HomeMy WebLinkAboutNo. 0952 establishing the Rum Village Industrial Park Enterprise Zone Fund within the RVIPA fund of the RVIPDARESOLUTION NO. 952
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
ESTABLISHING THE RUM VILLAGE INDUSTRIAL PARK ENTERPRISE
ZONE FUND WITHIN THE RUM VILLAGE INDUSTRIAL PARK ALLOCATION
FUND OF THE RUM VILLAGE INDUSTRIAL PARK DEVELOPMENT AREA
WHEREAS, the South Bend Redevelopment Commission ( "Commission "),
governing body of the South Bend Department of Redevelopment, on
December 18, 1981, adopted Resolution No. 650 declaring the Rum
Village Industrial Park Development Area to be a blighted area within
the meaning of the Redevelopment of Cities and Towns Act of 1953 as
amended (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 Rum Village Industrial Park
Allocation Area (South Bend Allocation Area No. 4) Special Fund
( "Special Fund "); and
WHEREAS, Resolution No. 650 has been confirmed by Resolution
No. 654, and amended by Resolutions No. 718, 722, 783, 786, 810 and
817, 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 Rum Village Industrial Park 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 Rum Village
Industrial Park 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 Rum Village Industrial Park 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 NIMT , PRESIDENT
SO END REDEVELOPMENT COMMISSION
ATTEST:
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Roman Piasecki
Secretary
CVP /R3RN:R- RUMVILLAGE