5129-25 Resolution Authorizing and Approving the Execution of a First Amendment to the Certified Technology Park Agreement Between the City of South Bend, Indiana, and the South Bend Redevelopment Commission

Home Browse Search

BILL NO. 25-23 RESOLUTION NO. 5129-25 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANAAUTHORIZING AND APPROVING THE EXECUTION OF A FIRST AMENDMENT TO THE CERTIFIED TECHNOLOGY PARK AGREEMENT BETWEEN THE CITY OF SOUTH BEND,INDIANA, INDIANA ECONOMIC DEVELOPMENT CORPORATION,AND THE SOUTH BEND REDEVELOPMENT COMMISSION WHEREAS, the establishment of high technology activities and public facilities related to such activities serve a public purpose and are of benefit to the general welfare of the residents of the City of South Bend and the State of Indiana due to their contribution to encouraging investment, facilitating job creation and retention, and providing for economic growth and diversification; and WHEREAS, Indiana Code 36-7-32-1, et seq. ("Act") provides authority for a local government unit to apply to the Indiana Economic Development Corporation ("IEDC") for designation or recertification of all or part of the territory within the jurisdiction of governmental unit's redevelopment commission as a "certified technology park," ("CTP") as defined by the Act; and WHEREAS,the City,having previously received a designation as a CTP effective January 1, 2009, has applied for recertification as a CTP; and WHEREAS, the City of South Bend anticipates being recertified as a Level 2 Certified Technology Park with an effective date of July 1, 2023 upon execution of this First Amendment and compliance with all other requirements; and WHEREAS,Indiana Code 36-1-7,the Interlocal Cooperation Act,authorizes one or more governmental entities to exercise,jointly or by one entity on behalf of others, powers that may be exercised by such units severally; and WHEREASE, the Common Council of the City of South Bend previously authorized and approved the Certified Technology Park Agreement between the City of South Bend, Indiana; Indiana Economic Development Corporation, and the South Bend Redevelopment Commission on December 8, 2008 by Resolution No. 3929-08. WHEREAS, the First Amendment extends the term of the Agreement to June 30, 2027 and provides that a CTP may be recertified if the Agreement is extended following the lapse of a CTP designation; and WHEREAS,the First Amendment further provides that in the event of such recertification, the CTP designation shall operate as though the designation continuously remained in effect; and WHEREAS, the First Amendment provides for updated language regarding the coordination of distributions from the tax increment financing fund in excess of Five Million Dollars ($5,000,000.00) in light of the City of South Bend's anticipated designation as a Level 2 CTP; and WHEREAS, the First Amendment provides for updated notice and reporting provisions. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA,AS FOLLOWS: Section I. The Common Council of the City of South Bend, Indiana, has considered and hereby ratifies, confirms, and approves the First Amendment attached as Exhibit A to this Resolution, governing the Certified Technology Park. Section II. The Council President is authorized to execute the First Amendment attached hereto as Exhibit A. Section III. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor.