HomeMy WebLinkAbout6A (1)(2)CITY OF SOUTH BEND, INDIANA
Redevelopment Commission
Review of TIF Appropriations for 2012
F:\ DATA\ SHARE \ECONDEV\FPM \Budgets \Budget 2012 \TIF Appropriations
2012.xls1 /20/2012
Carry Forward
TIF Area /Fund #
Appropriation
Encumbrances
Total Budget
Airport (AEDA) /Fund 324
19,400,000
9,554,384
28,954,384
Downtown (SBCDA) /Fund 420
6,000,000
1,092,693
7,092,693
West Washington (WWCDA) /Fund 422
1,128,300
2,734
1,131,034
Central Medical (CenMed) /Fund 426
3,950,000
410,391
4,360,391
Northeast General /Fund 429
1,280,000
21,526
1,301,526
Northeast Residential /Fund 436
312,000
1,327
313,327
South Side #1 & #2 (SSDA) /Fund 430
5,150,000
918,604
6,068,604
South Side #2 /Fund 431 (xfer to 430)
1,400,000
0
1,400,000
South Side #3 (SSDA #3) /Fund 432
500,000
0
500,000
Douglas Road (DREDA) /Fund 435
330,000
18,145
348,145
Redevelopment Retail /Fund 425
141,277
14,000
155,277
Blackthorn Golf Course /Fund 619
1,484,599
0
1,484,599
TOTAL
41,076,178
12,033,803
53,109,981
F:\ DATA\ SHARE \ECONDEV\FPM \Budgets \Budget 2012 \TIF Appropriations
2012.xls1 /20/2012
RESOLUTION NO. 2975
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM
ALLOCATION AREA NO. 1 FUND FOR THE PAYMENT OF CERTAIN
OBLIGATIONS AND EXPENSES RELATED TO THE AIRPORT
ECONOMIC DEVELOPMENT AREA ALLOCATION AREA NO. 1
WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the
governing body of the Department of Redevelopment of the City of South Bend, Indiana (the "City ")
and the City of South Bend, Indiana, Redevelopment District, exists and operates under the
provisions of Indiana Code § 36 -7 -14, as amended (the "Act "); and
WHEREAS, on February 23, 1990, the Commission adopted Resolution No. 919 (declaring
the Airport Economic Development Area (the "Area ") to be an economic development area within
the meaning of the Act and designated the Area as the Airport Economic Development Area
Allocation Area No. 1 ( "Allocation Area No. 1 ") for purposes of tax increment financing pursuant to
the Act; and
WHEREAS, Resolution No. 919 and the Airport Economic Development Area Economic
Development Plan (the "Development Plan ") adopted by Resolution No. 919 on February 23, 1990
were confirmed by Resolution No. 938 adopted on June 27, 1990 (collectively, the "Declaratory
Resolution "); and
WHEREAS, the Declaratory Resolution created the Airport Economic Development Area
Allocation Area No. 1 Fund ( "Allocation Area No. 1 Fund ") for the purpose of depositing into such
fund tax increment revenues allocated to the Commission and resulting solely from the increase in
the assessed value of real property and improvements thereon located in Allocation Area No. 1
pursuant to Indiana Code § 36- 7- 14- 39(b)(1) and from the proceeds from the sale or leasing of
property in the Area under Indiana Code § 36- 7- 14-22, all in accordance with Indiana Code § 36-7-
14-26; and
WHEREAS, the Commission, on April 16, 1993, adopted Resolution No. 1151 declaring the
Sample -Ewing Development Area ( "SEDA ") to be an area needing redevelopment within the
meaning of the Act; and
WHEREAS, Resolution No. 1151 and the Sample -Ewing Development Area Development
Plan were confirmed by Resolution No. 1154 adopted on May 21, 1993; and
WHEREAS, Resolution No. 1151 created the Sample -Ewing Allocation Area (South Bend
Allocation Area No. 8) (the "SEDA Allocation Area ") for the purpose of depositing into an
allocation area fund (the "SEDA Allocation Fund ") tax increment revenues allocated to the
Commission and resulting solely from the increase in the assessed value of personal property and
real property and improvements thereon located in the SEDA Allocation Area pursuant to Indiana
Code § 36- 7- 14- 39(b)(1) and from the proceeds from the sale or leasing of property in the Area
under Indiana Code § 36- 7- 14-22, all in accordance with Indiana Code § 36- 7- 14 -26; and
WHEREAS, the Declaratory Resolution was further amended by the Resolution No. 2348
and Resolution No. 2351, adopted on June 19, 2007 and July 20, 2007 respectively and said
resolution expanded the Area by adding and consolidating the SEDA into the Area (collectively
referred to hereafter as the "Area ") and expanded Allocation Area No. 1 by adding and consolidating
the SEDA Allocation Area into Allocation Area No. 1 (collectively referred to hereafter as
"Allocation Area No. 1 "); and
