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HomeMy WebLinkAboutNo. 1111 determining to pay certain expenses incurred for local public improvements in or serving the SBCAA (No. 1A) from the SBCAA (No. 1A) special fundRESOLUTION NO. 1111 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING TO PAY CERTAIN EXPENSES _ INCURRED FOR LOCAL PUBLIC IMPROVEMENTS IN OR SERVING THE SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 1A) FROM THE SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 1A) SPECIAL FUND WHEREAS, the South Bend Redevelopment Commission ( "Commission "), governing body of the City of South Bend Department of Redevelopment ( "Department "), on May 10, 1985, adopted Resolution No. 737 declaring the South Bend Central Development Area to be a blighted area within the meaning of IC 36 -7 -14 (the "Act "); and WHEREAS, Resolution No. 737 and the South Bend Central Development Area Plan were confirmed by Resolution No. 739 adopted on June 14, 1985; and WHEREAS, Resolution No. 737 has been amended from time to time pursuant to the provisions of the Act; and WHEREAS, Resolution No. 737 created the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) and the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) Special Fund ( "Allocation Fund ") for the purposes of paying into such fund property tax proceeds in excess of those described in Section 39(b)(1) of the Act and such other funds, including revenues generated by the sale or lease of property in or serving the South Bend Allocation Area No. lA for the purposes as described in Section 39(b)(2) of the Act; and WHEREAS, the Commission desires to pay expenses incurred by it for local public improvements that are in or serving the South bend Allocation Area No. lA with lease rental revenues to be deposited in the Allocation Fund pursuant to the Act; and WHEREAS, such payments are authorized pursuant to Section 39(b)(2)(J) of the Act and are subject to the provisions of IC 6- 1.1 -18 -5; and WHEREAS, the expenditures incurred by the Commission proposed to be paid with lease rental revenues deposited in the Allocation Fund are described on the attached Exhibit "A"; and WHEREAS, the Commission desires to approve said payments from the Allocation Fund in the total amount as described on Exhibit "A"; and WHEREAS, the Commission, with the advice of its financial advisor, has determined that it is anticipated that by December 31, 1992, there will have been deposited into the Allocation Fund at least Eighteen Thousand Two Hundred Dollars ($18,200.00) in revenue from the lease of property within the South Bend Allocation Area No. 1A, that such expenditure will not endanger the interests of the holders of any obligations heretofore issued or incurred by the Commission and payable from the Allocation Fund; and WHEREAS, the proposed payment from the Allocation 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 Eighteen Thousand Two Hundred Dollars ($18,200.00) 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 November 20, 1992, at the office of the Commission, 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601. ADOPTED at a regular meeting of the South Bend Redevelopment F Commission held on November 6, 1992, at the office of the Commission, 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601. SOUTH BEND REDEVELOPMENT COMMISSION By: /V Paula N. Auburn, President ST: Michael Donoho, Secretary RESO /RES -1111 EXHIBIT "A" Description of Expenditure For local public improvements in or serving the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) as may be authorized by IC 36- 7- 14- 39(b)(2)(i) and IC 36- 7- 14- 25.1( &) in a total amount to to exceed $18,200.00.