6.E.(4) Resolution No. 2561 - Laserfiche WebLink

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Conul~ission and resulting solely from the increase in the assessed value of personal property and real property and improvements thereon located in the SEDA Allocation Area pursuant to huiiana Code ~ 36 7 1 d 39(b)(1) and ti-om the proceeds from the sale or leasing of property in the Arca under Indiana Codc ~ 36 7-14-2?, all in accordance ~~~ith hldiana Codc ~ 36-7-14-26: and ~~'IiGREAS. [he Declaratory Resolution ~a~as fw-ther amended by the Resolution '~o. ?34~ and Resolution ti~o. ?3>l, adopted on June 19, ?007 and .luly ?0. ?007 respectively and said resolution expanded the Arca by adding and consolidating the SEDA into the Area (collectively referred to hereafter as the "Area~~) and expanded Allocation Area No. 1 by adding and consolidating the SEDA Allocation Arca into Allocation Arca No. 1 (collectively referred to hereafter as ..Allocation Arca I~'o. 1 ~~): and ~~'HEREAS. under the Declaratory Resolution. the funds and deposits of the SEDA Allocation Funds have further been consolidated and deposited with Allocation Area No. I Fund (a~llectivcly referred to hereafter as "Allocation Arca No. 1 Fund"): and ~~'HEREAS, on October ?7. ?003. the South Bend Common Council adopted Resolution I~'o. 3?61-03, requesting that the State Enterprise lone Board establish the Urban Enterprise "Lone (the ~'7onc'~1 as an enterprise zone within the mcanin~~ of Indiana Codc ~ 4-4-6. I (no~~~ Indiana Code 5-?8-15) which was approved by the State of Indiana, effective January 1, ?004, for a period of ten (10) years and expiring on December 31. ?013: and WHEREAS, the purpose for the existence of the 7_.one is to: (1) Increase the number of jobs in the Zonc by retention and expansion of existing businesses and attraction and development of new businesses; and (?) Improve the quality of~ life of zone residents, impro~~c zone residents' employability, and till zone jobs with zone residents: and ~~'HEREAS, due to an overlap in the Area and the %one (the "(hcrlap Arca~~). the Airport Economic Development Area ~ Urban Enterprise Zonc Special Lone Fund ~~~as established for the purpose of depositing into a special Lund (the °Lone I Fund") tax increment revenues allocated to the Commission and resulting solely ti-om the increase in the assessed value of personal property and real property and improv ements thereon located in the Overlap Area pursuant to Indiana Code ~ 36- 7 14 39(g); and ~'~'ii EREAS, pursuant to Indiana Codc ~ 3(i-7-1 ~ 39(g), tax increment revenues allocated to the Commission and resulting solely from the increase in the assessed value ofpersonal propa-ty and real property and improvements thereon located in the O~~crlap Area have been transferred 1i~om the Allocation Arca No. I Fund into the Zonc Fund; and ~~~ HEREAS, the Commission desires to pay certain expenses incurred by third parties for programs located in or serving the Orcrlap Area from funds remaining in the 7_one Fund. in accordance ~~~ith Indiana Codc ~ 3G-7-I-1-39(g) and certain other expenditures incurred by the Commission in accordance ~~~ith [ndiana Codc ~ 36-7-1~1-39(b)(?): and