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Home My WebLink About6I(3) Resolution No. 2705~ L ~~> RESOLUTION NO. 2705 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING THAT THE TAX INCREMENT WHICH MAY BE COLLECTED IN THE YEAR 2011 IS NEEDED TO SATISFY OBLIGATONS OF THE COMMISSION AND THAT NO EXCESS ASSESSED VALUE MAY BE ALLOCATED TO THE RESPECTIVE TAXING UNITS AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the governing body of the South Bend, Indiana, Department of Redevelopment (the "Department") and of the Redevelopment District of the City of South Bend, Indiana (the "Redevelopment District"), exists and operates under the provisions of IC 36-7-14, as amended from time to time (the "Act"); and WHEREAS, the Commission has previously adopted resolutions, which have been amended from time to time, declaring the South Bend Central Development Area, the Northeast Neighborhood Development Area, the South Side Development Area, the West Washington- Chapin Development Area, the Airport Economic Development Area, and the Douglas Road Economic Development Area to be economic development areas or redevelopment areas within the meaning of the Act (the "Areas") and designated territory within such Areas as allocation areas (the "Allocation Areas") under Section 39 of the Act which Allocation Areas are listed at Exhibit A attached hereto; and WHEREAS, the Commission, in accordance with the Act, has previously established an allocation fund for each of the Allocation Areas (the "Allocation Funds"); and WHEREAS, 50 IAC 8 contains rules adopted by the Indiana State Board of Tax Commissioners concerning tax increment finance (the "Regulations"); and WHEREAS, Section 39 of the Act and 50 IAC 8-2-4 require the Commission to determine before July 15 of each year, whether the sum of the balance in the Allocation Funds plus estimated future investment earnings on that balance is sufficient to satisfy obligations of the Commission over the terms of those obligations, and whether the capture of less than all of the Potential Captured Assessment (as defined in the Regulations) will result in a balance in the Allocation Funds in the following year that, when combined with future investment earnings on that balance and the resultant tax increment to be collected in the following year, will be sufficient to satisfy the obligations of the Commission over the term of those obligations; and WHEREAS, Section 39 of the Act requires the Commission to provide to the St. Joseph County Auditor, the Common Council, and the fiscal officers for each taxing unit located wholly or partly within the respective Allocation Areas before July 15 of each year written notice of the following: (i) the amount, if any, of excess assessed value that the Commission has determined may be allocated to the respective taxing units, or (ii) state that the Commission has determined that there is no excess assessed value that may be allocated to the respective taxing units in the manner prescribed in Section 39 of the Act; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The Commission hereby determines that there is no excess assessed value that may be allocated to the respective taxing units in the manner prescribed in Section 39 of the Act because the Commission hereby finds that the sum of the balances in the respective Allocation Funds, when combined with future investment earnings on such balances and the resultant tax increment to be collected for tax year payable 2011, will be necessary to satisfy the obligations of the Commission over the term or terms of those obligations, and that therefore the Potential Captured Assessment for the respective Allocation Areas in 2011 shall be treated as Captured Assessment (as defined in the Regulations). In making this determination, the Commission has considered the effect that such determination will have on the property tax rate in the Redevelopment District. 2. This determination for 2011 shall not be construed to affect any future determination of the Commission with respect to the capture of Potential Captured Assessment in the years following 2011. 3. The form of the letter, attached hereto as Exhibit B, is hereby approved by the Commission and the President or Vice President of the Commission is hereby authorized and directed to immediately notify or cause to be notified the St. Joseph County Auditor, the Common Council and the officers who are authorized to fix budgets, tax rates, and tax levies under Indiana Code 6-1.1-17-5 for each of the other taxing units wholly or partly located within the Allocation Areas of the determinations made herein by the Commission, through the use of said letter in substantially the form presented at this meeting with such changes in form or substance as the President or Vice President of the Commission shall approve, upon the recommendation of legal counsel, such approval to be conclusively evidenced by the execution of said letter. ***** ADOPTED AND APPROVED at a meeting of the South Bend Redevelopment Commission held on the 18th day of June, 2010. SOUTH BEND REDEVELOPMENT COMMISSION Marcia Jones, President ATTEST: Nancy King, Secretary EXHIBIT A Allocation Areas 1) Central Development Area 2) Central Medical District 3) West Washington Development Area 4) Northeast Neighborhood Development Area Allocation Area # 1 5) Northeast Neighborhood Development Area Allocation Area #2 6) Southside General Development Area 7) Erskine Commons 8) Erskine Village 9) Airport Economic Development Area 10) Douglas Road Economic Development Area EXHIBIT B (Form of Letter) Date Mr./Ms. [Name] Taxing Unit Address Subject: Request Regarding Capture of Incremental Assessed Value for the City of South Bend Dear Mr./Ms. [Name]: In accordance with the provisions of IC 36-7-14-39, the Redevelopment Commission of the City of South Bend, Indiana, has determined that there is no excess assessed value that may be allocated to the respective taxing units in the manner prescribed in subdivision (1) of IC 36-7-14- 39. The Allocation Areas of the City of South Bend are as follows: 1) Central Development Area 2) Central Medical District 3) West Washington Development Area 4) Northeast Neighborhood Development Area # 1 5) Northeast Neighborhood Development Area #2 6) Southside General Development Area 7) Erskine Commons 8) Erskine Village 9) Airport Economic Development Area 10) Douglas Road Economic Development Area Very truly yours, Marcia Jones President South Bend Redevelopment Commission CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2011 Airport Economic Development Area ANTICIPATED TIF REVENUE - 2011 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS LaSalle Square Ignition Park (MIND) Blackthorn