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Home My WebLink AboutNo. 2563 transferring TIF revenues from the AED allocation area fund to the AED / urban enterprise zone special zone fundRESOLUTION NO. 2563 A RESOLUTION OF THE SOUTH SEND REDEVELOPMENT COMMISSION TRANSFERRING TAX INCREMENT FINANCING REVENUES FROM THE AIRPORT ECONOMIC DEVELOPMENT ALLOCATION AREA FUND TO THE AIRPORT ECONOMIC DEVELOPMENT / URBAN ENTERPRISE ZONE SPECIAL ZONE FUND 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 February 23, 1990, the Commission adopted Resolution No. 919 (the declaring the Airport Economic Development Area (the "Area ") to be an economic development area within the meaning of the Act and designated the Area as the Airport Economic Development Area Allocation Area No. 1 ( "Allocation Area No. 1 ") for purposes of tax increment financing pursuant to the Act; and WHEREAS, Resolution No. 919 and the Airport Economic Development Area Economic Development Plan (the "Development Plan ") adopted by Resolution No. 919 on February 23, 1990 were confirmed by Resolution No. 938 adopted on June 27, 1990 (collectively, the "Declaratory Resolution "); and WHEREAS, the Declaratory Resolution created the Airport 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, on April 16,1993, adopted Resolution No. 1151 declaring the Sample -Ewing Development Area ( "SEDA ") to be an area needing redevelopment within the meaning of the Act; and WHEREAS, Resolution No. 1151 and the Sample -Ewing Development Area Development Plan were confirmed by Resolution No. 1154 adopted on May 21, 1993; and WHEREAS, Resolution No. 1151 created the Sample -Ewing Allocation Area (South Bend Allocation Area No. 8) (the "SEDA Allocation Area ") for the purpose of depositing into an allocation area fund (the "SEDA Allocation Fund ") tax increment revenues allocated to the Commission and resulting solely from the increase in the assessed value of personal property and real property and improvements thereon located in the SEDA Allocation Area pursuant to Indiana Code 36-7-14-39(b)(1) and from the proceeds from the sale or leasing of property in the Area § p under Indiana Code § 36- 7- 14 -22, all in accordance with Indiana Code § 36- 7- 14-26; and WHEREAS, the Declaratory Resolution was further amended by the Resolution No. 2348 and Resolution No. 2351, adopted on June 19, 2007 and July 20, 2007 respectively and said resolution expanded the Area by adding and consolidating the SEDA into the Area (collectively referred to hereafter as the "Area ") and expanded Allocation Area No. l by adding and consolidating the SEDA Allocation Area into Allocation Area No. 1 (collectively referred to hereafter as "Allocation Area No. I"); and WHEREAS, under the Declaratory Resolution, the funds and deposits of the SEDA Allocation Funds have further been consolidated and deposited with Allocation Area No. 1 Fund (collectively referred to hereafter as "Allocation Area No. 1 Fund "); and WHEREAS, on October 27, 2003, the South Bend Common Council adopted Resolution No. 3261 -03, requesting that the State Enterprise Zone Board establish the Urban Enterprise Zone (the "Zone ") as an enterprise zone within the meaning of Indiana Code § 4 -4 -6.1 (now Indiana Code § 5- 28 -15) which was approved by the State of Indiana, effective January 1, 2004, for a period of ten (10) years and expiring on December 31, 2013; and WHEREAS, due to an overlap in the Area and the Zone (the "Overlap Area "), Indiana Code i§ 36- 7- 14 -39(g) requires the establishment of a special zone fund (to be known as the Airport Economic Development Area / Urban Enterprise Zone Special Zone Fund) (the "Zone Fund ") for the purpose of depositing into the Zone Fund tax increment revenues allocated to the Commission and resulting solely from the increase in the assessed value of personal property and real property and improvements thereon located in the Overlap Area; and WHEREAS, Bill No. 12 -09, entitled "AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AMENDING THE SOUTH BEND MUNICIPAL CODE AT CHAPTER 2, ARTICLE 14, TO ESTABLISH ONE ADDITIONAL FUND NAMELY, FUND NO. 454, AIRPORT ECONOMIC DEVELOPMENT AREA/URBAN ENTERPRISE ZONE SPECIAL ZONE FUND" is pending before the South Bend Common Council which establishes the Zone Fund by ordinance; and WHEREAS, pursuant to Indiana Code § 36- 7- 14- 39(g), tax increment revenues allocated to the Commission and resulting solely from the increase in the assessed value of personal property and real property and improvements thereon located in the Overlap Area should be transferred from the Allocation Area No. 1 Fund into the Zone Fund; and WHEREAS, the tax increment revenues to be transferred by the Commission into the Zone Fund are described on the attached Exhibit A and are as follows: • • • Tax Year / Pay Year Amount 2004/2005 99,159.10 2005/2006 228,341.38 2006/2007 251,305.22 Total $ 578,805.70 There is an additional amount of $ 230,499.28, which is attributable to the 2007, pay 2008 TIF, which has not been received and when received, will be deposited directly into the Zone Fund, so is not a part of this transfer resolution; and WHEREAS, such transfer is subject to the provisions of Indiana Code § 6- 1.1 -18 -6; and WHEREAS, the provisions of Indiana Code § 36- 7- 14 -39(g) make this transfer necessary and this transfer does not require the expenditure of more money than the total amount set out in the budget adopted previously by the Commission; NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: 1. The Commission hereby finds that this transfer is necessary pursuant to Indiana Code § 36- 7- 14 -39(g) and this transfer does not require the expenditure of more money than the total amount set out in the budget adopted previously by the Commission. 2. The transfer of tax increment revenues allocated to the Commission and resulting solely from the increase in the assessed value of personal property and real property and improvements thereon located in the Overlap Area from the Allocation Area No. 1 Fund into the Zone Fund, as described in Exhibit A, is approved. 3. Such transfer shall be effective only upon and after the passage of Bill No. 12 -09 by the South Bend Common Council establishing the Zone Fund and shall thereafter be available for appropriations, subject to the provisions of Indiana Code § 6- 1.1 -18 -6. 4. In the event that the South Bend Common Council fails to pass Bill No. 12 -09, then this Resolution shall be void. • • u ADOPTED at a regular meeting of the South Bend Redevelopment Commission held on February 20, 2009, at 1308 County -City Building, 227 W. Jefferson Boulevard, South Bend, Indiana 46601. ATTEST: Signature Nancy N. King, Secretary Printed Name and lit le SOUTH BEND REDS LOPMENT COMMISSION ignature Maria T Tonne_ Pr_a_cide Printed Name and itle • • • EXHIBIT A (Detail of amounts transferred from AEDA Allocation Area to the Special Zone Fund) start _C ,:: _.. i /.:.. r r 4 . View Payable 2000 Personal Properly Master r e: t..I ... V" ri ' ,•. start _C ,:: _.. i /.:.. r r 4 . r -e■ Fu C ,i start {; _ . start 61 X View Payahle 200S Personal Prop" y Masher r• C Start