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RESOLUTION NO. 3160 <br />A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION <br />APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM <br />ALLOCATION AREA NO. IA FUND FOR THE PAYMENT OF CERTAIN <br />OBLIGATIONS AND EXPENSES RELATED TO THE SOUTH BEND CENTRAL <br />DEVELOPMENT AREA <br />WHEREAS, the South Bend Redevelopment Commission ( "Commission "), governing body <br />of the City of South Bend Department of Redevelopment ('Department "), on May 10, 1985, adopted <br />Resolution No. 737 declaring the South Bend Central Development Area in the City of South Bend, <br />Indiana ( "City") to be a blighted area within the meaning of the Redevelopment of Cities and Towns <br />Act of 1953, as amended, Indiana Code § 36 -7 -14 ( "Act "); and <br />WHEREAS, Resolution No. 737 and the South Bend Central Development Area <br />Development Plan ('Development Plan") adopted by Resolution No. 737 on May 10, 1985, were <br />confirmed by Resolution No. 739 adopted on June 14, 1985; and <br />WHEREAS, Section 43 of the Act permits the creation of an allocation area within a <br />redevelopment area to provide for the allocation and distribution, as provided by the Act, of the <br />proceeds of taxes levied on property situated in the allocation area; and <br />WHEREAS, the Commission, in accordance with the Act, has previously established the <br />South Bend Central Allocation Area (South Bend Allocation Area No. IA) (the "Allocation Area ") <br />and the South Bend Central Development Area (South Bend Allocation Area No. 1 A) Special Fund <br />(the "Allocation Fund "), for the purpose of depositing into such Allocation Fund tax increment <br />revenues allocated to the Commission and resulting solely from the increase in the assessed value of <br />real property and improvements thereon located in Allocation Area pursuant to Indiana Code § 36- <br />7- 14- 39(b)(1) and from the proceeds from the sale or leasing of property in the Area under Indiana <br />Code § 36- 7- 14-22, all in accordance with Indiana Code § 36- 7- 14-26; and <br />WHEREAS, the Commission desires to pay certain expenses incurred by it or the City for <br />local public improvements that are in or serving the Allocation Area, including but not limited to <br />debt service and lease payment for said improvements, from funds remaining in the Allocation Fund, <br />in accordance Indiana Code § 36- 7- 14- 39(b)(2) and certain other expenditures incurred by the <br />Commission in accordance with Indiana Code § 36- 7- 14- 39(b)(2); and <br />WHEREAS, the expenditures incurred or anticipated to be incurred by the Commission <br />proposed to be paid with funds from Allocation Fund are described on the attached Exhibit A; and <br />WHEREAS, the proposed appropriations from Allocation Fund are not for the operating <br />expenses of the Commission; and <br />WHEREAS, such appropriations are subject to the provisions of Indiana Code § 6- 1.1 -18- <br />