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South Bend Redevelopment Commission <br />Regular Me ting - July 8, 1988 <br />6. NEW <br />C. <br />INESS (Cont.) <br />to be passed along to other taxing units <br />that they can use in their setting of tax <br />rates for the following year. Our <br />financial advisor, Springsted Inc. has <br />advised us that it would endanger our <br />bo d if we released any of the tax <br />increment. We have pledged all tax <br />increment to our bond holders. They have <br />sent us a letter to that effect. The law <br />states that you may not release any tax <br />in rement to another taxing jurisdiction <br />if it would endanger a bond. <br />Upon a motion by Mr. Piasecki, seconded <br />by Mr. Combs and unanimously carried, the <br />Conmission approved Resolution No. 851 <br />finding and determining that payments of <br />prcperty tax proceeds from the allocation <br />fund to the respective taxing units shall <br />no be authorized. <br />ssion determination of no excess <br />rty tax proceeds in the Rum Vill <br />trial Park (South Bend Allocatio <br />No. <br />Area (South <br />Corridor <br />No. 6) and the West <br />ngton- Chapin Development Area (South <br />Allocation Area No. 7). <br />Mrs. Kolata noted that these are the <br />Co ssion's other tax allocation areas. <br />There are not bonds outstanding in any of <br />then. However, there is a state loan in <br />the Rum Village Industrial Park being <br />repaid out of the tax increment and some <br />planning activities in the other areas <br />which are eligible uses of the increment. <br />Therefore, there is no excess property <br />tax increment in those areas. <br />Upon a motion by Mr. Piasecki, seconded <br />by Mr. Combs and unanimously carried, the <br />Comnission determined that there were no <br />excess property tax proceeds in the Rum <br />Village Industrial Park (South Bend <br />All cation Area No. 4), the Studebaker <br />-7- <br />COMMISSION APPROVED RESOLUTION <br />NO. 851 FINDING AND DETERMINING <br />THAT PAYMENTS OF PROPERTY TAX <br />PROCEEDS FROM THE ALLOCATION FUND <br />TO THE RESPECTIVE TAXING UNITS <br />SHALL NOT BE AUTHORIZED <br />COMMISSION DETERMINED THAT THERE <br />WERE NO EXCESS PROPERTY TAX <br />PROCEEDS IN THE RUM VILLAGE INDUS- <br />TRIAL PARK, THE STUDEBAKER CORRIDOR <br />AND THE WEST WASHINGTON- CHAPIN <br />DEVELOPMENT AREA <br />