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HomeMy WebLinkAboutNo. 1387 determining to pay certain expenses incurred for local public improvements in or serving the AEDAAA (No. 1) from the AEDAAA (No. 1) special fundJ RESOLUTION NO. 1387 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING TO PAY CERTAIN EXPENSES INCURRED FOR LOCAL PUBLIC IMPROVEMENTS IN OR SERVING THE AIRPORT ECONOMIC DEVELOPMENT AREA ALLOCATION AREA NO. 1 ( "ALLOCATION AREA NO. 1") FROM THE AIRPORT ECONOMIC DEVELOPMENT AREA ALLOCATION AREA NO. 1 SPECIAL FUND (THE "ALLOCATION FUND ") WHEREAS, the South Bend Redevelopment Commission ( "Commission "), governing body of the City of South Bend Department of Redevelopment ( "Department "), on February 23, 1990, adopted Resolution No. 919 declaring the Airport Economic Development Area to be an economic development area within the meaning of IC 36 -7 -14 (the "Act "); and WHEREAS, Resolution No. 919 and the Airport Economic Development Area Development Plan were confirmed by Resolution No. 938 adopted on June 27, 1990; and WHEREAS, Resolution No. 919 has been amended from time to time pursuant to the provisions of the Act; and WHEREAS, Resolution No. 919 created the Airport Economic Development Allocation Area No. 1 ( "Allocation Area No. V) and the Airport Economic Development Area Allocation Area No. 1 Special Fund (the "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 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 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 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 Four Hundred and Fifty Thousand Dollars ($450,000.00) for purposes of paying the expenditures as described in Exhibit "A". 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 December 1, 1995 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 November 17, 1995, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601. SOUTH BEND REDEVELOPMENT COMMISSION President ATTEST: Robert W. Hunt, Secretary ML:res1387 RESOLUTION NO. 1387 E)i II IT "A" Appropriation of tax increment in the Airport Economic Development Area Allocation Area No. 1 ( "Allocation Area No. 1 ") for local public improvements in or serving the Airport Economic Development Area Allocation Area No. 1 ( "Allocation Area No. 1") as may be authorized by IC 36- 7- 14- 39(b)(2)(J) and IC 36- 7- 14- 25.1(a) in a total amount not to exceed $450,000.00.