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South Bend <br />Special Me( <br />PUBLIC <br />W <br />The Ch <br />Commis <br />receiv <br />opment Commisssion <br />July 25, 1980 <br />(continued) <br />A copy of Resolution #615 of the Redevelopment <br />Commission with a Certificate of its Recording <br />Officer attached, with Attachment "A ". <br />r announced that Resolution #615 of the Redevelopment <br />on and the Certificate of its Recording Officer be <br />and placed on file. <br />Mr. Kevin Butler: The Redevelopment Department is <br />authorized by Indiana Statute to issue its bonds for <br />the pu ose of acquisition, demolition, the construction <br />of public improvements, and other redevelopment costs of <br />the department. The Department in effect is a special <br />taxing unit. The authorizing legislation permits the <br />depart ent to issue its G.O. bonds and then by new <br />provision we are authorized to issue what is known as <br />incremental tax financing bonds. The Declaratory <br />Resolution #615 adopted by the Commission on <br />June 6, 1980 is to be reconfirmed at this meeting at <br />which the public has the opportunity to make state- <br />ments and to ask questions of the. Commission. That <br />resolution established an allocation area for <br />purposes of the incremental tax financing process, and <br />it is outlined in the heavy brown tape (points to map). <br />The declaratory resolution provides, after its <br />confirrnation, that any increase in real property <br />taxes which are levied for the various taxing units <br />on real property within that allocation area, will <br />be collected and paid into a special fund of the <br />Departzent of Redevelopment and will be used to <br />pay the principal and interest on Redevelopment <br />Department obligations for purposes of redevelopment <br />within the allocation area. This can also be used <br />to reiiTburse the City of South Bend for expenditures <br />which it has made for public improvements within that <br />allocation area and for rentasl which the City pays <br />for buildings and off - street parking facilities <br />within the downtown area. I don't believe that the <br />latter provision is really pertinent in this case. <br />The Co fission then today, following the hearing <br />of the public, will be asked to confirm Resolution <br />#615 which amended the original declaratory resolution <br />to establish the incremental tax financing process <br />and designating the allocation area. <br />Mr. Ni z: The Chair opens the meeting for any <br />public omments, discussions or recommendations. <br />'24 <br />