6B(1) Resolution No. 2570 - Laserfiche WebLink

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RESOLUTION N0.2570 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE USE OF CERTAIN TAX INCREMENT REVENUES FOR THE REIMBURSEMENT OF THE SOUTH BEND MAJOR MOVES FUND (AUTEN ROAD CONNECTOR PROJECT) WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the governing-body of the City of South Bend, Indiana, Redevelopment District (the "District") and the City of South Bend> Indiana, Department of Redevelopment, exists and operates under the provisions of Ind. Code §36-7-14, as amended from time to time (the "Act"); and WHEREAS, the Commission has previously (i) designated and declared an area in the City of South Bend, Indiana (the "City"), known as the Airport Economic Development Area (the "Area"), to be an economic development area within the meaning of Ind. Code §3b-7- 14; (ii) established- the Area as the Airport Economic Development Area Allocation Area (the "Allocation Area") to be an allocation area for the purpose of separately accounting for the tax increment revenues derived from the Area; and (iii} created an allocation fund for the Area (the "Allocation Fund") for purpose of tax increment financing; and WHEREAS, the City has appropriated $350,000.00 from the South Bend Major Moves Fund (the "Major Moves Money") for the purchase of property to be used as right of way for the construction of the Auten Road Connector (the "Project"); and WHEREAS, the Major Moves Money has been appropriated on the condition that tax increment revenues be used to reimburse the South Bend Major Moves Fund (the "Fund"}; and WHEREAS, the Commission desires to reimburse the Fund using existing tax increment revenues allocated to the Commission and resulting solely from the increase in the assessed value of real property and improvements thereon located in the Area and deposited into the Allocation Fund, as required by Ind. Code X36-7-14-26; and WHEREAS, the Commission has determined that sufficient unencumbered tax increment revenues will be available to the Commission to reimburse the Fund. NOW THEREFORE, BE IT RESOLVED, by the City of South Bend, Indiana, Redevelopment Commission as follows: 1. The Commission hereby authorizes the use of the Allocation Fund for the reimbursement of the South Bend Major Moves Fund in the sum of up to $350,000.00.