HomeMy WebLinkAboutNo. 0954 establishing the West Washington Chapin enterprise zone fund within the WWCAA of the WWCDARESOLUTION NO. 954
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
ESTABLISHING THE WEST WASHINGTON - CHAPIN ENTERPRISE ZONE FUND
WITHIN THE WEST WASHINGTON - CHAPIN ALLOCATION AREA
OF THE WEST WASHINGTON - CHAPIN DEVELOPMENT AREA
WHEREAS, the South Bend Redevelopment Commission ( "Commission "),
governing body of the South Bend Department of Redevelopment, on
October 23, 1987, adopted Resolution No. 908 declaring the West
Washington- Chapin Development Area to be a blighted area within the
meaning of I.C. 36 -7 -14 (Act), adopting a Development Plan for the
Area, establishing an allocation area ( "Allocation Area ") within the
blighted area, and establishing a special fund known as the West
Washington- Chapin Allocation Area (South Bend Allocation Area No. 7)
Special Fund ( "Special Fund "); and
WHEREAS, Resolution No. 818 has been confirmed by Resolution No.
824, and amended by Resolution No. 908, which Resolutions were
recorded in the Office of the St. Joseph County Recorder; and
WHEREAS, I.C. 36- 7 -14 -39 provides that when a portion of an
Allocation Area is located within an urban enterprise zone, the
Commission shall create an enterprise zone fund to receive deposits,
during each year that the enterprise zone is in existence, of any
amount in the Special Fund derived from property tax proceeds
generated pursuant to I.C. 36- 7- 14- 39(b)(1) from property located in
the enterprise zone, which exceeds the amount sufficient for the
purposes specified in I.C. 36- 7- 14- 39(b)(2); and
WHEREAS, a portion of the West Washington- Chapin Allocation Area
is located within the South Bend Urban Enterprise Zone ( "Enterprise
Zone ").
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission that there is hereby established the West
Washington- Chapin Enterprise Zone Fund ( "Enterprise Zone Fund "),
which Enterprise Zone Fund shall be maintained by the Commission
during the period that the Allocation Area and the Enterprise Zone
are in existence, and which shall receive deposits, during each year
that the South Bend Urban Enterprise Zone is in existence, of any
amount in the West Washington- Chapin Allocation Area (South Bend
Allocation Area No. 7) Special Fund derived from property tax
proceeds generated pursuant to I.C. 36- 7- 14- 39(b)(1) from property
located in the South Bend Urban Enterprise Zone, which exceed the
amount sufficient for the purposes specified in I.C.
36- 7- 14- 39(b)(2).
Adopted at a meeting of the South Bend Redevelopment Commission
held on July 27, 1990 at the office of the Commission, 1200
County -City Building, South Bend, Indiana 46601.
CITY OF SOUTH BEND,
DEPARTMENT OF REDEVELOPMENT
JAY IMT , PRESIDENT
SO ND REDEVELOPMENT COMMISSION
ATTEST:
LieL�
Roman Piasecki
Secretary
CVP /R3RN:R- WWFUND