HomeMy WebLinkAboutNo. 1772 determjining tax increment needed to satisfy obligations of the commission regarding the AEDA (No. 1)RESOLUTION NO. 1772
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
DETERMINING TAX INCREMENT NEEDED TO SATISFY
OBLIGATIONS OF THE COMMISSION
REGARDING THE AIRPORT ECONOMIC DEVELOPMENT
ALLOCATION AREA NO. 1
WHEREAS, on February 23, 1990, the South Bend Redevelopment Commission (the
"Commission ") adopted its Resolution No. 919 (the "Declaratory Resolution ") declaring that an
area designated by the Commission as the Airport Economic Development Area (the "Area ") in
the Redevelopment District of the City of South Bend, Indiana, is an economic development area
within the meaning of the Redevelopment of Cities and Towns Act of 1953, I.C. 36 -7 -14 (the
"Act "); and
WHEREAS, on June 27, 1990, after notice of the public hearing thereon and after
obtaining all other approvals required by law, the Commission, in its Resolution No. 938,
confirmed the Declaratory Resolution by the adoption of a Confirmatory Resolution; and
WHEREAS, the Commission, in accordance with the Act, has previously established the
Airport Economic Development Area Allocation Area, (Allocation Area No. 1) which has
boundaries conterminous with the Area; and
WHEREAS, the Commission, in accordance with the Act, has previously established the
City of South Bend, Department of Redevelopment, Airport Economic Development Area,
Allocation Area No. 1 Special Fund (the "Allocation Fund "); 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 annually, whether the sum of the balance in the Allocation Fund 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 only a portion of the potential captured
assessment (as defined in the Regulations) will result in a balance in the Allocation Fund in 2001
that, when combined with future investment earnings on that balance and the resultant tax
increment to be collected in 2001, will be sufficient to satisfy the obligations of the Commission
over the terms of those obligations.
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission as follows:
1. The Commission hereby determines that the sum of the current balance in the
Allocation Fund plus estimated future investment earnings on that balance is not sufficient to
meet the anticipated obligations of the Commission over the term or terms of those obligations.
2. The Commission further determines that the capture of only a portion of the potential
captured assessment in 2001 will result in a balance in the Allocation Fund in 2001 that, when
combined with future investment earnings on that balance and the resultant tax increment to be
collected in 2001, will not be sufficient to satisfy the obligations of the Commission over the
term or terms of those obligations, and that therefore all of the potential captured assessment for
the Allocation Area in 2001 shall be treated as captured assessment (as defined in the
it Regulations). In making this determination, the Commission has considered the effect that the
determination will have on the property tax rate in the Redevelopment District.
3. Any one of the President, Vice President and Secretary of the Commission is hereby
authorized and directed to immediately notify the St. Joseph County Auditor of the determination
made herein by the Commission.
ADOPTED at a meeting of the South Bend Redevelopment Commission held on June 16,
2000, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
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BY:
Robert W. Hunt, President
ATTEST:
Marcia Jones
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