No. 0951 establishing the South Bend Central Enterprise Zone Fund within the South Bend Central allocation area of the South Bend Central Development Area

Home Browse Search

RESOLUTION NO. 951 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION ESTABLISHING THE SOUTH BEND CENTRAL ENTERPRISE ZONE FUND WITHIN THE SOUTH BEND CENTRAL ALLOCATION AREA OF THE SOUTH BEND CENTRAL DEVELOPMENT AREA WHEREAS, the South Bend Redevelopment Commission ( "Commission "), governing body of the South Bend Department of Redevelopment, on May 10, 1985, adopted Resolution No. 737 declaring the South Bend Central 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 South Bend Central Allocation Area (South Bend Allocation Area No. 1A) Special Fund ( "Special Fund "); and WHEREAS, Resolution No. 737 has been confirmed by Resolution No. 739, and amended by Resolutions No. 745, 751, 795, 800, 834, 867, 881 and 921, which Resolutions were recorded in the Office of the St. Joseph County Recorder; and 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 South Bend Central 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 South Bend Central 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 South Bend Central 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 F. N MTZ, PRESIDENT SOUTH BEND REDEVELOPMENT COMMISSION ATTEST: Roman Piasecki Secretary CVP /R3RN:R -FUND