HomeMy WebLinkAboutNo. 0998 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. 998
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 737 and the South Bend Central
Development Area Plan were confirmed by Resolution No. 739 adopted
on June 14, 1985; and
WHEREAS, Resolution 737 has been amended from time to
time pursuant to the provisions of the Act; and
WHEREAS, Resolution 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 purposes of paying into such
fund property tax proceeds in excess of those described in Section
rw 39(b)(1) of the Act 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
+ M
Allocation Area with property tax proceeds deposited in the
Allocation Fund pursuant to the Act;
rw 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 property tax proceeds 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 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 Two Hundred Fifty Thousand
Dollars ($250,000) for purposes of paying the expenditures as
described on Exhibit "A ". The Secretary of the Commission is
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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 Friday, June 28, 1991 at the office of
the Commission, 1200 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601.
ADOPTED at a regular meeting of the South Bend
Redevelopment Commission held on June 14, 1991, at the office of
the Commission, 1200 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601.
ATTEST:
Michael Donoho, Secretary
co \rlhill \sthbnd \central \ludeterm.530;tmg;6 /12/91;
SOUTH BEND REDEVELOPMENT COMMISSION
BY: t` �n - k . 4-.;r X
Roman PiasecY4, Vice President
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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)(J) and IC 36- 7- 14- 25.1(a) in a
total amount not to exceed $250,000.
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EV E N S E N DODGE INC 222 South Ninth Street
Suite 3800
Minneapolis MN 55402
612/338.3535
80Q/328 48200
612/3387264 Fax
June 13, 1991
650 Town Center Drive
Suite 430
Costa Mesa CA 92626
714/545 -1212
800,322 -0171
Ms. Ann Kolata, Deputy Executive Director 7141557 -9126 Fax
Department of Economic Development
City of South Bend 44 Montgomery Street
1200 County -City Building Suite 500
South Bend, Indiana 46601 San Francisco CA 94104
415/955 -2675
Re: Direct Expenditure of Tax Increment Funds of the SBCDA 415/955 -2676 Fax
Dear Ms. Kolata:
255 South Orange Avenue
As financial advisor to the South Bend Redevelopment Commission, we have Suite 888
examined the historical and projected cash flows within the Allocation Fund of Orlando FL 32801
the South Bend Central Business Development Area. Our examination included 407/841-0757
historical and projected tax increment and other revenues, debt service 8'624 -
requirements of existing debt obligations of the SBCDA (both revenue bonds 407/872-2326 Fax
and lease rental obligations), and compliance with the covenants with holders of
such bonds with respect to debt service reserves and other requirements. 100 Court Avenue
Suite 215
In our opinion, the direct expenditure of $250,000 of available moneys within the Des Moines 1A 50309
SBCDA Allocation Fund will not endanger the interests of the holders of any 515/282 -6138
obligations heretofore issued or incurred by the Commission and payable from 515/282 -0252 Fax
the Allocation Fund.
Sincerely ' 17370 North Laurel Part Drive
Suite 400E
EVENSEN DODGE, INC. lsroniaMI 48152
313/5914040
80589 -2800
313/591554 Fax
1726 Prairie Lane
Richard L. Treptow Fargo ND 58103
Senior Vice President 701/735 -4416
rW800/328 -8200
/brg 701/239 -4597 Fax
701 Brazos
Suite 500
Austin TX 78701
512!320.9047
800/2845612
5121320-1419 Fax
135 North Pennsylvania Street
Suite 2015
Indianapolis IN 46204
317/684 -6000 317/684-6004 Fax