HomeMy WebLinkAboutNo. 2570 authorizing the use of certain tax increment revenues for the reimbursement of the SB major moves fund (Auten Rd. connector project)9 RESOLUTION NO. 2570
A RESOLUTION OF THE SOUTH BEND
REDEVELOPMENT COMMISSION AUTHORIZING THE USE OF CERTAIN
TAX INCREMENT REVENUES FOR THE REIMBURSEMENT OF
THE SOUTH BEND MAJOR MOVES FUND
(AUTEN ROAD CONNECTOR PROJECT)
WHEREAS, the South Bend Redevelopment Commission (the "Commission "),
the governing body of the City of South Bend, Indiana, Redevelopment District (the "District ")
and the City of South Bend, Indiana, Department of Redevelopment, exists and operates under
the provisions of Ind. Code §36 -7 -14, as amended from time to time (the "Act "); and
WHEREAS, the Commission has previously (i) designated and declared an area
in the City of South Bend, Indiana (the "City "), known as the Airport Economic Development
Area (the "Area "), to be an economic development area within the meaning of Ind. Code §36 -7-
14; (ii) established the Area as the Airport Economic Development Area Allocation Area (the
"Allocation Area ") to be an allocation area for the purpose of separately accounting for the tax
increment revenues derived from the Area; and (iii) created an allocation fund for the Area (the
"Allocation Fund ") for purpose of tax increment financing; and
WHEREAS, the City has appropriated $350,000.00 from the South Bend Major
Moves Fund (the "Major Moves Money ") for the purchase of property to be used as right of way
for the construction of the Auten Road Connector (the "Project "); and
WHEREAS, the Major Moves Money has been appropriated on the condition that
tax increment revenues be used to reimburse the South Bend Major Moves Fund (the "Fund ");
and
WHEREAS, the Commission desires to reimburse the Fund using existing 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 the Area and deposited into
the Allocation Fund, as required by Ind. Code §36- 7- 14 -26; and
WHEREAS, the Commission has determined that sufficient unencumbered tax
increment revenues will be available to the Commission to reimburse the Fund.
NOW THEREFORE, BE IT RESOLVED, by the City of South Bend, Indiana,
Redevelopment Commission as follows:
1. The Commission hereby authorizes the use of the Allocation Fund for the
reimbursement of the South Bend Major Moves Fund in the sum of up to $350,000.00.
2. This Resolution shall be in full force and effect after its adoption by the
Commission, shall be subject to completion of all actions necessary to create the obligations
referred to herein and shall not be repealed or amended in any manner which would serve to
adversely affect the reimbursement of the South Bend Major Moves Fund.
ADOPTED at a meeting of the South Bend Redevelopment Commission held on
March 6, 2009, in Room 1308, County -City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601.
ATTEST:
Nancy N. Kingl Secretary
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SOUTH BEND REDE
COMMISSION
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Marcia Jones, Presid n
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