WHEREAS, under the Declaratory Resolution, the funds and deposits of the SEDA
Allocation Funds have further been consolidated and deposited with Allocation Area No. 1 Fund
(collectively referred to hereafter as "Allocation Area No. 1 Fund "); and
WHEREAS, the Commission desires to pay certain expenses incurred by it or the City for
local public improvements that are in or serving Allocation Area No. 1 from funds remaining in the
Allocation Area No. I Fund, in accordance Indiana Code § 36- 7- 14- 39(b)(2) and certain other
expenditures incurred by the Commission in accordance with Indiana Code § 36- 7- 14- 39(b)(2); and
WHEREAS, the expenditures incurred or anticipated to be incurred by the Commission
proposed to be paid with funds from Allocation Area No. 1 Fund are described on the attached
Exhibit A; and
WHEREAS, the proposed appropriations from Allocation Area No. 1 Fund are not for the
operating expenses of the Commission; and
WHEREAS, such appropriations are subject to the provisions of Indiana Code § 6- 1.1 -18—
5; and
WHEREAS, on December 13, 2011, the Commission adopted Resolution 2974 setting a
public hearing on said appropriations for 4:00 p.m. on January 24, 2012 and authorizing the
Secretary of the Commission to duly publish notice of said hearing; and
WHEREAS, the Secretary of the Commission has caused notice of said hearing on said
appropriations to be published in accordance with law; and
WHEREAS, such public hearing was held at the Commission's meeting at 4:00 p.m. on
January 24, 2012, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana
46601, at which all taxpayers and interested persons had an opportunity to appear and express their
views as to such additional appropriations; and
WHEREAS, the Commission now desires to approve said appropriations in a total amount
of Nineteen Million Four Hundred Thousand and 00 /100 Dollars ($19,400,000.00);
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION AS FOLLOWS:
1. The Commission hereby finds that there are insufficient funds available or provided
for in the existing budget and tax levy which may be applied to such expenses and the expenditure of
such amount from Allocation Area No. 1 Fund.
2. The funds from Allocation Area No. 1 Fund in the amount of Nineteen Million Four
Hundred Thousand and 00/100 Dollars ($19,400,000.00) are hereby appropriated for the purpose of
paying the expenditures described at Exhibit A.
3. Such appropriations shall be in addition to all the appropriations provided for in the
existing budget and levy and shall continue in effect until the completion of the activities described
herein. Any surplus of such proceeds shall be credited to the proper fund as provided by law.
4. The President and /or the Secretary of the Commission are hereby authorized and
directed to certify a copy of this Resolution together with such other proceedings and actions as may
be necessary to the St. Joseph County Auditor for certification to the Indiana Department of Local
Government Finance for the purpose of obtaining its approval of the appropriations herein made.
ADOPTED at a regular meeting of the South Bend Redevelopment Commission held on
January 24, 2012 at 1308 County -City Building, 227 W. Jefferson Boulevard, South Bend, Indiana
46601.
ATTEST:
Signature
Printed Name and Title
SOUTH BEND REDEVELOPMENT
COMMISSION
Signature
Printed Name and Tide
EXHIBIT A
AIRPORT ECONOMIC DEVELOPMENT AREA - FUND 324
2011 BUDGET SUMMARY
2012
Aoorooriation
Debt Service:
Debt Service Reserve Increase
0
Debt Service Payments
3,902,751
Total Debt Service
3,902,751
Infrastructure Projects Underway, Not Completed:
Cotter Street Construction
42,240
EMI Demolition
97,800
Ignition Park - Data Realty
2,322,500
Ignition Park South - Acquisition /Relocation /Demolition
858,071
Mayflower Road
11,479
St. Vincent's Property Acquisition
150,000
Total Infrastructure Underway, Not Completed
3,482,090
Other Activities:
Blackthorn Corporate Park - Marketing & Maintenance
50,000
Blackthorn Owner's Association Dues & Assessments
40,000
Bosch Facility Holding Costs
160,000
Legal & Professional Services
75,000
Other Property Maintenance
65,000
Total Other Activities
390,000
Development Opportunity Reserve:
9,883,640
Infrastructure Planned:
(Could include the following projects)
Studebaker /Oliver Project - Environmental & Demolition
Total Infrastructure Planned
1,741,519
Total Appropriation
19,400,000