Corporate Park Marketing Blackthorn Owners Association Dues Commerce Drive Extension Progress Drive Cleveland Road/Dylan Drive/Brick Road Intersection Eagle Way Trade Drive Olive Road Extension Cotter Street Construction Underground Pipe & Valve Transpo Utility Relocation Oliver Industrial Houses Real Services -New Curbs/walks @ Main & Stull Ivy Tech Expansion Acquisitions Portage Prairie Animal Shelter Construction Legal Fees Conduit Construction Property Management Job Training Western Avenue I&M Improvements Description $11,369,886 Debt Service payments totalling $4,139,640 due in 2011. Funds necessary to keep Debt Services Reserves at appropriate levels Planning, acquisition, and infrastructure improvements to redevelop area Site assemblage, planning & infrastructure to promote new development Marketing costs for Corporate Park Dues to support work of Owners Association Extend Commerce Drive to Sheridan Improve Progress Drive from Sheridan to Airport Improvements to intersection to improve traffic flow Road construction to support new development Road construction to support new development Engineering and road construction to promote new development Engineering and road construction to promote new development Demolition to make way for new development Support development of new Transpo Maintenance facility Support development of Oliver Industrial Park Curb & sidewalk construction to support Real Services campus Acquisitions to facilitate expansion of Ivy Tech campus Engineering and road construction to promote new development Construction of new animal shelter facility Legal fees to further downtown development Expansion of conduit to support development throughout the area Maintenance of Redevelopment owned property Job training services to increase resident's skill sets Site improvements to enhance and protect neighborhoods 6/ 15/2010 CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2011 South Bend Central Development Area ANTICIPATED TIF REVENUE - 2011 DEBT SERVICE Debt Service Payments (1990 and 2003 bonds) Increases in Debt Service Reserves PROJECTS American Trust Place -Design/Construction Coveleski Neighborhood/Park Downtown South Bend, Inc. Downtown Street Improvement Eas[ Bank Plan/2 Phases Fat Daddies Holding &Pre-development Hall of Fame -Planning Hill & Colfax Mixed Use Development Jon Hunt Plaza Site Improvements LaSalle Hotel Holding Costs Legal Fees Main & Jefferson Parking Lot Main & Western -Site Clean-up Manor Project Palais Retail Space Predevelopment Rink Site Development St. Joseph & Jefferson Parking Lot Synagogue Reuse WNIT -Parking and Fapade Description $4,061,228 Debt Service payments of $2,087,052 due in 2011 Funds necessary to keep Debt Services Reserves at appropriate levels Restoration of historic building fapade Improvements to ballpark and development of surrounding area On-going commitment to assist in streetscape enhancement Various street improvements to enhance downtown On-going planning for East Bank area Improvements to block at St.Joseph & Monroe Planning for adaptive re-use of Hall of Fame building New development at eastern edge of East Bank area Improvements to public space Costs to hold building until new development project is underway Legal fees to further downtown development Expenses related to operation of parking lot Curb. greenspace and striping improvements Site clean-up and holding costs Miscellaneous improvements to commercial space Appraisal, title, survey, etc. Miscellaneous costs relating to eventual development of site Management of parking lots Renovate for reuse compatible to development area Completion of improvements F:\DATA\SHARE\ECONDEV\Tax Increment Financing\Projected TIF need 2010 .xls CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2011 West Washington Development Area ANTICIPATED TIF REVENUE - 2011 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS City Cemetery Improvements Hansel Center Development Housing Authority Maintenance Building Neighborhood Gateway Entrances Property Management Description $480,944 None None Infrastructure and landscaping improvements Facilitate reuse of the building Acquisition/demo to provide for new housing development Create attractive entry points for neighborhood Maintenance of Redevelopment owned property CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2011 Central Medical District ANTICIPATED TIF REVENUE - 2011 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS Streetscape Improvements Garage Facade Sidewalk & curb replacement Description $3,843,897 None None Improvements at various locations around the hospital Fapade improvements to the Bartlett Street Garage Improvements at various locations around the hospital CITY OF SOUTH BEND, INDIANA Department of Community 8 Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2011 Northeast Development Area #1 Description ANTICIPATED TIF REVENUE - 2011 $233,909 DEBT SERVICE Debt Service Payments None Increases in Debt Service Reserves None PROJECTS Predevelopment & Planning Appraisal, title, survey, etc. Public Infrastructure Support new residential. medical, educational, and other development consistent with plan CITY OF SOUTN BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2011 South Side Development Area #1 ANTICIPATED TIF REVENUE - 2011 DEBT SERVICE Debt Service Payments None Increases in Debt Service Reserves None Description $2,463,183 PROJECTS Erskine Plaza Pond Project Drainage improvements to increase capacity in central development area Ireland & High Intersection & Infrastructure Project Drainage improvements necessitated by changes to Ireland Road Main/Lafayette Crossover Street reconfiguration to facilitate traffic flow near Erskine Commons Property Management Maintenance of Redevelopment owned property Miami Pedestrian Improvements Improvements north of Ireland CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2011 South Side Development Area #2 ANTICIPATED TIF REVENUE - 2011 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS None Description $3,534,721 Per agreement, all funds to go to debt service; 2011 amount due $603,686 None CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2011 South Side Development Area #3 ANTICIPATED TIF REVENUE - 2011 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS None Description $2,142,378 Per agreement, all funds to go to debt service; 2010 amount due $491,417.50 None CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2011 Douglas Road Economic Development Area ANTICIPATED TIF REVENUE - 2011 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS Sidewalk Improvements Description $365,592 Payments due for 2011 total $170,484. None Sidewalk construction to support new development