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HomeMy WebLinkAboutNo. 1905 appropriating the proceeds (including investment earnings thereon) of the SB Redevelopment District bonds to be applied to the cost of property acquisition/redevelopment/economic development in/or serving the SEDARESOLUTION NO. 1105' RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROPRIATING THE PROCEEDS (INCLUDING INVESTMENT EARNINGS THEREON) OF THE SOUTH BEND REDEVELOPMENT DISTRICT BONDS TO BE APPLIED TO THE COST OF PROPERTY ACQUISITION, REDEVELOPMENT AND ECONOMIC DEVELOPMENT IN OR SERVING THE SAMPLE/EWING DEVELOPMENT AREA WHEREAS, the South Bend Redevelopment Commission (the "Commission "), on August 16, 2002, adopted its Resolution No. 1 q yN entitled "A BOND RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF BONDS OF THE SOUTH BEND REDEVELOPMENT DISTRICT FOR THE PURPOSE OF RAISING MONEY FOR REDEVELOPMENT AND ECONOMIC DEVELOPMENT IN THE SAMPLE/EWING DEVELOPMENT AREA" (the 'Bond Resolution "), the provisions of which Bond Resolution are hereby included herein by this reference thereto, determined to issue special taxing district bonds of the South Bend Redevelopment District (the "District ") payable from taxes on real and depreciable personal property located in the Sample/Ewing Economic Development Area (the "Area ") and taxes on the depreciable personal property of certain taxpayers to be identified as "designated taxpayers" for purposes of Section 39.3 of the Act allocated and deposited in the Sample/Ewing Allocation Fund (the "Allocation Fund ") pursuant to IC 36- 7- 14 -39, proceeds from the sale or leasing of property in the Area, under IC 36- 7 -14 -22 deposited in the Allocation Fund as required by IC 36- 7 -14 -26 (the "Tax Increment "), such other revenues that may be made available to the Commission for such purpose, and to the extent the Tax Increment and such other revenues are SBIMAN 1 1306141 not sufficient therefor, from a special tax levied upon all of the taxable property of the District, for the purpose of procuring funds to pay for the cost of redevelopment and economic development in the Area including without limitation property acquisition, demolition and removal of existing buildings and environmental remediation and related redevelopment and economic development activities at and around the TJX Site (as defined in the Bond Resolution), together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the redevelopment and economic development in the Area, including the total cost of all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount and supervisory expenses, capitalized interest and a debt service reserve for the bonds to the extent that the Commission determines that a reserve is reasonably required, together with the expenses in connection with or on account of the issuance of the bonds; and WHEREAS, the Commission did not include the proceeds (including investment earnings thereon in an estimated amount of $500,000) of said bonds of the District in the regular budget for the year 2002; and WHEREAS, there are insufficient funds available or provided in the existing budget and tax levy which may be applied to the cost of the redevelopment and economic development in the Area, and the issuance of said bonds has been authorized to procure the necessary funds and an extraordinary emergency and necessity exists for the making of the additional appropriation set out herein; and WHEREAS, the Secretary of this Commission has caused notice of a hearing on said appropriation to be published as required by law; and -2- SBIMAN 1130614v 1 WHEREAS, such public hearing was held on August 16, 2002, at 10:00 a.m. (local time) in Room 1308, County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana, concerning said appropriation at which all taxpayers and interested persons had an opportunity to appear and express their views as to such additional appropriation; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The proceeds derived from the sale of the bonds heretofore authorized to be issued and all investment earnings thereon in the approximate amount of $500,000.00 shall be, and are, hereby appropriated by the Commission for the purpose of providing funds to be applied to the cost of the redevelopment and economic development in the Area, together with a sum sufficient to pay the estimated cost of all expenses reasonably incurred in connection with the redevelopment and economic development in the Area, including the all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount and supervisory expenses, capitalized interest and a debt service reserve for the bonds to the extent that the Commission determines that a reserve is reasonably required, together with expenses in connection with the issuance of bonds not provided for in the existing budget and tax levy. 2. Such appropriation shall be in addition to all appropriations provided for in the existing budget and levy and shall continue in effect until the completion of the activities described in Paragraph No. 1 above. Any surplus of such proceeds (including investment earnings thereon) shall be credited to the proper fund as provided by law. 3. The President and Secretary of the Commission shall be, and hereby are, authorized and directed to certify a copy of this Resolution together with such other proceedings and actions as may be necessary to the Department of Local Government Finance. -3- SBIMAN 1 1306141 ADOPTED at a meeting of the South Bend Redevelopment Commission held on the 16th day of August, 2002, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601. ATTEST: Vice �2sident SBIMANI 1306141 SOUTH BEND REDEVELOPMENT COMMISSION President -4-