No. 3235 appropriating tax increment financing revenues from Allocation Area Fundfor the payment of certain obligations and expenses related to the West Washington-Chapin Development Area

Home Browse Search

4 1 1 i ) RESOLUTION NO. 3235 I A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM ALLOCATION AREA FUND FOR THE PAYMENT OF CERTAIN OBLIGATIONS AND EXPENSES RELATED TO THE WEST WASHINGTION-CHAPIN DEVELOPMENT AREA ALLOCATION AREA WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the governing body of the City of South Bend Department of Redevelopment (the "Department"), on October 23, 1987, adopted Resolution No. 818 declaring the West Washington-Chapin Development Area in the City of South Bend, Indiana (the "City") to be an area needing redevelopment within the meaning of the Redevelopment of Cities and Towns Act of 1953, as amended, which is codified at, Indiana Code § 36-7-14-1 et seq (the "Act"); and WHEREAS, Resolution No. 818 and the West Washington-Chapin Development Area Development Plan (the"Development Plan") adopted by Resolution No. 818 on October 23, 1987 were confirmed by Resolution No. 824 adopted on December 11, 1987 (collectively, the "Declaratory Resolution"); and WHEREAS, the Declaratory Resolution created the West Washington Allocation Area (South Bend Allocation Area No. 7) Special Fund ("Allocation Area Fund") for the purpose of depositing into such fund tax increment revenues allocated to the Commission and resulting solely from the increase in the assessed of real property and Allocation Area pursuant to Indiana Cvalue ode § 36-7-14-39(b)(1)improvements and from the proceeds thereon from located thin e sale or leasing of property in the Area under Indiana Code § 36-7-14-22, all in accordance with Indiana Code § 36-7-14-26; and WHEREAS, the Commission desires to pay certain expenses incurred by it or the City for local public improvements that are in or serving Allocation Area from funds remaining in the Allocation Area Fund, in accordance Indiana Code § 36-7-14-39(b)(2) and certain other expenditures incurred by the Commission in accordance with Indiana Code § 36-7-14-39(b)(2); and WHEREAS, the expenditures incurred or anticipated to be incurred by the Commission proposed to be paid with funds from Allocation Area Fund are described on the attached Exhibit A; and WHEREAS, the proposed appropriations from Allocation Area Fund are not for the operating expenses of the Commission; and WHEREAS, such appropriations are subject to the provisions of Indiana Code § 6-1.1- 18-5; and WHEREAS, on September 11, 2014, the Commission adopted Resolution 3232 setting a public hearing on said appropriations for 9:30 a.m. on October 16, 2014 and authorizing the i 1