Resolution No. 3620 Adopting Spending Plan & Authorizing Amendments - Signed

Home Browse Search

South Bend Redevelopment Commission 227 West Jefferson Boulevard, Room 1308, South Bend, Indiana TO: Indiana Department of Local Government Finance Mayor James Mueller South Bend Common Council FROM: Troy Warner, President, South Bend Redevelopment Commission DATE: November 14, 2024 RE: Annual Spending Plan of the South Bend Redevelopment Commission for Calendar Year 2025 (IC 36-7-14-12.7) SPENDING PLAN FOR 2025 (Note: The following represent anticipated amounts.) A.Overview Under Indiana Code (“IC”) 36-7-14-12.7, the South Bend Redevelopment Commission (the “Redevelopment Commission” or the “Commission”) is required to file an annual spending plan for the upcoming calendar year with the Department of Local Government Finance, Office of the Mayor, and the Common Council. The report below describes planned expenditures by the Redevelopment Commission for calendar year 2025. This spending plan is based on projected incremental revenues for all development areas to be $42,029,227 and anticipated revenue for the Redevelopment General Fund to be $1,530,000. This spending plan has been prepared using information currently available to the Redevelopment Commission and its staff. Unexpected opportunities or needs may arise in 2025, making it appropriate for the Redevelopment Commission to make expenditures not anticipated by this spending plan. Such unanticipated expenditures could arise for several reasons including, but not limited to, the necessity to complete unforeseen projects; opportunities to modify debt payments; new unanticipated economic development or redevelopment opportunities; and support from both public and private entities, including grants or loans. In the event amendments to this spending plan are needed, the Redevelopment Commission will comply with the instructions set forth in the Memorandum issued by the Department of Local Government Finance on August 28, 2024.