HomeMy WebLinkAbout4790-19 Releasing Assesed Value from Douglas Road TIF Area for 2019 pay 2020 RESOLUTION
No. 4790-19
Passed by the Common Council of the City of South Bend, Indiana
May 28, 2019 .
Attest: City Clerk
Kareemah N. Fowler
Attest =���. President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
May 28, 19
20 .
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%411 City Clerk
Karee ah N. F.
Approved and signed by me 31 20 19
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3484 that, for tax year payable 2020, all of the assessed value in the Allocation Area is excess
assessed value and may be allocated to the respective taxing units in the manner prescribed in
Section 39 of the Act.
Section II. The Commission's determination for 2020 shall not be construed to affect
any future determination of the Commission with respect to the capture of assessed value of the
taxable property in the Allocation Area in the years following 2020.
Section III. The City Clerk is hereby authorized and directed to immediately notify or
cause to be notified the officers of the South Bend Redevelopment Commission of the
determination made herein.
Section IV. This Resolution shall be in full force and effect from and after its adoption by
the Common Council and approval by the Mayor.
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Tim Scott, Council President
South Bend Common Council
M1tESENTLL *Oct?
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•4t APPROVE.,
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BILL NO. 19-37
RESOLUTION NO. 4790-19
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, ACCEPTING AND CONFIRMING A RESOLUTION OF THE SOUTH
BEND REDEVELOPMENT COMMISSION DETERMINING THAT THE
ASSESSED VALUE OF PROPERTY IN THE DOUGLAS ROAD ECONOMIC
DEVELOPMENT AREA FOR TAX YEAR PAYABLE 2020 MAY BE
ALLOCATED TO THE RESPECTIVE TAXING UNITS AND OTHER RELATED
MATTERS
WHEREAS,the South Bend Redevelopment Commission(the"Commission"),
the governing body of the South Bend, Indiana, Department of Redevelopment (the
"Department") and of the Redevelopment District of the City of South Bend, Indiana
(the "Redevelopment District"), exists and operates under the provisions of IC 36-7-14,
as amended from time to time(the "Act"); and
WHEREAS,the Commission has previously adopted resolutions, which have been
amended from time to time, declaring the Douglas Road Economic Development Area to
be an economic development area within the meaning of the Act (the "Area") and
designating such Area as Allocation Area No. 1 (the "Allocation Area") under Section 39
of the Act;and
WHEREAS, the Commission, in accordance with the Act, has previously
established an allocation fund for the Allocation Area (the "Allocation Fund"); and
WHEREAS. on May 9. 2019. in accordance with Section 39 of the Act, the
Commission adopted its Resolution No. 3484 stating the Commission's determination that
for tax year payable 2020,all of the assessed value in the Allocation Area is excess assessed
value and may be allocated to the respective taxing units in the manner prescribed in Section
39 of the Act because the Commission has found that the amount by which the assessed
value of the taxable property in the Allocation Area for the most recent assessment date
minus the base assessed value, when multiplied by the estimated tax rate of the allocation
area, will exceed the amount of assessed value needed to produce the property taxed
necessary to make, when due, principal and interest payments on bonds, plus the amount
necessary for other purposes described in Section 39; and
WHEREAS, in light of the Commission's determination set forth in Resolution
No. 3484 and pursuant to Section 39(b)(4)(C) of the Act, the Commission has
submitted
its determination to the Common Council for confirmation or modification; and
WHEREAS, the Common Council finds that the determination made by the
Commission is appropriate and should be confirmed.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL
OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS:
Section I. The Common Council confirms the Commission's determination in
Resolution
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