HomeMy WebLinkAboutNo. 1278 determining to pay certain expenses incurred for local public improvements in or serving the SBCAA (No. 1A) from the SBCAA (No. 1A) special fundRESOLUTION NO. 1278
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. IA) FROM THE
SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND
ALLOCATION AREA NO. IA) 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 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
Bend Allocation Area No. 1A) 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 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 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 One Million, Six Hundred Sixty -three Thousand, Three Dollars and Fifty -nine Cents
($1,663,003.59) for purposes of making the lease payments as 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 appropriation
of such funds to be held at 10:00 a.m., on August 5, 1994 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
July 15, 1994, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana
�r 46601.
ATTEST:
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ML:Res1278
SOUTH BEND REDEVEiAPMENT COMMISSION
By: /'c/1
Paula N. Auburn, President
RESOLUTION NO. 1278
EXFEBIT "A"
Description of Expenditure
For making lease payments for local public improvements in or serving the South Bend Central
Allocation Area (South Bend Allocation Area No. IA) as may be authorized by IC
36- 7- 14- 39(b)(2)(F) and IC 36- 7- 14- 25.1(a) in a total amount not to exceed $1,663,003.59.