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HomeMy WebLinkAbout6I691 T RESOLUTION NO. 2905 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING THAT THE TAX INCREMENT WHICH MAY BE COLLECTED IN THE YEAR 2011 IS NEEDED TO SATISFY OBLIGATONS OF THE COMMISSION AND THAT NO EXCESS ASSESSED VALUE MAY BE ALLOCATED TO THE RESPECTIVE TAXING UNITS AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the governing body of the South Bend, Indiana, Department of Redevelopment (the "Department ") and of the Redevelopment District of the City of South Bend, Indiana (the "Redevelopment District "), exists and operates under the provisions of IC 36 -7 -14, as amended from time to time (the "Act "); and WHEREAS, the Commission has previously adopted resolutions, which have been amended from time to time, declaring the South Bend Central Development Area, the Northeast Neighborhood Development Area, the South Side Development Area, the West Washington - Chapin Development Area, the Airport Economic Development Area, and the Douglas Road Economic Development Area to be economic development areas or redevelopment areas within the meaning of the Act (the "Areas ") and designated territory within such Areas as allocation areas (the "Allocation Areas ") under Section 39 of the Act which Allocation Areas are listed at Exhibit A attached hereto; and WHEREAS, the Commission, in accordance with the Act, has previously established an allocation fund for each of the Allocation Areas (the "Allocation Funds "); and WHEREAS, 50 IAC 8 contains rules adopted by the Indiana State Board of Tax Commissioners concerning tax increment finance (the 'Regulations "); and WHEREAS, Section 39 of the Act and 50 IAC 8 -2 -4 require the Commission to determine before July 15 of each year, whether the sum of the balance in the Allocation Funds plus estimated future investment earnings on that balance is sufficient to satisfy obligations of the Commission over the terms of those obligations, and whether the capture of less than all of the Potential Captured Assessment (as defined in the Regulations) will result in a balance in the Allocation Funds in the following year that, when combined with future investment earnings on that balance and the resultant tax increment to be collected in the following year, will be sufficient to satisfy the obligations of the Commission over the term of those obligations; and WHEREAS, Section 39 of the Act requires the Commission to provide to the St. Joseph County Auditor, the Common Council, and the fiscal officers for each taxing unit located wholly or partly within the respective Allocation Areas before July 15 of each year written notice of the following: (i) the amount, if any, of excess assessed value that the Commission has determined may be allocated to the respective taxing units, or (ii) state that the Commission has determined that there is no excess assessed value that may be allocated to the respective taxing units in the manner prescribed in Section 39 of the Act; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The Commission hereby determines that there is no excess assessed value that may be allocated to the respective taxing units in the manner prescribed in Section 39 of the Act because the Commission hereby finds that the sum of the balances in the respective Allocation Funds, when combined with future investment earnings on such balances and the resultant tax increment to be collected for tax year payable 2012, will be necessary to satisfy the obligations of the Commission over the term or terms of those obligations, and that therefore the Potential Captured Assessment for the respective Allocation Areas in 2012 shall be treated as Captured Assessment (as defined in the Regulations). In making this determination, the Commission has considered the effect that such determination will have on the property tax rate in the Redevelopment District. 2. This determination for 2012 shall not be construed to affect any future determination of the Commission with respect to the capture of Potential Captured Assessment in the years following 2012. 3. The form of the letter, attached hereto as Exhibit B, is hereby approved by the Commission and the President or Vice President of the Commission is hereby authorized and directed to immediately notify or cause to be notified the St. Joseph County Auditor, the Common Council and the officers who are authorized to fix budgets, tax rates, and tax levies under Indiana Code 6- 1.1 -17 -5 for each of the other taxing units wholly or partly located within the Allocation Areas of the determinations made herein by the Commission, through the use of said letter in substantially the form presented at this meeting with such changes in form or substance as the President or Vice President of the Commission shall approve, upon the recommendation of legal counsel, such approval to be conclusively evidenced by the execution of said letter. ADOPTED AND APPROVED at a meeting of the South Bend Redevelopment Commission held on the 28th day of June, 2011. SOUTH BEND REDEVELOPMENT COMMISSION Marcia Jones, President ATTEST: Nancy King, Secretary F,XHiRiT A Allocation Areas 1) Central Development Area 2) Central Medical District 3) West Washington Development Area 4) Northeast Neighborhood Development Area Allocation Area #1 5) Northeast Neighborhood Development Area Allocation Area #2 6) Southside General Development Area 7) Airport Economic Development Area 8) Douglas Road Economic Development Area EXHIBIT B (Form of Letter) Date Mr. /Ms. [Name] Taxing Unit Address Subject: Request Regarding Capture of Incremental Assessed Value for the City of South Bend Dear Mr. /Ms. [Name]: In accordance with the provisions of IC 36- 7- 14 -39, the Redevelopment Commission of the City of South Bend, Indiana, has determined (by Resolution #2905, passed 6/28/11) that there is no excess assessed value that may be allocated to the respective taxing units in the manner prescribed in subdivision (1) of IC 36- 7- 14 -39. The Allocation Areas of the City of South Bend are as follows: 1) Central Development Area 2) Central Medical District 3) West Washington Development Area 4) Northeast Neighborhood Development Area #1 5) Northeast Neighborhood Development Area #2 6) Southside General Development Area 7) Airport Economic Development Area 8) Douglas Road Economic Development Area Very truly yours, Marcia Jones President South Bend Redevelopment Commission CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2012 South Bend Central Development Area ANTICIPATED TIF REVENUE - 2012 DEBT SERVICE Debt Service Payments (1990 and 2003 bonds) Increases in Debt Service Reserves PROJECTS Coveleski Neighborhood /Park Downtown South Bend, Inc. Downtown Street Improvement East Bank Plan /2 Phases Fat Daddies Holding & Pre - development Hall of Fame - Planning Hill & Colfax Mixed Use Development LaSalle Hotel Holding Costs Legal Fees Main & Jefferson Parking Lot Main & Western - Site Clean -up Predevelopment St. Joseph & Jefferson Parking Lot WNIT - Parking and Fagade 6/23/2011 Description $4,515,666 Debt Service payments of $1,917,885 due in 2012 Funds necessary to keep Debt Services Reserves at appropriate levels Improvements to ballpark and development of surrounding area On -going commitment to assist in streetscape enhancement Various street improvements to enhance downtown On -going planning for East Bank area Improvements to block at St.Joseph & Monroe Planning for adaptive re -use of Hall of Fame building New development at eastern edge of East Bank area Costs to hold building until new development project is underway Legal fees to further downtown development Expenses related to operation of parking lot Curb, greenspace and striping improvements Appraisal, title, survey, etc. Management of parking lots Completion of improvements F:\ DATA\ SHARE \ECONDEV\FPM \Budgets \Budget 2012 \Projected TIF need 2011 .xIs CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2012 Central Medical District ANTICIPATED TIF REVENUE - 2012 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS Streetscape Improvements Garage Facade Sidewalk & curb replacement Surface parking lot improvements Description $4,220,323 None None Improvements at various locations around the hospital Facade improvements to the Bartlett Street Garage Improvements at various locations around the hospital Upgrade parking lots CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2012 West Washington Development Area ANTICIPATED TIF REVENUE - 2012 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS City Cemetery Improvements Hansel Center Development Housing Authority Maintenance Building Neighborhood Gateway Entrances Property Management Washington & Taylor 803 W. Washington Description $622,665 None None Infrastructure and landscaping improvements Facilitate reuse of the building Acquisition /demo to provide for new housing development Create attractive entry points for neighborhood Maintenance of Redevelopment owned property Prepare land for future development Acquisition for new development CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2012 Northeast Development Area #1 Description ANTICIPATED TIF REVENUE - 2012 $980,543 DEBT SERVICE Debt Service Payments None Increases in Debt Service Reserves None PROJECTS Predevelopment & Planning Appraisal, title, survey, etc. Public Infrastructure Support new residential, medical, educational, and other development consistent with plan CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2012 Northeast Development Area #2 Description ANTICIPATED TIF REVENUE - 2012 $3,389,389 DEBT SERVICE Debt Service Payments Payments totalling $3,008,276 due in 2012 Increases in Debt Service Reserves None PROJECTS None F: \DATA\ SHARE \ECONDEV\FPM \Budgets \Budget 2012 \Projected TIF need 2011 .xis CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2012 South Side Development Area #1 ANTICIPATED TIF REVENUE - 2012 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS Erskine Plaza Pond Project Ireland & High Intersection & Infrastructure Project Main /Lafayette Crossover Property Management Miami Pedestrian Improvements Fellows /Chippewa Connector Description $2,727,258 None None Drainage improvements to increase capacity in central development area Drainage improvements necessitated by changes to Ireland Road Street reconfiguration to facilitate traffic flow near Erskine Commons Maintenance of Redevelopment owned property Improvements north of Ireland Improvements to impove traffic flow and access to development CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2012 Airport Economic Development Area ANTICIPATED TIF REVENUE - 2012 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS LaSalle Square Ignition Park (MIND) Blackthorn Corporate Park Marketing Blackthom Owners Association Dues Commerce Drive Extension Progress Drive Cleveland Road /Dylan Drive /Brick Road Intersection Trade Drive Olive Road Extension Cotter Street Construction Underground Pipe & Valve Oliver Industrial Houses Ivy Tech Expansion Acquisitions Portage Prairie Animal Shelter Construction Legal Fees Conduit Construction Property Management Job Training Mayflower Trunk Sewer & Road Re- alignment Bendix Drive - Cleveland to Lathrop Description $13,638,587 Debt Service payments totalling $4,139,640 due in 2011. Funds necessary to keep Debt Services Reserves at appropriate levels Planning, acquisition, and infrastructure improvements to redevelop area Site assemblage, planning & infrastructure to promote new development Marketing costs for Corporate Park Dues to support work of Owners Association Extend Commerce Drive to Sheridan Improve Progress Drive from Sheridan to Airport Improvements to intersection to improve traffic flow Road construction to support new development Engineering and road construction to promote new development Engineering and road construction to promote new development Demolition to make way for new development Support development of Oliver Industrial Park Acquisitions to facilitate expansion of Ivy Tech campus Engineering and road construction to promote new development Construction of new animal shelter facility Legal fees to further downtown development Expansion of conduit to support development throughout the area Maintenance of Redevelopment owned property Job training services to increase resident's skill sets Sewer and road construction to support new development Upgrade /improve roadway CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2012 Douglas Road Economic Development Area ANTICIPATED TIF REVENUE - 2012 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS Street Improvements Bus Shelters Description $627,225 Payments due for 2012 total $231,409' None Right turn lane at intersection of SR23 Various locations throughout area 'NOTE: Expect to use any additional receipts to accelerate debt service payments. Total outstanding debt @ 6/23/11 = $1,664,617.79.