HomeMy WebLinkAboutNo. 1611 determining to pay certain expenses incurred for local public improvements in or serving the SBCAA (No. 1A) from the SBCAA (No. 1A) special fundN
RESOLUTION NO. 1611
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION DETERMINING TO PAY CERTAIN EXPENSES
INCURRED FOR LOCAL PUBLIC IMPROVEMENTS IN OR
SERVING THE SOUTH BEND CENTRAL ALLOCATION AREA
(SOUTH BEND ALLOCATION AREA NO. 1A) FROM THE
SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND
ALLOCATION AREA NO. 1A) 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
IF
1
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
Bend Allocation Area No. IA) and the South Bend Central Allocation Area (South Bend
Allocation Area No. 1A) 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 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
it 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
WHEREAS, the City of South Bend applied for funds from the Build Indiana Fund in
order to redeem bonds associated with the South Bend Redevelopment Authority Variable Rate
Demand Lease Rental Revenue Bonds of 1994; and
WHEREAS, the State of Indiana awarded the City of South Bend $500,000 from the
Build Indiana Fund in order to redeem bonds; and
WHEREAS, upon receipt of the Build Indiana funds, the funds will be deposited into the
Allocation Fund: and
WHEREAS, the Commission intends to use the Build Indiana funds to redeem a portion
of the bonds associated with the South Bend Redevelopment Authority Variable Rate Demand
Lease Rental Revenue Bonds of 1994: 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
RESOLUTION NO. 1611
EXHIBIT "A"
Appropriation of funds in the South Bend Central Development Area Allocation Area Special
Fund (South Bend Allocation Area No. 1A) for:
1. 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 for paying expenditures incurred
by the Commission for local public improvements in or serving the South Bend Central
Allocation Area as may be authorized by IC 36- 7- 14- 39(b)(2)(J) and IC 36- 7- 14- 25.l(a)
in an amount not to exceed $2,500,000.00; and
2. Redemption of bonds associated with the South Bend Redevelopment Authority
Variable Rate Demand Lease Rental Revenue Bonds of 1994 in an amount not to exceed
$500,000.00.
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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:
a. Two Million, Five Hundred Thousand Dollars ($2,500,000.00) for purposes
of making the lease payments and for paying the expenditures as described on
Exhibit "A "; and
b. Five Hundred Thousand Dollars ($500,000.00) for redemption of bonds
associated with the South Bend Redevelopment Authority Variable Rate Demand
Lease Rental Revenue Bonds of 1994.
ro 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
appropriation of such funds to be held at 10:00 a.m., on Thursday, July 2, 1998 at 1200
County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.
ADOPTED at regular meeting of the South Bend Redevelopment Commission held on
June 19, 1998, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend,
Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
By:
Robert W. Hunt, President
ATTEST:
Eug is S. Schwartz, Secretary
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