6.A.(1)&(2) Public Hearing Resolution NO. 2562

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~~eal property and iYnproveinents thereon located to the SERA Allacatlon Area pursuant to Indiana `~~~ +6-7-14-39~b}~ l }and from tl~e proceeds from the sale or leasing ofprope~~ty in the Area under Indiana Code ~ ~~~7-14-??, ~.~~ In accordance ~vlth Indiana Code ~ ~-~-~~~~; and H~~EAS, the I)eclaratary Resolution ~ further amended by the Resalutian o. ~~~ and Resolution lea. 23~ 1, adapted an June 1 ~, X07 and July ~~, ~~~7 respectively and said resolutian expanded the Area by adding and consolidating the SERA iota the Area ~~c~lle~cti~rely refe1~red to hereafter as the "Area"~ and expanded Allocation Area Na,1 by adding and cansalidatin the SERA Allacatlan Area lnta Allacat~an Area Na. 1 collectively referred to hereafter as '`Allocation Area a. l"}; and 'HEHEA~ under the l~eclarata~ Resolution, the funds and deposits of the SERA Allocation Funds have further been consalldated and depaslted ~4~Ith Allocatlon Area Flo. l Fund {collectively referred to hereafter as "All~~cation Azea No, I Fund"}; and ~VHEREA, an October ~7} ~~03, the South fiend anlnlan CoL1nC11 adapted Resolution Igo. Z~ l RDA, requesting that the State Enterprise bane Beard establish the Urban Enterprise done the "Z~I1~e'i} as an enterprise zone within the meaning ofIndiana Cade ~ 4-4-.14no~v Indiana Code S-Z~-I } llicl~ was approved by the State of Indiana, effective January I, ~~~4, for a period afA ten ~ 1 a}years and expiring on December ~ 1, ~a I ;and `HER~AS~ the purpose far the existence of°the bane 1s ta: ~ 1 }Increase the nurriher of j obs in the ,done by retention and expansion of existing businesses and attraction and develap~nent of new businesses; and ~} Improve the quality of life of zone residents, improve ~c~t~e residents' en~ployabilrty, and fill zone jabs with zone residents; and 'L~'HER~~, due to an overlap in the Area and the done {the "overlap ,Area"}, the Airport Economic Develop~~,ent Area 1 Urban Enterprise done Special done Fund vvas established far the purpose ofdepositing iota a special fund the #:one Fund"} tax inerernent revenues allocated to the Commission and. resulting solely f~on~ the increase in the assessed value of personal property and real property and Improvements thereon located in the overlap Area pursuant to Indiana Cade ~ 3~r ~-1~~9~}; and H~.~A, pursua~~t to Indiana Cade ~ C-7-I4-3~~~},tax increment revenues allocated to the Commission and resulting safely from the increase in the assessed value ofpersanal property and real property and zrr~prove~nents tl~ereon located in the t~verlap Area knave been transferred from the A1locatlon Area Na. 1 Fund into the bane Fund; and HEREA, the Commissran desires to pay certain expenses incurred ~~' tl~lyd parties far programs located in o~i serving the Overlap Area from funds remaining in the done Fund In accordance mirth Indiana Cade ~~~-7-I4-39~{~ and certain ether expenditures incurred by the Commission ~n accordance with Indiana Cade ~ 3b-7-14~3~b}~}; and