HomeMy WebLinkAboutNo. 1074 determining tax increment needed to satisfy obligations of the commission regarding the Rum Village Industrial Park Allocation Area (No. 4)w
RESOLUTION NO. 1074
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
DETERMINING TAX INCREMENT NEEDED TO SATISFY
OBLIGATIONS OF THE COMMISSION
REGARDING THE RUM VILLAGE INDUSTRIAL PARK ALLOCATION AREA
(SOUTH BEND ALLOCATION AREA NO. 4)
WHEREAS, on December 18, 1981, the South Bend Redevelopment
Commission (the "Commission ") adopted its Resolution No. 650 (the
"Declaratory Resolution ") declaring that an area designated by the
Commission as the Rum Village Industrial Park (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 February 19, 1982, after notice of the public
hearing thereon and after obtaining all other approvals required by
law, the Commission, in its Resolution No. 654, confirmed the
Declaratory Resolution; and
WHEREAS, the Commission in accordance with the Act, has
previously established the "Rum Village Industrial Park Allocation
Area (South Bend Allocation Area No. 4) which has boundaries
conterminous with the Area; 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. 4) 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
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 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 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 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
co 1200 County -City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601.
SOUTH B ND REDEVELOPMENT COMMISSION
BY: 77 °"
Paula N. Auburn, President
ATTEST:
Michael Donoho, Secretary
Res1074