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THE CITY OF SOUTH BEND
<br />Although the Bonds do not pledge the full faith and credit of the City, the Bonds do constitute an
<br />obligation payable from lease rentals backed by the faxing power of the Redevelopment District,
<br />the boundaries of which are coterminous with the City; and therefore, the following is presented
<br />for informational purposes.
<br />General Characteristics
<br />Location:
<br />Area:
<br />Population
<br />1988
<br />1986
<br />1984
<br />1980
<br />1970
<br />Wholly within St. Joseph County in northwestern Indiana, approximately 90 miles
<br />east of Chicago and 140 miles north of Indianapolis.
<br />~J
<br />36.4 square miles
<br />City of South Bend
<br />106,190
<br />107,190
<br />107,117
<br />109,727
<br />125,580
<br />St. Joseph County
<br />244,200
<br />241,400
<br />239,760
<br />241,617
<br />244,827
<br />Source
<br />Census Bureau Estimate
<br />Census Bureau Estimate
<br />Census Bureau Estimate
<br />1980 Federal Census
<br />1970 Federal Census
<br />Trend of Assessed Values
<br />Assessment Year Net
<br />March 1 Assessed Value(a)
<br />1989 N/A (b)
<br />1988 $435,047,732
<br />1987 434,054,735
<br />1986 429,698,477
<br />1985 433,033,280
<br />1984 407,023,834
<br />1983 417,959,626
<br />1982 419,048,640
<br />1981 416,110,969
<br />1980 406,763,605
<br />(a) The assessed values shown are net figures after subtracting all deductions for mortgages,
<br />veterans, the aged, the blind, and tax-exempt property. The net assessed values shown
<br />also do not include valuation of the City's Urban Enterprise Zone and abated valuations.
<br />The assessed value of personal property in the Urban Enterprise Zone totals $24,660,040
<br />for 1988, $24,437,827 for 1987 and $23,940,420 for 1986. This valuation is removed from
<br />the tax rolls for a period of ten years beginning March 1, 1984. The Urban Enterprise Zone
<br />is part of a State program which offers various State tax credits for businesses in targeted
<br />areas. Abatement of real and personal property valuation reduces the taxable valuation
<br />of property by decreasing amounts over a term of up to ten years in accordance with State
<br />law and local ordinance. The total abated valuation (not included in the net assessed value
<br />figure above) for real and personal property was $22,532,170 in 1988, $22,822,340 in )987
<br />and $19,595,830 in 1986. The net assessed values for 1984 through 1988 also do not
<br />include fax incremental assessed valuation, which totalled $12,718,975 in 1988 and
<br />$6,930,155 in 1987.
<br />(b) Due to the general reassessment currently in progress in St. Joseph County, the assessed
<br />value of the City of South Bend for property assessed as of March 1, 1989 is not yet
<br />available.
<br />C7
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