HomeMy WebLinkAboutNo. 1175 supplemental appropriation resolution of the City of South Bend Redevelopment CommissionRESOLUTION NO. 1175
SUPPLEMENTAL APPROPRIATION RESOLUTION
OF THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION
WHEREAS, the South Bend Redevelopment Commission (the
"Commission "), has heretofore on July 2, 1993, adopted Resolution
No. 1174, the provisions of which Resolution are hereby included
herein by this reference thereto, determining to make payments for
local public improvements that are in or serving the Sample -Ewing
Development Area (the "Area "); 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 established an Escrow Account (the "Escrow Account ") with
York Title and Escrow 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
ASK 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 amount of funds in the Redevelopment General Fund
proposed to be expended for said expenses incurred by the
Commission is Forty -One Thousand Six Hundred Sixty -One Dollars and
Seventy -Five Cents ($41,661.75); and
WHEREAS, the Commission did not include said funds in any
regular budget for the year 1993; and
WHEREAS, the Secretary of the Commission has caused notice of
a hearing on said appropriation to be published as required by law;
and
WHEREAS, such public hearing was held on July 16, 1993, at 10:00
a.m., E.S.T., at 1308 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601, on said appropriation at
which all taxpayers and interested persons had an opportunity to
appear and express their views as to such additional appropriation.
NOW, THEREFORE, BE IT RESOLVED by the Commission that:
1. Funds from the Redevelopment General Fund in the amount of
Forty -One Thousand, Six Hundred Sixty -One Dollars and Seventy -Five
Cents ($41,661.75) be, and they are hereby, appropriated from the
Redevelopment General Fund for local public improvements in or
serving the Sample -Ewing Development Area.
2. Such appropriation shall be in addition to all
appropriations provided for in the existing budget and levy and
shall continue in effect until the completion of the activities
described in Section 1 above. Any surplus of such proceeds shall
be credited to the proper fund as provided by law.
3. The President and Secretary of the Commission be and they
are hereby authorized and directed to certify a copy of this
Resolution together with such other proceedings and actions as may
be necessary to the St. Joseph County Auditor for certification to
the Indiana State Board of Tax Commissioners for the purpose of
obtaining the approval of said Board of the additional
appropriation herein made.
ADOPTED at a regular meeting of the South Bend Redevelopment
Commission held on July 16, 1993, at 1308 County -City Building, 227
West Jefferson Boulevard, South Bend, Indiana 46601.
SOUTH /REDEVELOP NT COMMISSION
By: V
Paula N. Auburn, President
ATTEST:
Tlieo- F. Sharp/, ecreta
ML:Res1175
RESOLUTION NO. 1175
EXHIBIT "A"
Appropriation of tax increment in the Sample -Ewing Development Area
Allocation Area No. 1 ( "Allocation Area No. 1) for making payments
for local public improvements in or serving the allocation Area
payable pursuant to IC36- 7- 14- 39(b)(2)(F) in a total amount not to
exceed $41,661.75.
ML:Res1175