9943-09 Appropriating $955,315 of Indiana Community Revitalization Enhancement District increment funds

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'~---Q RESOLUTION N0.8-2009 A RESOLUTION OF THE SOUTH BEND ADVISORY COMMISSION ON INDUSTRIAL DEVELOPMENT MAKING RECOMMENDATIONS TO THE SOUTH BEND COMMON COUNCIL ON THE EXPENDITURE OF INCOME TAX AND GROSS RETAIL INCREMENTAL AMOUNTS RECEIVED FROM THE STATE OF INDIANA FOR FISCAL YEAR 2008 AND 2009 WHEREAS, on June 13, 2002 the South Bend Advisory Commission on Industrial Development adopted Resolution No. 1-2002 designating a Community Revitalization Enhancement District known as the Studebaker/Oliver CRED area; and WHEREAS, on September 9, 2002 the Indiana State Budget Agency notified the City of South Bend that they had reviewed the supporting documentation and approved the designated CRED district; and WHEREAS, Indiana Code 36-7-13 allows CRED districts to capture incremental growth in state income and gross retail taxes for a period up to fifteen years; and WHEREAS, the State Budget Agency has calculated the incremental growth for state fiscal year 2008 and has distributed $955,315.00 as the amount allowed by State statue to the City of South Bend; and WHEREAS, the City of South Bend anticipates that the State Budget Agency will calculate the incremental growth for state fiscal year 2009 and will distribute an amount not to exceed $1,000,000 which is the maximum amount allowed by State statue to the City of South Bend later in 2009; and WHEREAS, Indiana Code Section 36-7-13-5(c) requires the South Bend Advisory Commission on Industrial Development to recommend in writing to the South Bend Common Council any expenditure of these funds; NOW THEREFORE, be it RESOLVED by the South Bend Advisory Commission on Industrial Development as follows: Section I. It is the recommendation of the South Bend Advisory Commission on Industrial Development that the $955,315.00 received from the State of Indiana for incremental growth in income tax and gross retail tax in the Studebaker/Oliver CRED area for fiscal year 2008 be appropriated and spent for the repayment of the Section 108 Loan for the Studebaker/Oliver Project as pledged by Resolution No. 3-2005. Section II. The South Bend Advisory Commission on Industrial Development recommends that all incremental growth income tax and gross retail tax funds received and allowed by the State in the Studebaker/Oliver CRED area for fiscal year 2009 up to the statutory maximum of $1,000,000 be appropriated and spent for the repayment of the Section ] 08 Loan for the Studebaker/Oliver Project as pledged by Resolution No. 3-2005.