HomeMy WebLinkAboutConfirming a Resolution of South Bend Redevelopment Commission Determining that the Tax Increment for Erskine Village to be Collected in Year 2016 may be AllocatedAttest:
RESOLUTION
4472 -15
Passed by the Common Council of the City of South Bend, Indiana
July 13,
15
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Presented by me to the Mayor of the City of South Bend, Indiana
July 14 20 15
Approved and signed by me " V I
14
City Clerk
President of Common Council
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City Clerk
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RESOLUTION -L'( � 2- -1
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, ACCEPTING AND CONFIRMING A RESOLUTION OF THE SOUTH
BEND REDEVELOPMENT COMMISSION DETERMINING THAT THE TAX
INCREMENT FOR ERSKINE VILLAGE TO BE COLLECTED IN THE YEAR 2016
MAY BE ALLOCATED TO THE RESPECTIVE TAXING UNITS AND OTHER
RELATED MATTERS
STATEMENT OF PURPOSE AND INTENT
WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the
governing body of the South Bend, Indiana, Department of Redevelopment (the "Department ")
and of the Redevelopment District of the City of South Bend, Indiana (the "Redevelopment
District "), exists and operates under the provisions of IC 36 -7 -14, as amended from time to time
(the "Act "); and
WHEREAS, the Commission has previously adopted resolutions, which have been
amended from time to time, declaring the South Side Development Area to be a redevelopment
area within the meaning of the Act (the "Area") and designated territory within such Area as
Allocation Area No. 3 (the "Allocation Area") under Section 39 of the Act; and
WHEREAS, the Commission, in accordance with the Act, has previously established an
allocation fund for the Allocation Area (the "Allocation Fund "); and
WHEREAS, Section 39 of the Act requires the Commission to determine the amount, if
any, by which the assessed value of the taxable property in the Allocation Area for the most recent
assessment date minus the base assessed value, when multiplied by the estimated tax rate of the
allocation area, will exceed the amount of assessed value needed to produce the property taxes
necessary to make, when due, principal and interest payments on bonds, plus the amount necessary
for other purposes described in Section 39; and
WHEREAS, if the amount of excess assessed value determined by the Commission is
expected to generate more than two hundred percent (200 %) of the amount of allocated tax
proceeds necessary to make, when due, principal and interest payments on bonds plus the amount
necessary for other purposes described in Section 39, the Commission shall submit to the Common
Council its determination of the excess assessed value that the Commission proposes to release to
the respective taxing units for confirmation or modification of such finding by the Common
Council and thereafter to provide notice to the St. Joseph County Auditor, the Common Council,
and the fiscal officers for each taxing unit located wholly or partly within the respective Allocation
Areas before July 15 of each year written notice of the following: the amount, if any, of excess
assessed value that the Common Council has determined may be allocated to the respective taxing
units in the manner prescribed in Section 39; and
WHEREAS, the Commission, in accordance with the Act, has determined that for tax year
payable 2015, all of the assessed value in the Allocation Area is excess assessed value and may be
allocated to the respective taxing units in the manner prescribed in Section 39 of the Act because
the Commission has found that the amount by which the assessed value of the taxable property in
the Allocation Area for the most recent assessment date minus the base assessed value, when
multiplied by the estimated tax rate of the allocation area, will exceed the amount of assessed value
needed to produce the property taxes necessary to make, when due, principal and interest payments
on bonds, plus the amount necessary for other purposes described in Section 39; and
WHEREAS, the Commission, in accordance with the Act, has submitted its determination
to the Common Council for confirmation or modification; and
WHEREAS, the Common Council finds that the determination made by the Commission
is appropriate and should be confirmed.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND, INDIANA:
Section 1. Confirmation of Commission's Determination.
The Common Council confirms the determination made by the Commission that for tax
year payable 2016, all of the assessed value in the Allocation Area is excess assessed value and
may be allocated to the respective taxing units in the manner prescribed in Section 39 of the Act
pursuant to the findings made by the Commission that the amount by which the assessed value of
the taxable property in the Allocation Area for the most recent assessment date minus the base
assessed value, when multiplied by the estimated tax rate of the allocation area, will exceed the
amount of assessed value needed to produce the property taxes necessary to make, when due,
principal and interest payments on bonds, plus the amount necessary for other purposes described
in Section 39.
Section 2. Duration of Determination.
This determination for 2016 shall not be construed to affect any future determination of the
Commission with respect to the capture of assessed value of the taxable property in the Allocation
Area in the years following 2016.
Section 3. Notice to Officers of the Commission.
The City Clerk is hereby authorized and directed to immediately notify or cause to be
notified the Officers of the South Bend Redevelopment Commission of the determinations made
herein.
Section 4. Effective Date.
This Resolution shall be in full force and effect from and after its adoption by the Common
Council.
Member of the Common Council
ATTEST:
d" L '�' --"�
City Clerk.
PRESENTED I l 3 -`
1 107 APPROVE&
Filed ire Office
JOFii'c'' <ati
CITYCLERK, SOUTH BEND, IN
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
15 -60 A RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND, INDIANA, ACCEPTING AND
CONFIRMING A RESOLUTION OF THE SOUTH BEND
REDEVELOPMENT COMMISSION DETERMINING THAT
THE TAX INCREMENT FOR ERSKINE VILLAGE TO BE
COLLECTED IN THE YEAR 2016 MAY BE ALLOCATED
TO THE RESPECTIVE TAXING UNITS AND OTHER
RELATED MATTERS
Respectfully report that they have examined the matter and that in their opinion,
this bill is being recommended to the full Council with a favorable
recommendation.
This bill was heard by the Community Investment Committee.
Karen L. White
Chairperson, Committee of the Whole
227 W. JEFFERSON BOULEVARD
SUITE 1400 S.
SOUTH BEND, IN 46601 -1830
CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR
COMMUNITY INVESTMENT
ScoTT FORD, EXECUTP ✓E DIRECTOR
July 6, 2015
South Bend Common Council
4' Floor County -City Building
South Bend, IN 46601
RE: Confirming Redevelopment Commission Determination that
Erskine Village TIF can be Released for 2016
Dear Council Members:
PHONE: 574 /235 -9371
FAX: 574/235 -9021
Attached for the Common Council's consideration is a proposed resolution which
confirms a determination by the South Bend Redevelopment Commission to release the TIF
Revenues for the Erskine Village TIF (South Side Development Area Allocation Area #3) for
2016.
On June 25, 2015, the Commission determined that the TIF revenues for 2016 for Erskine
Village will not be needed to satisfy the obligations of the District and, therefore, can be released
to the various taxing units. In order for the release to take effect, state law requires the Common
Council confirm the determination made by the Redevelopment Commission.
Either Beth Leonard or I will present this Resolution to the Common Council.
Thank you for your consideration.
Sincerely, lied in C` t kk s OffiCe
'27-f le" — —
Brock Zeeb
„r
it SS:.
JOHN VOOHOE
CITY CLERK, SOUTH BEND, IN
ASSISTANT EXECUTIVE DIRE( TOR PLANNING NEIGHBORHOOD ENGAGEMENT ECONOMIC RFSOURCES
CHRISFIEI.DING JITIN KAIN PAMELA C. MEYER BROCKZEEB