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1994-05-17 Resolution 91
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1994-05-17 Resolution 91
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If a change in assessed value occurs, a written notification is sent by either the appropriate township <br />• assessor or the St. Joseph County Board of Review to the affected property owner. Upon notification, if the owner <br />wishes to appeal this action, the owner may file a petition requesting a review of the action. This petition must be <br />filed with the County Auditor within 30 days after the written notification was received. While the appeal is <br />pending, any taxes on real property which become due on the property in question must be paid in an amount based <br />on the immediately preceding year's assessment. <br />The Indiana Code 6- 1.1 -21 -5 provides that each year taxpayers will receive a credit for property tax <br />replacement, known as the "property tax replacement credit" ( "PTRC "), in the amount of approximately twenty <br />percent (20 %) of their tax liability for taxes as defined under IC 6- 1.1 -22 -9 which are due and payable in May and <br />November of that year. The credit is applied to each installment of taxes. However, PTRC is not given with <br />respect to certain specified components of the tax levy. Among the tax levy components not receiving the PTRC <br />are the property taxes that will be used to pay for principal and interest due on debt entered into after December 31, <br />1983. <br />The Indiana Code 6 -1.1 -12.1 provides a mechanism by which a governmental unit may authorize a property <br />tax deduction for real property and for new manufacturing equipment within an economic revitalization area. The <br />City has chosen to use this tax abatement mechanism to encourage economic development in targeted areas. Many <br />of the recent projects in the South Bend Central Development Area have received tax abatements. Ordinance <br />Number 7661 -66, amending Chapter 2, Article 6 of the City's Municipal Code dealing with tax abatement <br />procedures, was passed by the Common Council on July 14, 1986 (effective upon passage), which Ordinance was <br />further amended by Ordinance Number 8065 -90 on February 12, 1990. The Ordinance, as further amended, sets <br />the standards and procedures by which petitions for tax abatements are considered by the Common Council and <br />establishes eligibility criteria. <br />Pursuant to State law, the Common Council may grant the tax abatement for real property for a period of <br />(i) three, six or ten years, if the petition is filed after January 1, 1986, or (ii) ten years if filed after December 31, <br />• 1978, but before January 1, 1986. The deduction is equal to the increase in assessed value resulting from the <br />rehabilitation or new development, multiplied by certain prescribed percentages. <br />is <br />BOND INSURANCE POLICY <br />[To be provided.] <br />PLAN OF FINANCING <br />Building Authority's Prior Bonds <br />The Building Authority has previously issued the South Bend Civic Center Building Authority Civic Center <br />Refunding Bonds, dated June 1, 1977 (the "Prior Bonds "), which are currently outstanding in the aggregate principal <br />amount of . The Prior Bonds were issued to provide sufficient funds to refund on January 1, 1986 <br />all of the then outstanding bonds of the Building Authority, dated November 1, 1975, issued to finance construction <br />of the Century Center Complex. <br />-9- <br />
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