No. 0632 amending Res. No. 626 declaring the East Bank Dev. Area to be blighted, approving a development plan/conditions under which relocation payments will be made

Home Browse Search

r -3- (b) the proceeds of such taxes in excess of those described in clause (a) above shall be allocated to the Department, and when collected shall be paid into a special fund hereinafter created. 10. The proceeds of such taxes distributed to the Department pursuant to Paragraph 9(b) hereof shall be deposited in a special fund designated "South Bend Department of Re- development East Bank Development Allocation Area (Al- location Area No. 2) Special Fund" ( "Special Fund "), and may be used only as provided in the Act, and more particularly (a) to pay principal of and interest on any obligations issued by the Department for the purpose of financing or refinancing the redevelopment of Alloca- tion Area No. 2, or (b) to reimburse the City for ex- penditures made by it for public improvements in Allocation Area No. 2, or for rentals paid by it for a building or off_ street parking facility in Allocation Area No. 2 under any lease entered into pursuant to Indiana Code 18- 5 -3.3. When money in the Special Fund shall be sufficient to pay when due all principal of and interest on obligations payable therefrom, any excess over such amount shall be paid to the respective taxing units entitled thereto in the manner provided in Paragraph 9(a) hereof, and thereafter the allocation and distribution provided for in Paragraph 9 hereof shall be discontinued, and taxes on real property in Allocation Area No. 2 shall thereafter be distributed without regard to the provisions of Section 39.1 of the Act. 11. The provisions of this Declaratory Resolution shall be subject in all respects to the Act. SECTION II. This resolution, together with any supporting data, shall be submitted to the St. Joseph County Area Plan Commission and the City Council of the City as provided in Indiana Code 18- 7 -7 -13, and if approved by the Area Plan Commission and City Council shall be submitted to public hearing and remonstrance as provided by Indiana Code 18- 7 -7 -14, after public notice as required by said section. F SECTION III. All orders or resolutions in conflict herewith are hereby repealed insofar as such conflict exists. Adopted at a meeting of the South Bend Redevelopment Commission held on January 16,1981, at the Office of the Commission, 1200 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana. CITY OF SOUTH BEND, INDIANA DEPARTMENT OF REDEVELOPMENT ATTEST: Asst. S cret y, Redevelopment Commission Y ` President, edeve opment Commis ion