HomeMy WebLinkAboutNo. 1140 determining to pay certain expenses incurred for local public improvements in or serving the Studebaker Corridor Development Area from fund 443, the Redevelopment General fundRESOLUTION NO. 1140
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION DETERMINING TO PAY CERTAIN EXPENSES
INCURRED FOR LOCAL PUBLIC IMPROVEMENTS IN OR
SERVING THE STUDEBAKER CORRIDOR DEVELOPMENT AREA
FROM FUND 433, THE REDEVELOPMENT GENERAL FUND
WHEREAS, the South Bend Redevelopment Commission ( "Commission "),
governing body of the City of South Bend Department of Redevelopment
( "Department "), on January 10, 1986, adopted Resolution No. 762
declaring the Studebaker Corridor Development Area to be a blighted
area within the meaning of IC 36 -7 -14 (the "Act "); and
WHEREAS, Resolution No. 762 and the Studebaker Corridor
Development Area Plan were confirmed by Resolution No. 764 adopted on
February 14, 1986; and
WHEREAS, Resolution No. 762 has been amended from time to time
pursuant to the provisions of the Act; and
WHEREAS, in furtherance of its efforts to redevelop the
Studebaker Corridor Development 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 Studebaker
Corridor Development Area with the proceeds from the sale or other
disposition of land situated in the Studebaker Corridor Development
Area by the Commission, which proceeds are deposited in the
Redevelopment General Fund; and
WHEREAS, such payments will be used for purposes consistent with
the purposes for which the Bonds were issued; and
WHEREAS, the expenditures incurred by the Commission proposed to
be paid with the proceeds from the sale or other disposition of land
in the Studebaker Corridor Development Area deposited in the
Redevelopment General Fund are described on the attached Exhibit "All;
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, 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
Redevelopment General Fund in the amount of Forty -eight Thousand Four
Hundred Dollars ($48,400.00) 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 March 19, 1993 at Room 1308, County -City Building, 227
West Jefferson Boulevard, South Bend, Indiana 46601.
ADOPTED at a
Commission held on
227 West Jefferson
regular meeting of the South Bend Redevelopment
March 5, 1993, at Room 1308, County -City Building,
Boulevard, South Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
By:
ATTEST:
Theo F. Sharp, "Secr ry
RES1140
Paula N. Auburn, President
EXHIBIT "A"
Description of Expenditure
For local public improvements in or serving the Studebaker Corridor
Development Area (South Bend Allocation Area No. 6) 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 $48,400.00.