HomeMy WebLinkAboutNo. 2557 setting a public hearing on the appropriation of TIF revenues from the Douglas Rd. allocation area for the payment of certain obligations and expenses related to the Douglas Rd. EDA areas and other related mattersRESOLUTION NO. 2557
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
SETTING A PUBLIC HEARING ON THE APPROPRIATION OF TAX INCREMENT
FINANCING REVENUES FROM THE DOUGLAS ROAD ALLOCATION AREA FOR
THE PAYMENT OF CERTAIN OBLIGATIONS AND EXPENSES RELATED TO THE
DOUGLAS ROAD ECONOMIC DEVELOPMENT ALLOCATION AREAS AND
OTHER RELATED MATTERS
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 (the "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
10 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 herein; and
WHEREAS, the Commission proposes to conduct a public meeting on February 6, 2009, on
Resolution No. 2558 appropriating funds from the Allocation Area No. 1 Fund (the "Resolution ");
and
WHEREAS, the Commission desires to appropriate the Allocation Area No. 1 funds to pay
certain expenses incurred by it or the City for local public improvements that are in or serving the
Douglas Road Economic Development Area, which appropriation is set forth in more detail in the
Resolution; and
and
WHEREAS, such appropriation is subject to the provisions of Indiana Code § 6- 1.1 -18 -5;
WHEREAS, the proposed appropriation is not for the operating expenses of the Commission;
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION AS FOLLOWS:
1. The Commission desires to approve the use of the funds of the Douglas Road
Economic Development Allocation Area, as set forth in the Resolution, which Allocation Area,
Resolution and not -to- exceed appropriation amount is as set forth below:
Allocation Area and Fund Resolution No. Not -to- Exceed
Douglas Road Economic Resolution No. 2558 1,400,000.00
Development Area No. 1 Fund
2. The President and Secretary of the Commission are each hereby authorized and
directed to take all necessary steps to obtain the approval of the expenditures of such funds pursuant
to Indiana Code § 6- 1.1 -18 -5, including the publication in accordance with Indiana Code § 5 -3 -1
of notice of a hearing on the appropriation of such funds to be held at 10:00 a.m. on February 6,
2009, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.
ADOPTED at a meeting of the South Bend Redevelopment Commission held on January
16, 2008 at 1308 County -City Building, 227 W. Jefferson Boulevard, South Bend, Indiana
46601.
ATTEST;
Nancy N. King, Secretary
SOUTH BEND REDEY-FLOPMENT
(6
COMMISSION
L/ Signature
Marcia I. Jones. President
Printed Name and Title