HomeMy WebLinkAboutNo. 0942 determining tax increment needed to satisfy obligations of the commission regarding the Studebaker Corridor Allocation Area (No. 6)RESOLUTION NO. 942
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
DETERMINING TAX INCREMENT NEEDED TO SATISFY OBLIGATIONS
OF THE COMMISSION REGARDING THE STUDEBAKER CORRIDOR
ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 6)
WHEREAS, on January 10, 1986, the South Bend
Redevelopment Commission (the "Commission ") adopted its Resolution
No. 762 (the "Declaratory Resolution ") declaring that an area
designated by the Commission as the Studebaker Corridor Development
Area (the "Area ") in the Redevelopment District of the City of
South Bend, Indiana, is a blighted area within the meaning of
IC 36 -7 -14, as amended (the "Act "); and
WHEREAS, on February 14, 1986, after notice of the public
hearing thereon and after obtaining all other approvals required
by law, the Commission in its Resolution No. 764 confirmed the
Declaratory Resolution by the adoption of a Confirmatory
Resolution; and
WHEREAS, the Commission in accordance with the Act, has
previously established the Studebaker Corridor Allocation Area
(South Bend Allocation Area No. 6) which has boundaries coterminous
with the Area; and
WHEREAS, the Commission in accordance with the Act, has
previously established the Studebaker Corridor Allocation Area
(South Bend Allocation Area No. 6) Special Fund (the "Allocation
Fund "); and
WHEREAS, 50 IAC 8 contains rules adopted by the Indiana
State Board of Tax Commissioners concerning tax increment finance
(the "Regulations "); and
WHEREAS, Section 39 of the Act and 50 IAC 8 -2 -4 require
the Commission to determine before July 15, 1990 whether the sum
of the balance in the Allocation Fund plus estimated future
investment earnings on that balance is sufficient to satisfy
obligations of the Commission over the terms of those obligations,
and whether the capture of only a portion of the potential captured
assessment (as defined in the Regulations) will result in a balance
in the Allocation Fund in 1991 that, when combined with future
investment earnings on that balance and the resultant tax increment
to be collected in 1991, will be sufficient to satisfy the
obligations of the Commission over the term of those obligations.
NOW, THEREFORE, BE IT RESOLVED by the South Bend
Redevelopment Commission as follows:
1. The Commission hereby determines that the sum of the
current balance in the Allocation Fund plus estimated future
investment earnings on that balance is not sufficient to meet the
anticipated obligations of the Commission over the term or terms
of those anticipated obligations.
2. The Commission further determines that the capture
of only a portion of the potential captured assessment in 1991 will
result in a balance in the Allocation Fund in 1991 that, when
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combined with future investment earnings on that balance and the
resultant tax increment to be collected in 1991, will not be
sufficient to satisfy the anticipated obligations of the Commission
over the term or terms of those anticipated obligations, and that
therefore all of the potential captured assessment for the
Allocation Area in 1991 shall be treated as captured assessment
(as defined in the Regulations). In making this determination, the
Commission has considered the effect that the determination will
have on the property tax rate in the Redevelopment District.
3. Any one of the President, Vice President and
Secretary of the Commission is hereby authorized and directed to
immediately notify the St. Joseph County Auditor of the
determination made herein by the Commission.
ADOPTED at a meeting of the South Bend Redevelopment
Commission held on June 27, 1990, at the office of the Commission,
located at 1200 County -City Building, 227 W. Jefferson Boulevard,
South Bend, Indiana.
SOUTH BEND REDEVELOPMENT COMMISSION
�yNtz, resident
ATTEST:
c..
Roman Piasecki, Secretary
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