HomeMy WebLinkAboutNo. 0903 authorizing the issuance of redevelopment district bonds for the purpose of procuring funds to pay for cost of property acquisition and redevelopment in the Studebaker Corridor Development AreaI-I.- -I,.
RESOLUTION NO. 903
rw A PRELIMINARY BOND RESOLUTION OF THE
SOUTH BEND REDEVELOPMENT COMMISSION
AUTHORIZING THE ISSUANCE OF
REDEVELOPMENT DISTRICT BONDS
FOR THE PURPOSE OF PROCURING FUNDS TO
PAY FOR THE COST OF PROPERTY ACQUISITION
AND REDEVELOPMENT IN THE
STUDEBAKER CORRIDOR DEVELOPMENT AREA
WHEREAS, the South Bend Redevelopment Commission (the
"Commission ") is the governing body of the South Bend, Indiana
Department of Redevelopment (the "Department "), and exists and
operates under the provisions of IC 36 -7 -14, as amended from time to
time (the "Act ") ; and
WHEREAS, the Commission, in accordance with the Act, has
previously adopted its Resolution No. 762 (the "Declaratory
Resolution ") on January 10, 1986, declaring that an area more
particularly described on the map attached hereto and incorporated
herein as Exhibit "A" designated by the Commission as the Studebaker
Corridor Development Area (the "Area ") in the South Bend
Redevelopment Special Taxing District (the "Redevelopment District ")
which is a special taxing district having the same boundaries as the
City of South Bend, Indiana (the "City "), is blighted within the
meaning of the Act, establishing the Area as an Allocation Area for
purposes of tax incremental financing as authorized by IC 36- 7- 14 -39,
and determining that it would be of public utility and benefit to
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acquire such area and redevelop it pursuant to the Studebaker
Corridor Development Plan (the "Development Plan "); and
WHEREAS, the South Bend Common Council (the "Common Council ") at
its regular meeting on January 27, 1986 adopted its Resolution No.
1398 -86 approving the order of the Plan Commission with regard to the
Area which was adopted by said Plan Commission in its Resolution No.
87 on January 21, 1986; and
WHEREAS, on February 14, 1986, after notice and a public hearing
thereon, the Commission in its Resolution No. 764 confirmed the
Declaratory Resolution; and
WHEREAS, said Declaratory Resolution was subsequently, after
approval of the Plan Commission and the Common Council, as described
herein, amended by Resolution No. 801 adopted on April 24, 1987 and
by Resolution No. 809 adopted on August 28, 1987, with said amending
Declaratory Resolutions being confirmed, after notice and a public
hearing, by Resolution No. 804 adopted on June 26, 1987 and
Resolution No. 816 adopted on October 23, 1987 respectively; and
W HEREAS, the aforementioned Resolutions were adopted by the
Commission after the Plan Commission adopted Resolution No. 93 on May
19, 1987 and Resolution No. 94 on September 15, 1987, respectively;
and
WHEREAS, the aforementioned Resolutions were adopted by the
Commission after the Common Council adopted its Resolution No.
