HomeMy WebLinkAbout18-25 Releasing Assessed Value from Douglas Road TIF Area for 2018 pay 2019 Filed in Clerk's Offia
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PEACE
KAREEMAH FOWLEi
x 1865 x CITY CLERK,SOUTH BEh: Iv
CITY OF SOUTHBEND
COMMUNITY INVESTMENT
JAMES MUELLER, EXECUTIVE DIRECTOR
May 25, 2018
Mr.Tim Scott, President
South Bend Common Council
4th Floor County-City Building
227 W.Jefferson
South Bend, IN 46601
Re: Releasing Assessed Value from Douglas Road TIF Area for 2018pay2019
Dear Council President Scott:
At a public meeting held May 24, 2018, the South Bend Redevelopment Commission made the
necessary findings under Indiana Code 36-7-14 determining that all the assessed value in Allocation
Area No. 1 of the Douglas Road Economic Development Ara may be allocated to the respective taxing
units. Notice of the Commission's action was sent to South Bend Common Council members that date.
Attached is a resolution formally approving release of the TIF increment to be collected from the
Douglas Road TIF Area for tax pay year 2019. This TIF is close to finishing the projects originally
expected from it. Once the last project is completed, we will close this TIF area.
I will present this resolution at your June 11 Council meeting. Please let me know if you have any
questions. Thank you.
Sincerely,
ei
Elizab" Leonard In s
Director Redevelopment F ance
DANIELJ.BUCKENMEYER ALKEYNA ALDRIDGE PAMELA MEYER TIM C:ORCORAN
BUSINESS DEVELOPMENT ENGAGEMENT&ECONOMIC EMPOWERMENT NEIGHBORHOOD DEVELOPMENT PLANNING&COMMU'NITY RESOURCES
EXCELLENCE ACCOUNTABILITY ', INNOVATION INCLUSION EMPOWERMENT
14005 County-City Building 227W.Jefferson Blvd. South Bend,Indiana 46601 p574.235.9371 www.southbendin.gov
Filed in Clerk's Office
Julv 0 4 2018
BILL NO. 18-25
KAREEMAH FOWLER
RESOLUTION NO. CITY CLERK,SOUTH[SEND,IN
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, ACCEPTING AND CONFIRMING A RESOLUTION OF THE SOUTH BEND
REDEVELOPMENT COMMISSION DETERMINING THAT THE ASSESSED VALUE
OF PROPERTY IN THE DOUGLAS ROAD ECONOMIC DEVELOPMENT AREA FOR
TAX YEAR PAYABLE 2018 MAY BE ALLOCATED TO THE RESPECTIVE TAXING
UNITS AND OTHER RELATED MATTERS
WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the
governing body ofthe 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 Douglas Road Economic Development Area to be an
economic development area within the meaning of the Act(the "Area")and designating such Area
as Allocation Area No. 1 (the"Allocation Area")under Section 39 of the Act;and
WHEREAS, the Commission, in accordance with the Act, has previously established an
allocation fund for the Allocation Area(the"Allocation Fund");and
WHEREAS, on May 25, 2017, in accordance with Section 39 of the Act, the Commission
adopted its Resolution No. 3395 stating the Commission's determination that for tax year payable
2018,all of the assessed value in the Allocation Area is excess assessed value and may be allocated
to the respective taxing units in the manner prescribed in Section 39 of the Act because the
Commission has found that the amount by which the assessed value of the taxable property in the
Allocation Area for the most recent assessment date minus the base assessed value, when
multiplied by the estimated tax rate of the allocation area,will exceed the amount of assessed value
needed to produce the property taxed necessary to make,when due,principal and interest payments
on bonds,plus the amount necessary for other purposes described in Section 39;and
WHEREAS, in light of the Commission's determination set forth in Resolution No. 3395
and pursuant to Section 39(b)(4)(C) of the Act, the Commission has submitted its determination
to the Common Council for confirmation or modification; and
WHEREAS,the Common Council finds that the determination made by the Commission is
appropriate and should be confirmed; and
NOW,THEREFORE,BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY
OF SOUTH BEND, INDIANA,AS FOLLOWS:
Section I. The Common Council confirms the Commission's determination in Resolution
1
3395 that, for tax year payable 2018, all of the assessed value in the Allocation Area is excess
assessed value and may be allocated to the respective taxing units in the manner prescribed in
Section 39 of the Act.
Section II. The Commission's determination for 2018 shall not be construed to affect any
future determination of the Commission with respect to the capture of assessed value of the taxable
property in the Allocation Area in the years following 2018.
Section III. The City Clerk is hereby authorized and directed to immediately notify or cause
to be notified the officers of the South Bend Redevelopment Commission of the determination
made herein.
Section IV. This Resolution shall be in full force and effect from and after its adoption by
the Common Council and approval by the Mayor.
Tim Scott, Council President
South Bend Common Council
4000.000000165128634.002
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