No. 0672 authorizing the commission to petition the Portage Township assessor for reassessment of property in the Central Downtown Urban Renewal Allocation Area No. 1

Home Browse Search

4 RESOLUTION NO. 672 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE COMMISSION TO PETITION THE PORTAGE TOWNSHIP ASSESSOR FOR A REASSESSMENT OF PROPERTY IN THE "CENTRAL DOWNTOWN URBAN RENEWAL ALLOCATION AREA NO. 1" WHEREAS, the South Bend Redevelopment Commission (Commission) has passed Resolution Number 615 on the 6th day of June, 1980, declaring a portion of the Central Downtown Urban Renewal Area to be an allocation area for the purposes of allocating and distributing certain property taxes on taxable real property in the allocation area pursuant to I.C. 36- 7- 14- 39(b); and WHEREAS, the effective date of the allocation provision of Resolution Number 615 was March 1, 1980; and WHEREAS, pursuant to I.C. 36- 7- 14- 39(b)(2), when col- lected, the allocated real property tax proceeds shall be paid in- to a special fund that may be used by the redevelopment district only to: (a) pay the principal of and interest on any obligations payable from allocated tax pro- ceeds which are incurred by the redevelop- ment district for the purpose of financing or refinancing the redevelopment of the allocation area; or (b) reimburse the City of South Bend for expenditures made by it for public improve- ments in the allocation area, or for ren- tals paid by it for a building or parking facility in the allocation area under any lease entered into under I.C. 36 -1 -10; and WHEREAS, certain blighted conditions within the alloca- tion area so declared have required public improvements for which expenditures will be made or have been made by the City of South Aw Bend, which public improvements are necessary for the redevelopment of the allocation area. NOW THEREFORE, BE IT RESOLVED by the South Bend Re- development Commission, as follows: SECTION 1. The public improvements listed on Schedule A, attached hereto an made a part hereof, are necessary for the redevelopment of the "Central Downtown Urban Renewal Allocation Area." SECTION 2. Expenditures made by the City of South Bend for the pu Ic Improvements listed in Schedule A shall be reim- bursed to the City of South Bend from real property taxes col- lected and allocated to the redevelopment district for purposes permitted under I.C. 37- 14- 39(a)(b)(B). SECTION 3. The Commission shall petition the Portage Township Assessor to reassess the taxable property situated upon or in or added to the "Central Downtown Urban Renewal Allocation 4W Area," effective on the next assessment date after the petition.