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No. 0818 designating the WWCDA, declaring the WWCDA to be blighted, approving a development plan and conditions under which relocation payments will be made, and establishing an allocation area for purposes of tax incremental financing
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No. 0818 designating the WWCDA, declaring the WWCDA to be blighted, approving a development plan and conditions under which relocation payments will be made, and establishing an allocation area for purposes of tax incremental financing
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10/18/2012 3:25:58 PM
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entitled to a distribution thereof, shall be allocated <br />and distributed as provided in the allocation and <br />distribution provisions of the Act, and more particularly <br />as follows: <br />(a) the proceeds of the taxes attributable to the lesser <br />of: <br />(1) the assessed value of the property for the <br />assessment date with respect to which the allocation <br />and distribution is made; or <br />(2) the base assessed value as defined by I.C. <br />36- 7- 14- 39(a), <br />shall be allocated to, and when collected shall be <br />paid into the funds of the respective taxing units <br />entitled to a distribution of such taxes. <br />(b) The property tax proceeds in excess of those <br />described in subparagraph (a) above shall be <br />allocated to the South Bend redevelopment district <br />and when collected paid into a Special Fund, hereby <br />created, for the West Washington- Chapin Allocation <br />Area, to be known as West Washington- Chapin <br />Allocation Area (South Bend Allocation Area No. 7) <br />Special Fund (Special Fund), that may be used by the <br />Commission only to: <br />(1) Pay the principal of and interest on any <br />obligations payable solely from allocated tax <br />proceeds which are incurred from the redevelopment <br />district for the purpose of financing or refinancing <br />the redevelopment of the Allocation Area; <br />(2) Establish, augment, or restore the debt service <br />reserve for bonds payable solely or in part from <br />allocated tax proceeds in the Allocation Area; <br />(3) Pay the principal of and interest on bonds <br />payable from allocated tax proceeds in the Allocation <br />Area and from the special tax levied under <br />I.C.36- 7- 14 -27; <br />(4) Pay the principal of and interest on bonds issued <br />by the City to pay for local public improvements in <br />the Allocation Area; <br />(5) Pay premiums on the redemption before maturity of <br />bonds payable solely or in part from allocated tax <br />proceeds in the Allocation Area; <br />(6) Reimburse the City for expenditures made by it <br />for local public improvements (which include <br />buildings, parking facilities, and other items <br />described in IC.36- 7- 14- 25.1(a)) in the Allocation <br />Area; and <br />(7) Reimburse the City for rentals paid by it for a <br />building or parking facility in the Allocation Area <br />under any lease entered into under IC 36 -1 -10; <br />provided, however, that if future uses of property <br />tax proceeds allocated to the Special Fund are <br />authorized or permitted by amendment to the Act, <br />including I.C. 36- 7- 14 -39, after the effective date <br />of this resolution, those uses shall also be <br />authorized or permitted for property tax proceeds <br />allocated to the Special Fund; and further provided <br />that the Special Fund may not be used for operating <br />expenses of the Commission. <br />16. Inasmuch as a portion of the West Washington- Chapin <br />Allocation Area (South Bend Allocation Area No. 7) is <br />located within an enterprise zone created under I.C. <br />- 7 - <br />
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