HomeMy WebLinkAboutNo. 2975 appropriating TIF revenues from Allocation Area No. 1 fund for the payment of certain obligations/expenses related to the AEDA Allocation Area No. 1RESOLUTION 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
Aww Development Plan (the "Development Plan ") adopted by Resolution No. 919 on February 23, 1990
44� 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
lcr� 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. I"); 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. 1 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
14
LIM
[A
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.
ATTE T:
Signature U /
Nancy N. King, Secretary
Printed Name and Title
SOUTH BEND REDEVELOPMENT
C MMISSION
Signature
_ Marcia I. Jones, President
Printed Name and Tide
EXHIBIT A
AIRPORT ECONOMIC DEVELOPMENT AREA - FUND 324
(4�1 2011 BUDGET SUMMARY
Debt Service:
Debt Service Reserve Increase
Debt Service Payments
Total Debt Service
Infrastructure Projects Underway, Not Completed:
Cotter Street Construction
EMI Demolition
Ignition Park - Data Realty
Ignition Park South - Acquisition /Relocation /Demolition
Mayflower Road
St. Vincent's Property Acquisition
Total Infrastructure Underway, Not Completed
Other Activities:
Blackthorn Corporate Park - Marketing & Maintenance
Blackthorn Owner's Association Dues & Assessments
Bosch Facility Holding Costs
Legal & Professional Services
Other Property Maintenance
Total Other Activities
D opment Opportunity Reserve:
I . ructure Planned:
(Could include the following projects)
Studebaker /Oliver Project - Environmental & Demolition
Total Infrastructure Planned
Total Appropriation
2012
Aoorooriation
0
3,902,751
3,902,751
42,240
97,800
2,322,500
858,071
11,479
150,000
:5,481,U9U
50,000
40,000
160,000
75,000
65,000
390,000
9,883,640
1,741,519
19,400,000