1994-05-17 Resolution 91 - Laserfiche WebLink

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