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No. 2406 appropriating tax increment financing revenues from Allocation Area No. 3 fund for the payment of certain obligations and expenses related to the South Side Developemnt Area Allocation Area No. 3
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No. 2406 appropriating tax increment financing revenues from Allocation Area No. 3 fund for the payment of certain obligations and expenses related to the South Side Developemnt Area Allocation Area No. 3
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RESOLUTION NO. 2406 <br />A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION <br />APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM <br />ALLOCATION AREA NO. 3 FUND FOR THE PAYMENT OF CERTAIN <br />OBLIGATIONS AND EXPENSES RELATED TO THE SOUTH SIDE DEVELOPMENT <br />AREA ALLOCATION AREA NO. 3 <br />WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the <br />governing body of the Department of Redevelopment of the City of South Bend, Indiana (the "City") <br />and the City of South Bend, hldiana, Redevelopment District, exists and operates under the <br />provisions of Indiana Code ~ 36-7-14, as amended (the "Act"); and <br />WHEREAS, on November 1, 2002, the Commission adopted Resolution No. 1914 (the <br />"Declaratory Resolution") declaring the South Side Development Area (the "Area") to be an area <br />needing redevelopment within the meaning of the Act and designated the Area as the South Side <br />Development Area Allocation Area No. 1 ("Allocation Area No. 1 ") for purposes of tax increment <br />financing pursuant to the Act; and <br />WHEREAS, on November 19, 2002, the Area Plan Commission of St. Joseph County ("Plan <br />Commission")issued its written order approving the Declaratory Resolution by the adoption of Plan <br />Commission Resolution 142-02, in accordance with Indiana Code ~ 36-7-14-16; and <br />n ouncil of the Cit a roved the order of <br />WHEREAS, on November 25, 2002, the Comoro C y pp <br />the Plan Commission through the adoption of Common Council Resolution No. 3136-02; and <br />WHEREAS, on December 20, 2002, the Commission held a duly noticed public hearing, in <br />accordance with Indiana Code ~ 36-7-14-17 and Indiana Code ~ 53-1; and <br />WHEREAS, following said hearing, the Commission adopted Resolution No. 1928 <br />confirming the Declaratory Resolution; and <br />WHEREAS, on July 27, 2004, the Commission adopted Resolution 2073 amending the <br />Declaratory Resolution to create a separate allocation area ("Allocation Area No. 2") within the Area <br />to allow for certain improvements to occur at the intersection of Ireland and Michigan Streets; and <br />WHEREAS, on September 13, 2004, the Commission adopted Resolution 2096 (i) amending <br />the Declaratory Resohtion to create a separate allocation area ("Allocation Area No. 3") within the <br />Area to allow for a certain redevelopment project located at or about the southeast corner of the <br />intersection of Ireland Road and Miami Street in the Area and (ii) creating a separate allocation area <br />fiord ("Allocation Area No. 3 Fund") for the purpose accounting for the tax increment revenues <br />directly resulting from such improvements ("Project Tax Increment Revenues"); and <br />WHEREAS, on September 13, 2004, the Commission adopted Resolution No. 2097 (the <br />"Pledge Resolution") establishing the KSK-Scottsdale Mall, L.P. Project Principal and Interest <br />
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