HomeMy WebLinkAbout6F(1) Resolution No. 2681l0 ~ ~~ J
RESOLUTION NO. 2681
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM
ALLOCATION AREA NO. I FUND FOR THE PAYMENT OF CERTAIN
OBLIGATIONS AND EXPENSES RELATED TO THE DOUGLAS ROAD
ECONOMIC DEVELOPMENT AREA ALLOCATION AREA NO. 1
WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the
~~overning body of the Department of Redevelopment of the City of South Bend. Indiana (the "City")
and the City of South Bend, hldiana, Redevelopment District, exists and operates under the
provisions of Indiana Code ~ 36-7-14, as amended (the "Act'-); and
WHEREAS, on December- 2, 2005, the Commission adopted Resolution No. 2199 (the
"Declaratory Resolution'") declaring the Douglas Road Economic Development Area (the "Area") to
be an economic development area within the meaning of the Act and designated the Area as the
Douglas Road Economic Development Area Allocation Area No. 1 ("Allocation Area No. 1"") for
purposes of tax increment financing pursuant to the Act; and
WHEREAS, on December 20, 2005, the Area Plan Commission of St Joseph County ("Plan
Commission-)issued its written order approving the Declaratory Resolution by the adoption ofPlan
Commission Resolution 165-U5, in accordance with Indiana Code ~ 36-7-14-16; and
WHEREAS, on January 23, 2006, dle Common Council of the City approved the order ofthe
Plan Com~l~ission through the adoption of Common Council Resolution No. 3556-06; and
WHEREAS, on February 17, 2006, the Commission held a duly noticed public hearing, in
accordance with Indiana Code j 36-7-14-17 and Indiana Code ~ 5-3-1; and
WHEREAS, following said hearing, the Commission adopted Resolution No. 2199
confirming the Declaratory Resolution; and
WHEREAS, the Declaratory Resolution created the Douglas Road Economic Development
Area Allocation Area No. 1 Fund (".Allocation Area No. 1Fund--) for the purpose ofdepositing into
such fund 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 No. 1
pursuant to Indiana Code ~ 36-7-1439(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-
14-26; and
WHEREAS, the Commission desires to pay certain expenses incui7-ed by it or the City for
local public improvements that are in or sei-~~ing Allocation Area No. 1 from funds remaining in the
Allocation Area No. 1 Fund. in accordance Indiana Code ~ 36-7-14-39(b)(2) and certain other
expenditures incurred by the Commission in accordance with Indiana Code ~ 36-7-14-39(b)(2); and
WHEREAS, the expenditures incui7-ed or anticipated to be incurred by the Commission
proposed to be paid with funds ti-om Allocation Area No. 1 Fund are described on the attached
Exhibit A; and
WHEREAS, the proposed appropriations fi-om Allocation Area No. 1 Fund are not for the
operating expenses of the Commission; and
WHEREAS, such appropriations are subject to the provisions of Indiana Code ~ 6-1.1-18-5;
and
WHEREAS, on January 15, 2010 the Commission approved Resolution 2627 appropriating
Two Hundred Thirty-Four Thousand and 00/ 100 Dollars ($234,000.00) to be expended in this
Allocation Fund, and
WHEREAS, the Commission wishes to amend said appropriation allowing an additional
Two Hundred Ninety-Six Thousand Three Hundred Sixty-Four and 00/100 Dollars ($296,364.00) to
be expended in this Allocation Fund, and
WHEREAS, on May 21, 2010, the Commission adopted Resolution 2678 setting a public
hearing on said appropriations for 10:00 a.m. on June 18, 2010 and authorizing the Secretary of the
Commission to duly publish notice of said hearing; and
WHEREAS, the Secretary of the Commission has caused notice of said hearing on said
appropriations to be published in accordance ~~~ith la~~ :and
WHEREAS. such public hearin~Y ~~~as held at the Commission"s meeting at 10:00 a.m. on
June 18, 2010, at 1308 County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana
46601, at which all taxpayers and interested persons had an opportunity to appear and express their
views as to such additional appropriations; and
WHEREAS, the Commission now desires to approve said appropriations in an additional
amount of Two Hundred Ninety-Six Thousand Three Hundred Sixty-Four and 00/100 Dollars
(5296,364.00);
NOW, THEREFORE. BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION AS FOLLOWS:
1. The Commission hereby finds that there are insufficient funds available or provided
for in the existing budget and tax levy ~~~hich may be applied to such expenses and the expenditure of
such amount ti-om Allocation Area No. 1 Fund.
2. The funds fi-om Allocation Area No. 1 Fund in the amount of Two Hwidred Ninety-
Six Thousand Three Hundred Sixty-Four and 00/ 100 Dollars ($296,364.00) are hereby appropriated
for the purpose of paying the expenditures described at Exhibit A.
3. Such appropriations shall be in addition to all the appropriations provided for in the
existing budget and levy and shall continue in effect until the completion of the activities described
herein. Any surplus of such proceeds shall be credited to the proper fund as provided by law.
4. The President and/or the Secretary of the Commission are hereby authorized and
directed to certify a copy of this Resolution together with such other proceedings and actions as may
be necessary to the St. Joseph County Auditor for certification to the Indiana Depaj-tment of Local
Government Finance for the purpose of obtaining its approval of the appropriations herein made.
ADOPTED at a regular meeting of the South Bend Redevelopment Conunission held on June
18, 2010 at 1308 County-City Building, 227 W. Jefferson Boulevard, South Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT
COMMISSION
l1TTEST:
S'i~>nu(~ue•
Prin~rd V~unu° and Tirlr
Prinazl .A~urnr «nd 7~i~lr
EXHIBIT A
DOUGLAS ROAD ECONOMIC DEVELOPMENT AREA -FUND 435
2010 BUDGET SUMMARY
2010
Appropriation
Debt Service:
Debt Service Reserve Increase p
Debt Service Payments 239,697
Total Debt Service 239,697
Infrastructure Projects Underway, Not Completed
Douglas Road -conduit installation 36,467
Total Infrastructure Underway, Not Completed 36,467
Other Activities:
Reimbursement to City for Public Works n
Total Other Activities p
Development Opportunities:
Development Opportunity Reserve 20,200
Total Development Opportunities 20,200
Infrastructure Planned:
(Could include the following projects)
Total Infrastructure Planned p
Total Appropriation 296,364