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No. 0762 designating Studebaker Corridor Dev. Area, declaring SCDA blighted, approving a dev. plan/conditions under which relocation pmts. will be made, and establishing allocation area for purposes of TIF
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No. 0762 designating Studebaker Corridor Dev. Area, declaring SCDA blighted, approving a dev. plan/conditions under which relocation pmts. will be made, and establishing allocation area for purposes of TIF
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1 <br />be allocated and distributed as provided in the allocation and <br />distribution provisions of the Act, and more particularly as <br />follows: <br />(a) the proceeds of the taxes attributable to the <br />�r lesser of: <br />(1) the assessed value of the property for the <br />assessment date with respect to which the <br />allocation and distribution is made; or <br />(2) the assessed value <br />finally determined for <br />immediately preceeding <br />allocation provisions, <br />March 1, 1985, <br />shall be allocated to, <br />paid into the funds of <br />entitled to a distribu <br />of all of the property as <br />the assessment date <br />the effective date of these <br />which assessment date is <br />and when collected shall be <br />the respective taxing units <br />Lion of such taxes. <br />(b) the property tax proceeds in excess of those <br />described in subdivision (a) above shall be <br />allocated to the South Bend redevelopment district <br />and when collected paid into a Special Fund, <br />hereby created, for the Studebaker Corridor <br />Allocation Area to be known as Studebaker Corridor <br />Allocation Area (South Bend Allocation Area No. 6) <br />Special Fund (Special Fund), that may be used by <br />the Commission only to: <br />(A) 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 <br />refinancing the redevelopment of that Allocation <br />Area; <br />(B) restore the debt service reserve for bonds <br />payable solely or in part from allocated tax <br />proceeds in that Allocation Area; <br />(C) pay the principal of and interest on bonds <br />payable from allocated tax proceeds in that <br />Allocation Area and from the special tax levied <br />under I.C. 36- 7- 14 -27; <br />(D) pay the principal of and the interest on bonds <br />issued by the City to pay for local public <br />improvements within the Allocation Area, to <br />reimburse the City for expenditures made by the <br />City for local public improvements (which include <br />buildings, parking facilities, and other items <br />described in I.C. 36- 7- 14- 25.1(a)) within that <br />Allocation Area, or for rental paid for by the <br />City for a building or parking facility within <br />that Allocation Area under any lease entered into <br />under I.C. 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 <br />date of this resolution, those uses shall also be <br />authorized or permitted for property tax proceeds <br />allocated to the Special Fund. <br />11. Inasmuch as a portion of the Studebaker Corridor Allocation <br />Area (South Bend Allocation Area No. 6) is located within an <br />enterprise zone created under I.C. 4- 4- 4 -6.1, when the money in the <br />-4- <br />
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