CEDIT - (County Economic Development Tax)

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RESOLUTION NO. 3 ~(. ~~ -~ 1 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, PROPOSING AND VOTING IN FAVOR OF AN ORDINANCE OF THE ST. JOSEPH COUNTY INCOME TAX COUNCIL INCREASING THE COUNTY ECONOMIC DEVELOPMENT INCOME TAX (CEDIT) WHEREAS, the St. Joseph County Income Tax Council imposed the County Economic Development Income Tax (CEDIT) on the taxpayers of St. Joseph County, Indiana effective July 1, 1997 at a rate of Two-Tenths of One Percent (0.2%); and WHEREAS, State law would authorize a further CEDIT increase of 0.2% which is necessary to continue providing essential services to the public of South Bend and St. Joseph County, Indiana. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA as follows: SECTION I. The Common Council of the City of South Bend, Indiana, proposes and casts its 40.59 votes in favor of the following Ordinance of the St. Joseph County Income Tax Council: AN ORDINANCE OF THE INCOME TAX COUNCIL OF ST. JOSEPH COUNTY, INDIANA INCREASING THE COUNTY ECONOMIC DEVELOPMENT INCOME TAX IN ST. JOSEPH COUNTY, INDIANA (CEDIT) STATEMENT OF PURPOSE AND INTENT The St. Joseph County Income Tax Council (Council) acknowledges that a County Economic Development Income Tax (CEDIT) was initially imposed on the taxpayers of St. Joseph County, Indiana effective July 1, 1997 at a rate of Two-Tenths of One Percent (0.2%). The County Economic Development Income Tax may be increased by the St. Joseph County .Tax Council pursuant to Ind. Code § 6-3.5-7-5(d). At this time, an increase in CEDIT by an additional Two-Tenths of One Percent 0.2% (or an effective rate of Four-Tenths Percent (0.4%) is necessary to maintain services essential services for the citizens of St. Joseph County as a result of significant revenue loss due to the Indiana legislature's 2008 cap on property tax rates throughout the State.