1987, adopted Resolution No. 908 declaring the West <br />Washington- Chapin Development Area to be a blighted area within the <br />meaning of I.C. 36 -7 -14 (Act), adopting a Development Plan for the <br />Area, establishing an allocation area ( "Allocation Area ") within the <br />blighted area, and establishing a special fund known as the West <br />Washington- Chapin Allocation Area (South Bend Allocation Area No. 7) <br />Special Fund ( "Special Fund "); and <br />WHEREAS, Resolution No. 818 has been confirmed by Resolution No. <br />824, and amended by Resolution No. 908, which Resolutions were <br />recorded in the Office of the St. Joseph County Recorder; and <br />WHEREAS, I.C. 36- 7 -14 -39 provides that when a portion of an <br />Allocation Area is located within an urban enterprise zone, the <br />Commission shall create an enterprise zone fund to receive deposits, <br />during each year that the enterprise zone is in existence, of any <br />amount in the Special Fund derived from property tax proceeds <br />generated pursuant to I.C. 36- 7- 14- 39(b)(1) from property located in <br />the enterprise zone, which exceeds the amount sufficient for the <br />purposes specified in I.C. 36- 7- 14- 39(b)(2); and <br />WHEREAS, a portion of the West Washington- Chapin Allocation Area <br />is located within the South Bend Urban Enterprise Zone ( "Enterprise <br />Zone "). <br />NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment <br />Commission that there is hereby established the West <br />Washington- Chapin Enterprise Zone Fund ( "Enterprise Zone Fund "), <br />which Enterprise Zone Fund shall be maintained by the Commission <br />during the period that the Allocation Area and the Enterprise Zone <br />are in existence, and which shall receive deposits, during each year <br />that the South Bend Urban Enterprise Zone is in existence, of any <br />amount in the West Washington- Chapin Allocation Area (South Bend <br />Allocation Area No. 7) Special Fund derived from property tax <br />proceeds generated pursuant to I.C. 36- 7- 14- 39(b)(1) from property <br />located in the South Bend Urban Enterprise Zone, which exceed the <br />amount sufficient for the purposes specified in I.C. <br />36- 7- 14- 39(b)(2). <br />Adopted at a meeting of the South Bend Redevelopment Commission <br />held on July 27, 1990 at the office of the Commission, 1200 <br />County -City Building, South Bend, Indiana 46601. <br />CITY OF SOUTH BEND, <br />DEPARTMENT OF REDEVELOPMENT <br />JAY IMT , PRESIDENT <br />SO ND REDEVELOPMENT COMMISSION <br />ATTEST: <br />LieL� <br />Roman Piasecki <br />Secretary <br />CVP /R3RN:R- WWFUND <br />
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