HomeMy WebLinkAbout5C3 Resolution No. 3461 Pledging TIF for Wharf SDC updated 121318
RESOLUTION NO. 3461
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
PLEDGING TAX INCREMENT FINANCE REVENUES
FOR THE PAYMENT OF SYSTEM DEVELOPMENT CHARGES
ON BEHALF OF WHARF PARTNERS, LLC
WHEREAS, the South Bend Redevelopment Commission (the “Commission”) exists and
operates pursuant to I.C. 36-7-14, as amended (the “Act”); and
WHEREAS, the Commission and Wharf Partners, LLC (the “Developer”) entered into
that certain Development Agreement, dated February 22, 2018 (the “Agreement”), concerning
the Developer’s development of the Developer Property (as defined in the Agreement), including
the construction of new buildings (the “Project”), in the River East Development Area (the
“Area”) of the City of South Bend, Indiana (the “City”); and
WHEREAS, as an incentive for and an inducement of the Developer’s construction of the
Project, the City intends to assist the development by requesting an appropriation by and
approval from the Commission for payment to the City on the Developer’s behalf an amount not
to exceed Sixty-Two Thousand Six Hundred Ninety-Four Dollars ($62,694) for the system
development charges (the “SDC”) computed and payable under the South Bend Municipal Code
Sections 17-79 and 17-80 (together, the “SDC Ordinance”) in connection with the Developer’s
construction of the Project; and
WHEREAS, the Commission desires to pledge tax increment finance revenues collected
in the Area (the “TIF Revenues”) in an amount equal to the SDC for the Project, up to Sixty-Two
Thousand Six Hundred Ninety-Four Dollars ($62,694), for the payment of the SDC on the
Developer’s behalf and toward the completion of the Local Public Improvements (as defined in
the Agreement); and
WHEREAS, pursuant to Section 36-7-14-39(b)(3)(G) of the Act, the Commission may
expend the TIF Revenues to reimburse the City for the City’s expenditures made for local public
improvements that are physically located in the Area; and
WHEREAS, the Commission anticipates that the City will expend funds for local public
improvements that may serve both the Project and future developments in the Project’s vicinity,
or other developments within the Area.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT COMMISSION AS FOLLOWS:
1. The Commission hereby pledges the TIF Revenues, in an amount not to exceed
Sixty-Two Thousand Six Hundred Ninety-Four Dollars ($62,694), for the payment of the SDC
on behalf of the Developer and approves the expenditure of the TIF Revenues to reimburse the
City for qualifying costs expended on the Local Public Improvements using the following
procedure:
(a) Upon issuance of a utility verification form, or other invoice for the SDC,
by the City’s Department of Public Works (“DPW”) to the Developer in accordance with
the provisions of the SDC Ordinance and DPW’s internal operating procedures, the
City’s Department of Community Investment (“DCI”), acting on behalf of the
Commission pursuant to this Resolution, will submit a copy of this Resolution to the City
Engineer expressing the Commission’s pledge of the TIF Revenues, up to Sixty-Two
Thousand Six Hundred Ninety-Four Dollars ($62,694), for payment of the SDC.
(b) DCI, acting on behalf of the Commission pursuant to this Resolution, will
coordinate with DPW and the City Engineer to identify the City’s qualifying costs
incurred for the Local Public Improvements for reimbursement by the Commission.
(c) After completion of the Local Public Improvements, and payment by the
City of the costs of such improvements, the Commission will approve a claim in an
amount equal to the SDC, not to exceed Sixty-Two Thousand Six Hundred Ninety-Four
Dollars ($62,694), at the Commission’s next regular meeting and pay such sum to the
City in the ordinary course of business thereafter.
2. The Commission hereby authorizes and instructs Daniel Buckenmeyer, or his
designee, of DCI, in coordination with legal counsel, to take on behalf of the Commission all
necessary administrative actions to accomplish the purposes of this Resolution.
3. This Resolution will be in full force and effect upon its adoption by the
Commission.
Signature Page Follows
ADOPTED at a meeting of the South Bend Redevelopment Commission held on
December 13, 2018, at 1308 County-City Building, 227 West Jefferson Boulevard, South Bend,
Indiana 46601.
SOUTH BEND REDEVELOPMENT
COMMISSION
______________________________
Marcia I. Jones, President
ATTEST:
______________________________
Donald E. Inks, Secretary