No. 2399 appropriating tax increment financing revenues from Allocation Area Fund for the payment of certain obligations and expenses related to the West Washington-Chapin Development Area Allocation Area

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RESOLUTION NO. 2399 • A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM ALLOCATION AREA FUND FOR THE PAYI\TENT OF CERTAIN OBLIGATIONS AND EXPENSES RELATED TO THE WEST WASHINGTION-CHAPIN DEVELOPMENT AREA ALLOCATION AREA WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the governing body of the City of South Bend Department of Redevelopment (the "Deparhnent"), on October 23, 1987, adopted Resolution No. 818 declaring the West Washington-Chapin Development Area in the City of South Bend, Indiana (the "City") to be an area needing redevelopment within the meaning of the Redevelopment of Cities and Towns Act of 1953, as amended, which is codified at, fndiana Code § 36-7-141 et seq (the "Act"); and WHEREAS, Resolution No. 818 and the West Washington-Chapin Development Area Development Plan (the "Development Plan") adopted by Resolution No. 818 on October 23, 1987 were confirmed by Resolution No. 824 adopted on December 11, 1987 (collectively, the "Declaratory Resolution"); and WHEREAS, the Declaratory Resolution created the West Washington Allocation Area (South Bend Allocation Area No. 7) Special Fund ("Allocation Area Ftimd") for the purpose of depositing into such fiend 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 Allocation Area pursuant to hZdiana Code § 36-7-14-39(b)(1) and from the proceeds from the sale or leasing of property in the Area under Indiana Code~~' 36-7-14-22, all in accordance with Indiana Code § 36-7-1426; and WHEREAS, the Commission desires to pay certain expenses incurred by it or the City for local public improvements that are in or serving Allocation Area from funds remaining in the Allocation Area Fund, in accordance Indiana Code § 36-7-14-39(b)(2) and certain other expenditures incurred by the Commission in accordance with Indiana Code ~ 367-14-39(b)(2); and WHEREAS, the expenditures incurred or anticipated to be incurred by the Commission proposed to be paid with fiords from Allocation Area Fund are described on the attached Exhibit A; and WHEREAS, the proposed appropriations from Allocation Area Fund are not for the operating expenses of the Commission; and WHEREAS, such appropriations are subject to the provisions of Indiana Code ~ 61.1-18-5; and WHEREAS, on December 7, 2007, the Commission adopted Resolution 2396 setting a public hearing on said appropriations for 10:00 a.m. on December 7, 2007 and authorizing the