No. 0673 authorizing the commission to petition the Portage Township assessor for a reassessment of property in the East Bank Dev. Allocation Area

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RESOLUTION NO. 673 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE COMMISSION TO PETITION THE PORTAGE TOWNSHIP ASSESSOR FOR A REASSESSMENT OF PROPERTY IN THE "EAST BANK DEVELOPMENT ALLOCATION AREA." WHEREAS, the South Bend Redevelopment Commission (Commission) has passed Resolution Number 632 on the 16th day of January, 1981, declaring the East Bank Development 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 632 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 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 and made a part hereof, are necessary for the redevelopment of the "East Bank Development Allocation Area." SECTION 2. Expenditures made by the City of South Bend for the pu is 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 "East Bank Development Allocation Area," effective on the next assessment date after the petition.