HomeMy WebLinkAboutNo. 2540 appropriating TIF revenues from allocation area no. 1 fund for the payment of certain obligations and expenses related to the Douglas Rd. EDA allocation area no. 1• RESOLUTION NO. 2540
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM
ALLOCATION AREA NO. 1 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
governing body of the Department of Redevelopment of the City of South Bend, Indiana (the "City ")
and the City of South Bend, Indiana, 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 of Plan
Commission Resolution 165 -05, in accordance with Indiana Code § 36- 7- 14-16; and
WHEREAS, on January 23, 2006, the Common Council of the City approved the order of the
Plan Commission 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 § 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. 1 Fund ") for the purpose of depositing 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- 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-
14-26; 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 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 incurred or anticipated to be incurred by the Commission
proposed to be paid with funds from Allocation Area No. 1 Fund are described on the attached
Exhibit A; and
WHEREAS, the proposed appropriations from 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 December 19, 2008, the Commission adopted Resolution 2532 setting a
public hearing on said appropriations for 10:00 a.m. on January 16, 2009 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 with law; and
WHEREAS, such public hearing was held at the Commission's meeting at 10:00 a.m. on
January 16, 2009, 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 a total amount of
Eighty -two Thousand Five Hundred Fifty and 00 /100 Dollars ($82,550.00);
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 which may be applied to such expenses and the expenditure of
such amount from Allocation Area No. 1 Fund.
2. The funds from Allocation Area No. 1 Fund in the amount of Eighty -two Thousand
Five Hundred Fifty and 00 /100 Dollars ($82,550.00) 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 Department 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 Commission held on
January 16, 2009 at 1308 County -City Building, 227 W. Jefferson Boulevard, South Bend, Indiana
46601.
ATTEST:
4
Signature
Nancy N. King, Secretary
Printed Name and Title
SOUTH BEND REDEVELOPMENT
COMMISSION
Signature
Marcia I. Jon , President
Printed Name and Title
EXHIBIT A
0 DOUGLAS ROAD ECONOMIC DEVELOPMENT AREA - FUND 435
2009 BUDGET SUMMARY
Debt Service:
Debt Service Reserve Increase
Debt Service Payments
Total Debt Service
Infrastructure Projects Underway, Not Completed
Douglas Road Widening
Total Infrastructure Underway, Not Completed
Other Activities:
Total Other Activities
delopment Opportunities:
Total Development Opportunities
Infrastructure Planned:
(Could include the following projects)
Total Infrastructure Planned
Total Appropriation
•
2009
Appropriation
0
0
0
82,550
82,550
0
0
0
82,550