HomeMy WebLinkAboutNo. 2823 appropriating TIF revenues from allocation area fund for the payment of certain obligations/expenses related to the NNDA allocation areaRESOLUTION NO. 2823
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM
ALLOCATION AREA FUND FOR THE PAYMENT OF CERTAIN OBLIGATIONS
AND EXPENSES RELATED TO THE NORTHEAST NEIGHBORHOOD
DEVELOPMENT AREA ALLOCATION AREA
WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the
governing body of the City of South Bend Department of Redevelopment (the "Department "), on
November 17, 2003, adopted Resolution No. 2016 declaring the Northeast Neighborhood
Development Area in the City of South Bend, Indiana (the "City ") to be an area needing
redevelopment within the meaning of the Redevelopment of Cities and Towns Act of 1953, as
amended, which is codified at, Indiana Code § 36 -7 -14-1 et seq (the "Act "); and
WHEREAS, Resolution No. 2016 and the Northeast Neighborhood Development Area
Development Plan (the "Development Plan ") adopted by Resolution No. 2016 on November 17,
2003, were confirmed by Resolution No. 2021 adopted on December 19, 2003 (collectively, the
"Declaratory Resolution "); and
WHEREAS, the Declaratory Resolution created the Northeast Neighborhood Allocation Area
Special Fund ( "Allocation Area 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 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 from funds remaining in the
Allocation Area 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 Fund are described on the attached Exhibit A;
and
WHEREAS, the proposed appropriations from Allocation Area 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 January 14, 2011, the Commission adopted Resolution 2818 setting a public
ILI hearing on said appropriations for 4:00 p.m. on February 8, 2011 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 4:00 p.m. on
February 8, 2011, 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
Four Hundred Thousand and 00 /100 Dollars ($400,000.00);
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 Fund.
2. The funds from Allocation Area Fund in the amount of Four Hundred Thousand and
00 /100 Dollars ($400,000.00) 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 rovided for in the
p
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.
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ADOPTED at a regular meeting of the South Bend Redevelopment Commission held on
February 8, 2011 at 1308 County -City Building, 227 W. Jefferson Boulevard, South Bend, Indiana
46601.
ATTEST:
Signature
Nancy N. King, Secretary
Printed Name and Title
SOUTH BEND REDEVELOPMENT
COMMISSION
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Signature
Marcia I. Jones, President
Printed Name and Title
EXHIBIT A
NORTHEAST NEIGHBORHOOD DEVELOPMENT AREA, FUND 429
2011 BUDGET SUMMARY
2011
Appropriation
Debt Service:
Debt Service Reserve Increase 0
Debt Service Payments 0
Total Debt Service 0
Infrastructure Projects Underway, Not Completed
Total Infrastructure Underway, Not Completed 0
Other Activities:
Predevelopment
2,000
Total Other Activities
2,000
Development Opportunities:
Total Development Opportunities
398,000
Infrastructure Planned:
(Could include the following projects)
Plan Implementation
Total Infrastructure Planned
0
Total Appropriation
400,000