HomeMy WebLinkAboutNo. 1075 determining tax increment needed to satisfy obligations of the commission regarding the Studebaker Corridor Alllocation Area (No. 6)RESOLUTION NO. 1075
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
DETERMINING TAX INCREMENT NEEDED TO SATISFY
OBLIGATIONS OF THE COMMISSION
REGARDING THE STUDEBAKER CORRIDOR ALLOCATION AREA
(SOUTH BEND ALLOCATION AREA NO. 6)
WHEREAS, on January 10, 1986, the South Bend Redevelopment
Commission (the "Commission ") adopted its Resolution No. 762 (the
"Declaratory Resolution ") declaring that an area designated by the
Commission as the Studebaker Corridor Development Area (the "Area ")
in the Redevelopment District of 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 February 14, 1986, after notice of the public
hearing thereon and after obtaining all other approvals required by
law, the Commission, in its Resolution No. 764, confirmed the
Declaratory Resolution; and
WHEREAS, the Commission, in accordance with the Act, has
co previously established the Studebaker Corridor Allocation Area,
(South Bend Allocation Area No. 6) which has boundaries
conterminous with the Area; and
WHEREAS, the Commission, in accordance with the Act, has
previously established the Studebaker Corridor Allocation Area,
(South Bend Allocation Area No. 6) 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, 1992, 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 1993 that, when combined with future investment
earnings on that balance and the resultant tax increment to be
collected in 1993, will be sufficient to satisfy the obligations of
the Commission over the terms of those obligations.
WHEREAS, while the Commission has no obligations payable out of
the sum of the balance in the Allocation Fund plus estimated future
investment earnings on that balance, the sum of the balance in the
Allocation Fund plus estimated future investment earnings on that
balance is not sufficient for the purposes for which such sum is
being utilized by the Commission pursuant to Section 39(b)(2) of
the Act.
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 1993 will result
in a balance in the Allocation Fund in 1993 that, when combined
with future investment earnings on that balance and the resultant
tax increment to be collected in 1993, will not be sufficient to
satisfy the anticipated obligations of the Commission over the term
or terms of those anticipated obligations, and that therefore all
of the potential captured assessment for the Allocation Area in
1993 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 10, 1992, 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: 4k- CL /t/1
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Paula N. Auburn, President
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ATTEST:
Michael Donoho, Secretary
Res1075