HomeMy WebLinkAboutNo. 1170 determining to appropriate money from the SBCAA (No. 1A) special fundRESOLUTION NO. 1170
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION DETERMINING TO APPROPRIATE MONEY
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 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 and proceeds from the sale or lease of property
in South Bend Allocation Area No. 1A, pursuant to Section 26(d) of
the Act for the purposes as described in Section 39(b)(2) of the Act;
and
WHEREAS, the South Bend Redevelopment Commission (the
"Commission ") entered into an agreement on June 1, 1988 (the "Parking
Garage Lease "), to lease a parking garage facility from the South
Bend Redevelopment Authority (the "Authority "), which Lease requires
semiannual lease rental payments by the Commission to the Authority;
and
WHEREAS, under Commission Resolution No. 847, adopted June 17,
1988, the Commission must levy a special tax payable in 1994 upon all
the taxable property in the Redevelopment District if the balance in
the Parking Garage Principal and Interest Account of the
Redevelopment District Bond Fund as of August 1, 1993, is
insufficient to pay all lease rental payments under the Parking
Garage Lease in the 12 -month period beginning January 1, 1994; and
WHEREAS, in order to eliminate the need to impose such a
special tax, the Commission proposes to appropriate the amount of
Three Hundred Ninety One Thousand, Six Hundred Fifty -five Dollars
($391,655.00) from the South Bend Central Allocation Area (South Bend
Allocation Area No. 1A) Special Fund (the "Allocation Fund ") to the
Parking Garage Principal and Interest Account of the Redevelopment
District Bond Fund; and
WHEREAS, the Commission entered into an agreement on November
1, 1989 (the "Public Improvements Lease"), to lease certain land and
public improvements in the South Bend Central Development Area from
the South Bend Redevelopment Authority (the "Authority "), which Lease
requires semiannual lease rental payments by the Commission to the
Authority; and
WHEREAS, under Commission Resolution No. 915, adopted February
16, 1990, the Commission must levy a special tax payable in 1994 upon
all the taxable property in the Redevelopment District if the balance
in the South Bend Central Development Area Public Improvement Project
Principal and Interest Account of the Redevelopment District Bond
Fund as of August 1, 1993, is insufficient to pay all lease rental
payments under the Public Improvements Lease in the 12 -month period
beginning July 1, 1994; and
WHEREAS, in order to eliminate the need to impose such a
special tax, the Commission proposes to appropriate the amount of
Three Hundred Fifty -six Thousand, Six Hundred Fifty -five Dollars
($356,655.00) from the South Bend Central Allocation Area (South Bend
Allocation Area No. 1A) Special Fund (the "Allocation Fund ") to the
South Bend Central Development Area Public Improvement Project
Principal and Interest Account of the Redevelopment District Bond
Fund; and
WHEREAS, the Commission entered into an agreement on June 5,
1992, (the "Palais Royale Lease "), to lease the Palais Royale
building from the South Bend Redevelopment Authority (the
"Authority "), which Lease requires semiannual lease rental payments
by the Commission to the Authority; and
WHEREAS, under Commission Resolution No. 1067, adopted June 5,
1992, the Commission must levy a special tax payable in 1994 upon all
the taxable property in the Redevelopment District if the balance in
the Palais Royale Acquisition Project Principal and Interest Account
of the Redevelopment District Bond Fund as of August 1, 1993, is
insufficient to pay all lease rental payments under the Palais Royale
Lease in the 12 -month period beginning July 1, 1994; and
WHEREAS, the Commission desires to appropriate an amount
equalling One Hundred Ninety -seven Thousand Dollars ($197,000), which
amount equals the amount required to make such lease rental payments,
from the South Bend Central Allocation Area (South Bend Allocation
Area No. 1A) Special Fund (the "Allocation Fund ") to the Palais
Royale Acquisition Project Principal and Interest Account of the
Redevelopment District Bond Fund; and
WHEREAS, the use of money in the Allocation Fund for the
purpose of making payments of these Leases is permitted under IC
36- 7 -14 -39 (b) (2) (F) .
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 Three Hundred Ninety -one
Thousand, Six Hundred Fifty -five Dollars ($391,655.00) for
purposes of making lease payments to the Parking Garage
Principal and Interest Account of the Redevelopment
District Bond Fund.
2. The Commission hereby approves the use of funds in the
Allocation Fund in the amount of Three Hundred Fifty -six
Thousand, Six Hundred Fifty -five Dollars ($356,655.00) for
purposes of making lease payments to the South Bend
Central Development Area Public Improvement Project
Principal and Interest Account of the Redevelopment
District Bond Fund.
3. The Commission hereby approves the use of funds in the
Allocation Fund in the amount of One Hundred Ninety -seven
Thousand Dollars ($197,000.00) for purposes of making
lease payments to the Palais Royale Acquisition Project
Principal and Interest Account of the Redevelopment
District Bond fund.
4. 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 July 16, 1993 at
Room 1308, County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601.
If any part, section, subsection, sentence, clause or phrase
of this Resolution is for any reason declared to be invalid or
otherwise disapproved by any person or body authorized to take
action with respect to this same, such decision shall not affect
the validity or effect of the remaining portions of this
Resolution.
ADOPTED at a regular meeting of the South Bend Redevelopment
Commission held on June 18, 1993, in Room 1308 County -City
Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.
ATTEST:
Theo F. Sharp(, Secret
ML:RES1170
0
SOUTH BEND REDEVELOPMENT COMMISSION
By:
Paula N. Auburn, President