HomeMy WebLinkAboutNo. 2976 additional appropriation resolution of the COSBRC (SBCDA)RESOLUTION NO. 2976
ADDITIONAL APPROPRIATION RESOLUTION
OF THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION
(SOUTH BEND CENTRAL DEVELOPMENT AREA)
WHEREAS, the South Bend Redevelopment Commission ( "Commission "), governing body
of the City of South Bend Department of Redevelopment ( "Department "), on May 10, 1985, adopted
Resolution No. 737 declaring the South Bend Central Development Area in the City of South Bend,
Indiana ( "City ") to be a blighted area within the meaning of the Redevelopment of Cities and Towns
Act of 1953, as amended, Indiana Code § 36 -7 -14 ( "Act "); and
WHEREAS, Resolution No. 737 and the South Bend Central Development Area
Development Plan ( "Development Plan ") adopted by Resolution No. 737 on May 10, 1985, were
confirmed by Resolution No. 739 adopted on June 14, 1985; and
WHEREAS, Section 43 of the Act permits the creation of an allocation area within a
redevelopment area to provide for the allocation and distribution, as provided by the Act, of the
proceeds of taxes levied on property situated in the allocation area; and
WHEREAS, the Commission, in accordance with the Act, has previously established the
South Bend Central Allocation Area (South Bend Allocation Area No. 1 A) (the "Allocation Area ")
and the South Bend Central Development Area (South Bend Allocation Area No. 1 A) Special Fund
(the "Allocation Fund "), for the purpose of depositing into such Allocation 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 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 desires to pay certain expenses incurred by it or the City for
local public improvements that are in or serving the Allocation Area, including but not limited to
debt service and lease payment for said improvements, from funds remaining in the Allocation 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 Fund are described on the attached Exhibit A; and
WHEREAS, the proposed appropriations from Allocation 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 —
IL 5; and
WHEREAS, the amount of funds in the Allocation Fund proposed to be expended for said
expenses incurred by the Commission is Six Million and 00 /100 Dollars ($6,000,000.00), 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 Six Million and 00 /100 Dollars ($6,000,000.00);
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION AS FOLLOWS:
ILI 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 Fund.
2. The funds from Allocation Area Fund in the amount of Six Million and 00 /100
dollars ($6,000,000.00) 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.
C
ADOPTED at a regular meeting of the South Bend Redevelopment Commission held on
January 24, 2012 at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana
46601.
SOUTH BEND REDEVELOPMENT
COMMISSION
Signature
Marcia I. Jone , President
ATTEST Printed Name and r „re
Signature
Nancy N. King, Secretary
Prinled Name and Title
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EXHIBIT A
SOUTH BEND CENTRAL DEVELOPMENT AREA - FUND 420
2011 BUDGET SUMMARY
Debt Service:
Debt Service Reserve Increase
Debt Service Payments
Total Debt Service
Infrastructure Projects Underway, Not Completed:
Coveleski Park Improvements
Michiana Lock & Key
Veteran's Clinic
Total Infrastructure Underway, Not Completed
Other Activities:
Downtown South Bend, Inc.
Legal & Professional Fees
Main & Jefferson Parking Lot - Management
St. Joseph & Jefferson Parking Lot - Management
Miscellaneous fees for Real Estate Development (includes holding
costs; prop. Maintenance, etc.)
Total Other Activities
Development Opportunity Reserve:
ucture Planned:
(Could include the following projects)
Manor Project
Transpo Site - East Bank
Wayne Street Garage Facade
Total Infrastructure Planned
Total Appropriation
rrm
2012
Appropriation
0
1,691,890
1,691,890
1,750,000
40,455
1,632,000
3,422,455
250,000
77,500
17,000
17,000
75,000
436,500
272,075
11 /,u8u