1511 -87 on May 26, 1987 and Resolution No. 1536 -87 on September 28,
1987, respectively; and
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WHEREAS, a petition has been filed under the provisions of IC
6- 1.1 -20 -3 by more than fifty (50) owners of real property subject to
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taxation in the Redevelopment District to authorize and issue bonds
of the Redevelopment District payable from a special tax levied upon
all of the taxable property in the Redevelopment District in one or
more series or issues, in an aggregate principal amount not to exceed
Four Million Nine Hundred Thousand Dollars ($4,900,000), for the
purpose of procuring funds to pay for the cost of property
acquisition and redevelopment in the Area, together with a sum
sufficient to pay the estimated cost of all expenses reasonably
incurred in connection with the acquisition and redevelopment of the
Area, including the total cost of all land, rights of way and other
property to be acquired and redeveloped, all reasonable and necessary
architectural, engineering, legal, financing, accounting,
advertising, bond discount and supervisory expenses, capitalized
interest and expenses the Commission may be required to pay as
"relocation assistance" under IC 8 -13 -18.5, together with the
expenses in connection with or on account of the issuance of bonds
therefor; and
WHEREAS, the Commission finds that in order to provide funds for
payment of the cost of property acquisition and redevelopment in the
Area, it will be necessary and in the best interest of the
Redevelopment District and the property and inhabitants thereof to
issue bonds of the Redevelopment District which shall be payable from
a special tax levied upon all of the taxable property in the
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Redevelopment District in an aggregate principal amount not to exceed
Four Million Nine Hundred Thousand Dollars ($4,900,000) (the
"Bonds ") ;
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission as follows:
1. The Commission shall proceed to undertake the acquisition
and redevelopment of the Area in accordance with the Declaratory
Resolution and the Development Plan. For the purpose of procuring
funds to pay for the cost of property acquisition and redevelopment
in the Redevelopment District, together with a sum sufficient to pay
the estimated cost of all expenses reasonably incurred in connection
with the acquisition and redevelopment of the Area, including the
total cost of all the land, rights of way, and other property to be
acquired and redeveloped, all reasonable and necessary architectural,
engineering, legal, financing, accounting, advertising, bond discount
and supervisory expenses, capitalized interest and expenses the
Commission may be required to pay as "relocation assistance" under IC
8 -13 -18.5, together with the expenses in connection with or on
account of the issuance of bonds therefore, all in and with respect
to the Area that has been found and declared to be blighted by the
Commission pursuant to the Declaratory Resolution of the Commission,
which Redevelopment District was the subject of a petition requesting
the issuance of bonds by the Commission to procure funds for the
above- described activities, filed with the Commission, and which the
Commission finds to be sufficient and in compliance with IC
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6- 1.1 -20 -3, the Commission shall make a loan in an amount not to
exceed Four Million Nine Hundred Thousand Dollars ($4,900,000).
In order to procure the funds for said loan, the Controller
of the City is hereby authorized and directed to have prepared and to
issue and sell the negotiable bonds of the Redevelopment District in
one or more series or issues, the principal of and interest on which
are payable from a special tax (the "Special Tax ") levied upon all of
the taxable property in the Redevelopment District, which district is
a special taxing district including all of the territory in the City
and deposited in the Redevelopment Special Taxing District Bond Fund,
which bonds shall be issued in the name of the Commission, for and on
behalf of the Redevelopment District, in an aggregate principal
amount not to exceed Four Million Nine Hundred Thousand Dollars
($4,900,000), with a discount not to exceed three percent (3%), and
which amount does not exceed the cost of property acquisition and
redevelopment in the Area, together with a sum sufficient to pay the
estimated cost of all expenses reasonably incurred in connection with
the acquisition and redevelopment of the Area, including the total
cost of all land and rights of way and other property to be acquired
and redeveloped, all necessary architecture, engineering, legal,
financing, accounting, advertising, bond discount and supervisory
expenses, capitalized interest and expenses the Commission may be
required to pay as "relocation assistance" under IC 8 -13 -18.5,
together with the expenses in connection with or on account of the
issuance of bonds therefore, which estimated cost is Four Million
MI:
Nine Hundred Thousand Dollars ($4,900,000) all of which will be
provided from the proceeds of the bond issue.
The Bonds shall not constitute a corporate obligation or
indebtedness of the City but shall constitute an obligation and an
indebtedness of the Redevelopment District as a special taxing
district. The Bonds, together with interest thereon, shall be
payable only out of the Special Tax. The Bonds shall mature and be
payable in various amounts serially, not to exceed twenty -one (21)
annual series beginning 1992. The Bonds shall bear interest at a
rate or rates not exceeding twelve percent (12 %) per annum, the exact
rate or rates to be determined by bidding.
2. The Secretary of the Commission is hereby directed, as
required by law, to cause to be posted and published notice of the
filing of the petition requesting the issuance of the Bonds and
notice of the determination of the Commission to issue the Bonds.
3. The Secretary of the Commission shall certify a copy of this
Resolution to the Clerk of the City.
4. This Resolution shall be in full force and effect after its
adoption by the Commission.
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ADOPTED AND APPROVED at a meeting of the South Bend Redevelopment
400 Commission held on the 27th day of December, 1989, at the office of
the Commission located at 1200 County -City Building, 227 West
Jefferson Blvd., South Bend, Indiana 46601.
A C
Roman J. Piasect i, Secretary
12 -26 -89
SOUTH BEND REDEVELOPMENT COMMISSION
By: �-
F. "-,Jay Nimtz, resident-- -
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