HomeMy WebLinkAboutNo. 0939 determining tax increment needed to satisfy obligations of the commission regarding the WWCAA (No. 1A)RESOLUTION NO. 939
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
DETERMINING TAX INCREMENT NEEDED TO SATISFY
OBLIGATIONS OF THE COMMISSION
REGARDING THE WEST WASHINGTON - CHAPIN ALLOCATION AREA
(WEST WASHINGTON - CHAPIN ALLOCATION AREA NO. 1A)
WHEREAS, on October 23, 1987, the South Bend
Redevelopment Commission (the "Commission ") adopted its Resolution
No. 818 (the "Declaratory Resolution ") declaring that an area
designated by the Commission as the West Washington- Chapin
Development Area (the "Area ") in the Redevelopment District of the
City of South Bend, Indiana, is a "blighted area" within the
meaning of the Redevelopment of Cities and Towns Act of 1953,
IC 36 -7 -14, as amended (the "Act "); and
WHEREAS, on December 11, 1987, after notice of the public
hearing thereon and after obtaining all other approvals required
by law, the Commission in its Resolution No. 824 confirmed the
Declaratory Resolution by the adoption of a Confirmatory
Resolution; and
WHEREAS, the Commission in accordance with the Act, has
previously established the West Washington- Chapin Allocation Area
(West Washington- Chapin Allocation Area No. 1A) which has
boundaries coterminous with the Area; and
WHEREAS, the Commission in accordance with the Act, has
previously established the West Washington- Chapin Allocation Area
(West Washington- Chapin Area No. 1A) Allocation 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.
WHEREAS, while the Commission has no obligations payable
out of the sum of the balance in the Allocation Fund plus estimated
future investment earnings on that balance, the sum of the balance
in the Allocation Fund plus estimated future investment earnings
on that balance is not sufficient for the purposes for which such
sum is being utilized by the Commission pursuant to
Section 39(b)(2) of the Act.
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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
uses by the Commission of such sum pursuant to Section 39(b)(2) of
the Act.
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
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 uses by the Commission of such sum
pursuant to Section 39(b)(2) of the Act, 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,
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located at 1200 County -City Building, 227 West Jefferson Boulevard,
South Bend, Indiana.
SOUTH BEND REDEVELOPMENT COMMISSION
F. Nimtz President
ATTEST:
Roman Piasecki, Secretary
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