HomeMy WebLinkAboutNo. 1171 appropriating money from the SBCAA (No. 1A) special fundRESOLUTION NO. 1171
SOUTH BEND REDEVELOPMENT COMMISSION
A RESOLUTION APPROPRIATING MONEY FROM THE SOUTH
BEND CENTRAL ALLOCATION AREA (SOUTH BEND
ALLOCATION AREA N0. 1A) SPECIAL FUND
WHEREAS, the South Bend Redevelopment Commission (The
"Commission") entered into an agreement on June 1, 1988 (the
"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 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;
WHEREAS, the South Bend Redevelopment Commission (The
"Commission ") entered into an agreement on November 1, 1989 (the
"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 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 South Bend Redevelopment Commission (The
"Commission ") entered into an agreement on June 5, 1992 (the
"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
fir► 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 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
($197,000.00), 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 on 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. Funds from the Allocation Fund in the amount of Three
Hundred Ninety -one Thousand, Six Hundred Fifty -five
Dollars ($391,655.00) are hereby appropriated and ordered
set apart from the Allocation Fund to the Parking Garage
Principal and Interest Account of the Redevelopment
District Bond Fund for the purpose of making lease rental
payments due during 1994 on the Lease.
2. Funds from the Allocation Fund in the amount of Three
Hundred Fifty -six Thousand, Six Hundred Fifty -five Dollars
($356,655.00) are hereby appropriated and ordered set
apart from the Allocation Fund to the South Bend Central
Development Area Public Improvement Project Principal and
Interest Account of the Redevelopment District Bond Fund
for the purpose of making lease rental payments due during
the twelve month period beginning July 1, 1994 on the
Lease.
3. Funds from the Allocation Fund in the amount of One
Hundred Ninety -seven Thousand Dollars ($197,000.00) are
hereby appropriated and ordered set apart from the
Allocation Fund to the Palais Royale Acquisition District
Bond Fund for the purpose of making the lease rental
payments described hereinabove.
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 the regular meeting of the South Bend Redevelopment
Commission, held on July 16, 1992, at 1308 County -City Building,
227 West Jefferson Boulevard, South Bend, Indiana.
SOUTH BC�!NcX�.t_- EVBy: `
Paula N. Auburn, President
Theo IF. - r,�
ML:Res1171