HomeMy WebLinkAboutNo. 2855 determing to terminate allocation area No. 2 of the SSDA so that increases in the assessed value of property located in allocation area No. 2 will accrue to the benefit of overlapping taxing unitsRESOLUTION NO. 2855
A RESOLUTION OF THE
SOUTH BEND REDEVELOPMENT COMMISSION
DETERMINING TO TERMINATE ALLOCATION AREA NO.2 OF
THE SOUTH SIDE DEVELOPMENT AREA SO THAT INCREASES
IN THE ASSESSED VALUE OF PROPERTY LOCATED IN
ALLOCATION AREA NO.2 WILL ACCRUE TO THE BENEFIT
OF OVERLAPPING TAXING UNITS
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 (the "Department "), exists
and operates under the provisions of Indiana Code 36 -7 -14, as amended from time to time (the
"Act "); and
WHEREAS, the Commission adopted Resolution No. 1914 ,the "Declaratory
Resolution ") on November 1, 2002, declaring the South Side Development Area,,(the "Area ") to
be a blighted area within the meaning of Section 14 of the Act, approving a Redeve;opment Plan
for the Area (the "Plan "), and creating Allocation Area No. 1 for the purpose of tax increment
financing ( "TIF "), which Declaratory Resolution was later confirmed by the Commission on
December 20, 2002, all pursuant to the Act; and
WHEREAS, Anchor Acquisitions, Ltd., proposed to the Commission a significant
retail and commercial center at the southwest corner of Ireland and Michigan Streets in the Area
(the "Project "); and
WHEREAS, the Commission adopted Resolution No. 2073 on July 27, 2004, for
the purpose of amending the Declaratory Resolution and the Plan to create a separate allocation
area within the Area known as Allocation Area No. 2 ( "Allocation Area No. 2 ") for the purpose
of accounting for the TIF revenues produced as a result of the Project in the Area separately and
to provide for the construction of certain public improvements, including roadway and related
infrastructure improvements at the intersection of Ireland and Michigan Streets in the Area; and
WHEREAS, the TIF revenues from the Project located in Allocation Area No. 2
were used in part to pay the principal of and interest on (i) the City of South Bend, Indiana,
Redevelopment Adjustable Rate Demand Tax Increment Revenue Bonds, Series 2004 (Erskine
Commons Project) and (ii) the City of South Bend, Indiana, Taxable Economic Development
Revenue Bonds, Series 2005 (Erskine Commons Project) (such bonds being collectively referred
to herein as the "Bonds "); and
WHEREAS, the increases in the assessed value of property located in Allocation
Area No. 2 and attributable to the Project have been such that the Bonds have been paid in full
prior to their respective final maturity dates; and
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WHEREAS, with the early redemption of the Bonds, the Commission now
desires to terminate the allocation provisions relating to Allocation Area No. 2 and return the
incremental increases of assessed value that have resulted from the Project in Allocation Area
No. 2 to the benefit of the overlapping taxing units;
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission, as follows:
1. The Commission hereby terminates Allocation Area No. 2 as an allocation
area for purposes of Section 39 of the Act. The Commission desires that all increases of assessed
value resulting from the Project and elsewhere within Allocation Area No. 2 be released for the
benefit of the overlapping taxing units to be effective as of the March 1, 2011 assessment date
for the tax year 2011, pay 2012.
2. The Commission hereby directs the Department staff to provide such
information as may be inquired by the St. Joseph County Auditor to confirm the termination of
the Allocation Area No. 2 and the TIF allocation provisions with respect to Allocation Area
No. 2 of Resolution No. 2073 previously adopted by the Commission.
3. The action by the Commission to terminate Allocation Area No. 2 does
not affect the TIF allocation provisions relating to Allocation Area No. 1 and Allocation Area
No. 3.
4. This resolution shall be in full force and effect after its adoption by the
Commission.
ADOPTED at a meeting of the South Bend Redevelopment Commission held on
March 8, 2011, at Room 1308, County -City Building, 227 W. Jefferson Boulevard, South Bend,
Indiana.
SOUTH BEND REDEVELOPMENT COMMISSION
By: /_LZea
Marcia I. Jone sident
ATTEST:
David A. Varner, Vice President
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