HomeMy WebLinkAboutNo. 2031 determining it's intent to pay certain expenses incurred for local public improvements in or serving the SBCAA (No. 1A) from the SBCAA (No. 1A) special fundRESOLUTION NO. 2031
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION DETERMINING IT'S INTENT TO PAY CERTAIN EXPENSES
INCURRED FOR LOCAL PUBLIC IMPROVEMENTS IN OR
SERVING THE SOUTH BEND CENTRAL ALLOCATION AREA
(SOUTH BEND ALLOCATION AREA NO. IA) FROM THE
SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND
ALLOCATION AREA NO. 1 A) SPECIAL FUND
WHEREAS, the South Bend Redevelopment Commission ( "Commission "), governing body
of the City of South Bend Department of Redevelopment ( "Department "), on May 10, 1985, adopted
Resolution No. 737 declaring the South Bend Central Development Area to be a blighted area within
the meaning of IC 36 -7 -14 (the "Act "); and
WHEREAS, Resolution No. 737 and the South Bend Central Development Area
Development Plan were confirmed by Resolution No. 739 adopted on June 14, 1985; and
WHEREAS, Resolution No. 737 has been amended from time to time pursuant to the
provisions of the Act; and
WHEREAS, Resolution No. 737 created the South Bend Central Allocation Area (South
44�Bend Allocation Area No. 1 A) and the South Bend Central Allocation Area (South Bend Allocation
Area No. 1 A) Special Fund ( "Allocation Fund ") for purposes of paying into such fund property tax
proceeds in excess of those described in Section 39(b)(1) of the Act for the purposes as described
in Section 39(b)(2) of the Act; and
WHEREAS, the Commission desires to make lease payments for local public improvements
that are in or serving the Allocation Area with property tax proceeds deposited in the Allocation
Fund pursuant to the Act; and
WHEREAS, such payments are authorized pursuant to Section 39(b)(2)(F) of the Act and
are subject to the provisions of IC 6- 1.1 -18 -5; and
WHEREAS, the lease payments incurred by the Commission proposed to be paid with
property tax proceeds deposited in the Allocation Fund are described on the attached Exhibit "A ";
and
WHEREAS, the Commission also desires to pay expenses incurred by it for local public
improvements that are in or serving the Allocation Area with property tax proceeds deposited in the
Allocation Fund pursuant to the Act; and
WHEREAS, such payments are authorized pursuant to Section 39(b)(2)(J) of the Act and are
subject to the provisions of IC 6- 1.1 -18 -5; and
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WHEREAS, the expenditures incurred by the Commission proposed to be paid with property
tax proceeds deposited in the Allocation Fund are described on the attached Exhibit "A "; and
WHEREAS, the Commission desires to approve said payments from the Allocation Fund in
the total amount as described on Exhibit "A "; and
WHEREAS, the Commission has determined that such expenditure will not endanger the
interests of the holders of any obligations heretofore issued or incurred by the Commission and
payable from the Allocation Fund; and
WHEREAS, the proposed payment from the Allocation Fund as provided for herein is not
for the operating expenses of the Commission.
NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment Commission,
governing body of the City of South Bend, Department of Redevelopment, as follows:
1. The Commission hereby approves the use of funds in the Allocation Fund in the amount
of Five Million Four Hundred Ten Thousand Six Hundred Twenty Three Dollars ($5,410,623) for
purposes of making the lease payments as described on Exhibit "A" and for paying the expenditures
as further described on Exhibit "A ".
2. The Secretary of the Commission is hereby authorized and directed to take all necessary
steps to obtain the approval of the expenditure of such funds pursuant to IC 6- 1.1 -18 -5, including
the publication in accordance with IC 5 -3 -1 of notice of a hearing on the ro ap p p nation of such funds
to be held at 10:00 a.m., on February 6, 2004, at 1308 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601.
ADOPTED at a regular meeting of the South Bend Redevelopment Commission held on
January 16, 2004, at 1308 County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana
46601.
SOUTH BEND REDEVELOPMENT COMMISSION
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RESOLUTION NO. 2031
EXHIBIT "A"
Appropriation of tax increment in the South Bend Central Development Area Allocation Area (South
Bend Allocation Area No. IA) for making lease payments payable for local public improvements
in or serving the Allocation Area payable pursuant to IC 36- 7- 14- 39(b)(2)(F) and to pay expenses
incurred by the Commission for local public improvements in or serving the Allocation Area
pursuant to IC 36- 7- 14- 39(b)(2)(J) in a total amount not to exceed Five Million Four Hundred Ten
Thousand Six Hundred Twenty Three Dollars ($5,410,623)