HomeMy WebLinkAboutNo. 1276 determining tax increment needed to satisfy obligations of the Commission regarding the Sample-Ewing allocation area (No. 8)RESOLUTION NO. 1276
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
DETERMINING TAX INCREMENT NEEDED TO SATISFY
OBLIGATIONS OF THE COMMISSION
REGARDING THE SAMPLE -EWING ALLOCATION AREA
(SOUTH BEND ALLOCATION AREA NO. 8)
WHEREAS, on April 16, 1993, the South Bend Redevelopment Commission (the
"Commission ") adopted its Resolution No. 1151 (the "Declaratory Resolution ") declaring that
an area designated by the Commission as the Sample -Ewing Development Area (the "Area ")
in the Redevelopment District of the City of South Bend, Indiana, is a "blighted area" within
the meaning of the Redevelopment of Cities and Towns Act of 1953, I.C. 36 -7 -14, as
amended (the "Act "); and
WHEREAS, on May 21, 1993, after notice of the public hearing thereon and after
obtaining all other approvals required by law, the Commission, in its Resolution No. 1154,
confirmed the Declaratory Resolution by the adoption of a Confirmatory Resolution; and
WHEREAS, the Commission, in accordance with the Act, has previously established
the Sample -Ewing Allocation Area, (South Bend Allocation Area No. 8) which has
boundaries conterminous with the Area; and
WHEREAS, the Commission, in accordance with the Act, has previously established
the Sample -Ewing Allocation Area, (South Bend Allocation Area No. 8) 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 before July 15, 1994, 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 1995 that, when combined with future investment earnings on that balance
and the resultant tax increment to be collected in 1995, 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 anticipated
obligations.
2. The Commission further determines that the capture of only a portion of the
potential captured assessment in 1995 will result in a balance in the Allocation Fund in 1995
that, when combined with future investment earnings on that balance and the resultant tax
increment to be collected in 1995, will not be sufficient to satisfy the anticipated obligations
of the Commission over the term or terms of those anticipated obligations, and that therefore
all of the potential captured assessment for the Allocation Area in 1995 shall be treated as
captured assessment (as defined in the 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 July
1, 1994, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana
46601.
SOUTH BEND REDEVELOPMENT COMMISSION
BY: x)
Paula N. Auburn, President
ATTEST:
w%'100007 MINNIA / M
ML: Res 1276