HomeMy WebLinkAboutNo. 1174 determining to pay certain expenses incurred for local public improvements in or serving the Sample-Ewing Allocation Area (No. 8) from the Sample-Ewing Allocation Area (No. 8) special fundRESOLUTION NO. 1174
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION DETERMINING TO PAY CERTAIN EXPENSES
INCURRED FOR LOCAL PUBLIC IMPROVEMENTS IN OR
SERVING THE SAMPLE -EWING ALLOCATION AREA
(SOUTH BEND ALLOCATION AREA NO. 8) FROM THE
SAMPLE -EWING ALLOCATION AREA (SOUTH BEND
ALLOCATION AREA NO. 8) SPECIAL FUND
WHEREAS, the South Bend Redevelopment Commission
( "Commission "), governing body of the City of South Bend
Department of Redevelopment ( "Department "), on April 16, 1993,
adopted Resolution No. 1151 declaring the Sample -Ewing
Development Area (the "Area ") to be a blighted area within the
meaning of IC 36 -7 -14 (the "Act "); and
WHEREAS, Resolution No. 1151 and the Sample -Ewing
Development Area Plan were confirmed by Resolution No. 1154
adopted on May 21, 1993; and
WHEREAS, the Commission previously purchased a property (the
"Real Estate ") in the Studebaker Corridor (which is now part of
the Area) and at the time of purchase the previous owner of the
Real Estate founded established an Escrow Account (the " Excrow
Account ") with Abstract and Title Corporation of South Bend (the
"Escrow Agent ") in the amount of $45,000.00 (the "Escrow Fund ")
to cover the costs of services related to the remediation of
environmental conditions existing at or upon the Real Estate; and
WHEREAS, the Commission has incurred costs in remediating
environmental conditions existing at or upon the Real Estate and
has received proceeds from the Escrow Account and has deposited
them in the Redevelopment General Fund; and
WHEREAS, in furtherance of its efforts to redevelop the
Studebaker Corridor Development Area (now a part of the Area),
the Commission in 1990 issued bonds in the approximate amount of
$4,900,000.00 with the proceeds thereof to be used for property
acquisition and redevelopment; and
WHEREAS, the Commission desires to pay expenses incurred by
it for local public improvements that are in or serving the Area
with the proceeds received from the Escrow Account; and
WHEREAS, the Commission desires to approve said payments
from the Redevelopment General Fund in the total amount as
described on Exhibit "A"; and
WHEREAS, such payments will be used for purposes consistent
with the purposes for which the Bonds were issued; and
WHEREAS, the proposed payment from the Redevelopment General
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 Forty -one Thousand, Six Hundred
Sixty -one Dollars and Seventy -five Cents ($41,661.75) for
purposes of paying the expenditures as described on 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 July 16, 1993 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 2, 1993, at 1308 County -City Building,
227 West Jefferson Boulevard, South Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT
COMMISSION
By :." /V .
Paula N. Auburn, President
ATTEST:
Theo F. Sharp, Secreta
ML:RES1174T
RESOLUTION NO. 1174
EXHIBIT "A"
Description of Expenditure
For local public improvements in or serving the Sample -Ewing
Allocation Area (South Bend Allocation Area No. 8) 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 $41,661.75.
ML:RES1174T