HomeMy WebLinkAboutNo. 0953 establishing the Studebaker Corridor Enterprise Zone Fund within the Studebaker Corridor Allocation Area of the Studebaker Corridor Allocation AreaRESOLUTION NO. 953
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
ESTABLISHING THE STUDEBAKER CORRIDOR ENTERPRISE ZONE FUND
WITHIN THE STUDEBAKER CORRIDOR ALLOCATION AREA OF THE
STUDEBAKER CORRIDOR DEVELOPMENT AREA
WHEREAS, the South Bend Redevelopment Commission ( "Commission "),
governing body of the South Bend Department of Redevelopment, on
January 10, 1986, adopted Resolution No. 762 declaring the Studebaker
Corridor 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
Studebaker Corridor Allocation Area (South Bend Allocation Area
No. 6) Special Fund ( "Special Fund "); and
WHEREAS, Resolution No. 762 has been confirmed by Resolution
No. 764, and amended by Resolutions No. 801, 804, 809, 816 and 937
which Resolutions were recorded in the Office of the St. Joseph
County Recorder; and
co 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 Studebaker Corridor 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 Studebaker Corridor
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 Studebaker
Corridor Allocation Area 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 NIMTZ, PRESIDENT
SO BEND REDEVELOPMENT COMMISSION
ATTEST:
Ro an Piasecki
Secretary
CVP /R3RN:R- STUDEBAKER