No. 0953 establishing the Studebaker Corridor Enterprise Zone Fund within the Studebaker Corridor Allocation Area of the Studebaker Corridor Allocation Area

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RESOLUTION NO. 953 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION ESTABLISHING THE STUDEBAKER CORRIDOR ENTERPRISE ZONE FUND WITHIN THE STUDEBAKER CORRIDOR ALLOCATION AREA OF THE STUDEBAKER CORRIDOR DEVELOPMENT AREA WHEREAS, the South Bend Redevelopment Commission ( "Commission "), governing body of the South Bend Department of Redevelopment, on January 10, 1986, adopted Resolution No. 762 declaring the Studebaker Corridor Development Area to be a blighted area within the meaning of I.C. 36 -7 -14 (Act), adopting a Development Plan for the Area, establishing an allocation area ( "Allocation Area ") within the blighted area, and establishing a special fund known as the Studebaker Corridor Allocation Area (South Bend Allocation Area No. 6) Special Fund ( "Special Fund "); and WHEREAS, Resolution No. 762 has been confirmed by Resolution No. 764, and amended by Resolutions No. 801, 804, 809, 816 and 937 which Resolutions were recorded in the Office of the St. Joseph County Recorder; and co WHEREAS, I.C. 36- 7 -14 -39 provides that when a portion of an Allocation Area is located within an urban enterprise zone, the Commission shall create an enterprise zone fund to receive deposits, during each year that the enterprise zone is in existence, of any amount in the Special Fund derived from property tax proceeds generated pursuant to I.C. 36- 7- 14- 39(b)(1) from property located in the enterprise zone, which exceeds the amount sufficient for the purposes specified in I.C. 36- 7- 14- 39(b)(2); and WHEREAS, a portion of the Studebaker Corridor Allocation Area is located within the South Bend Urban Enterprise Zone ( "Enterprise Zone "). NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission that there is hereby established the Studebaker Corridor Enterprise Zone Fund ( "Enterprise Zone Fund "), which Enterprise Zone Fund shall be maintained by the Commission during the period that the Allocation Area and the Enterprise Zone are in existence, and which shall receive deposits, during each year that the South Bend Urban Enterprise Zone is in existence, of any amount in the Studebaker Corridor Allocation Area Special Fund derived from property tax proceeds generated pursuant to I.C. 36- 7- 14- 39(b)(1) from property located in the South Bend Urban Enterprise Zone, which exceed the amount sufficient for the purposes specified in I.C. 36- 7- 14- 39(b)(2). Adopted at a meeting of the South Bend Redevelopment Commission held on July 27, 1990 at the office of the Commission, 1200 County -City Building, South Bend, Indiana 46601. CITY OF SOUTH BEND, DEPARTMENT OF REDEVELOPMENT JAY NIMTZ, PRESIDENT SO BEND REDEVELOPMENT COMMISSION ATTEST: Ro an Piasecki Secretary CVP /R3RN:R- STUDEBAKER