HomeMy WebLinkAbout4716-18 Releasing Assessed Value from Douglas Road TIF Area for 2018pay2019 RESOLUTION
No. 4716-18
Passed by the Common Council of the City of South Bend, Indiana
June 11 , 20 18
Attest: 4 t� =/ - City Clerk
Kareemah N. Fowler
Attest President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
June 20�S
— City Clerk
Kareemah N. Fo lei
Approved and signed by me � � �� 20 I (J.
MW
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BILL NO. 18-25
RESOLUTION NO.4716-18
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
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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, Co 1 Presi en
South Bend Common ouncil
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