HomeMy WebLinkAboutNo. 0951 establishing the South Bend Central Enterprise Zone Fund within the South Bend Central allocation area of the South Bend Central Development AreaRESOLUTION NO. 951
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
ESTABLISHING THE SOUTH BEND CENTRAL ENTERPRISE ZONE FUND
WITHIN THE SOUTH BEND CENTRAL ALLOCATION AREA
OF THE SOUTH BEND CENTRAL DEVELOPMENT AREA
WHEREAS, the South Bend Redevelopment Commission ( "Commission "),
governing body of the South Bend Department of Redevelopment, on May
10, 1985, adopted Resolution No. 737 declaring the South Bend Central
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 South Bend Central
Allocation Area (South Bend Allocation Area No. 1A) Special Fund
( "Special Fund "); and
WHEREAS, Resolution No. 737 has been confirmed by Resolution
No. 739, and amended by Resolutions No. 745, 751, 795, 800, 834, 867,
881 and 921, 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 South Bend Central 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 South Bend Central
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 South Bend
Central 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
F. N MTZ, PRESIDENT
SOUTH BEND REDEVELOPMENT COMMISSION
ATTEST:
Roman Piasecki
Secretary
CVP /R3RN:R -FUND