HomeMy WebLinkAboutNo. 1179 determining tax increment needed to satisfy obligations of the commission regarding the Sample-Ewing Allocation Area (No. 8)RESOLUTION NO. 1179
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
DETERMINING TAX INCREMENT NEEDED TO SATISFY
OBLIGATIONS OF THE COMMISSION
REGARDING THE SAMPLE -EWING ALLOCATION AREA
(SOUTH BEND ALLOCATION AREA NO. 8)
WHEREAS, on April 16, 1993, the South Bend Redevelopment Commission
(the "Commission ") adopted its Resolution No. 1151 (the "Declaratory
Resolution ") declaring that an area designated by the Commission as the
Sample -Ewing Development Area (the "Area ") in the City of South Bend,
Indiana, is a "blighted 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 May 21, 1993, after notice of the public hearing
thereon and after obtaining all other approvals required by law, the
Commission, in its Resolution No. 1154, confirmed the Declaratory
Resolution; and
WHEREAS, the Commission in accordance with the Act, has previously
established the "Sample -Ewing Allocation Area (South Bend Allocation
°t Area No. 8) which has boundaries conterminous with the Area; and
WHEREAS, the Commission previously designated the Rum Village
Industrial Park Allocation Area (South Bend Allocation Area No. 4) and
the Studebaker Corridor Allocation Area (South Bend Allocation Area No.
6) and these allocation areas are now contained in the Sample -Ewing
Allocation Area (South Bend Allocation Area No. 8) since the adoption
of Resolution No. 1151; and
WHEREAS, the Commission, in accordance with the Act, has previously
established the South Bend Department of Redevelopment Allocation Area
(South Bend Allocation Area No. 8) Special 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 uses by the
Commission of such sum pursuant to Section 39(b)(2) of the Act.
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 of such sum pursuant to
Section 39 (b) (2) of the Act, and that therefore all of the
potential captured 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: I_Z' /L) ,
Paula N. Auburn, President
ATTEST:
?- 1
Theo F. Sham, gecrekeary
Res1179