HomeMy WebLinkAboutNo. 1178 determining tax increment needed to satisfy obligations of the commission regarding the AEDA allocation area No. 1RESOLUTION NO. 1178
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
DETERMINING TAX INCREMENT NEEDED TO SATISFY
OBLIGATIONS OF THE COMMISSION
REGARDING THE AIRPORT ECONOMIC DEVELOPMENT
ALLOCATION AREA NO. 1
WHEREAS, on February 23, 1990, the South Bend Redevelopment
Commission (the "Commission ") adopted its Resolution No. 919 (the
"Declaratory Resolution ") declaring that an area designated by the
Commission as the Airport Economic Development Area (the "Area ") in the
Redevelopment District of the City of South Bend, Indiana, is "an
economic development 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 June 27, 1990, after notice of the public hearing
thereon and after obtaining all other approvals required by law, the
Commission, in its Resolution No. 938, confirmed the Declaratory
Resolution; and
WHEREAS, the Commission, in accordance with the Act, has previously
established the Airport Economic Development Area, Allocation Area No.
1 ( "Allocation Area No. 111) which has boundaries conterminous with the
Area; and
WHEREAS, the Commission, in accordance with the Act, has previously
established the City of South Bend, Department of Redevelopment,
Airport Economic Development Area, Allocation Area No. 1 Allocation
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, 1993, 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
1994 that, when combined with future investment earnings on that
balance and the resultant tax increment to be collected in 1994, 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 1994 will result in a
balance in the Allocation Fund in 1994 that, when combined with future
investment earnings on that balance and the resultant tax increment to
be collected in 1994, will not be sufficient to
satisfy the obligations of the Commission over the term or terms of
those obligations, and that therefore all of the potential captured
R assessment for the Allocation Area in 1994 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 2, 1993, at the Office of the Commission, located at
1200 County -City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
BY • / �/ LL.",
•Paula N. Auburn, President
ATTEST:
J
T eo F. Sha , Secret ry
Res1178