HomeMy WebLinkAboutResolution No. 3491 (Setting Public Hearing for 2020 TIF Appropriations)RESOLUTION NO. 3491
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
SETTING A PUBLIC HEARING ON THE APPROPRIATION OF TAX INCREMENT
FINANCING REVENUES FROM VARIOUS ALLOCATION AREAS FOR THE
PAYMENT OF CERTAIN OBLIGATIONS AND EXPENSES RELATED TO THEIR
RESPECTIVE ALLOCATION AREAS FOR CALENDAR YEAR 2020 AND OTHER
RELATED MATTERS
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 (the "District"), exists and
operates under the provisions of Indiana Code 36-7-14, as amended (the "Act"); and
WHEREAS, in accordance with the Act, the Commission, from time to time, has declared,
confirmed, and established allocation areas for certain redevelopment and economic development
areas within the District for the purposes of tax increment financing; and
WHEREAS, the Commission has further created allocation area funds for the purpose of
receiving tax increment revenues received from the allocation areas; and
WHEREAS, the Commission will be presented with and will consider Resolutions
No. 3492 through 3500, inclusively, for the appropriation of funds from the various allocation
areas of the District (the "Resolutions"); and
WHEREAS, the Commission desires to hold a public hearing to discuss the Resolutions,
which enable the Commission to pay certain expenses related to local public improvements
anticipated for the calendar year 2020, as set forth more particularly in the Resolutions; and
WHEREAS, such appropriations are subject to the provisions of Indiana Code 6-1.1-18-5;
and
WHEREAS, the proposed appropriations are not for the operating expenses of the
Commission.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION AS FOLLOWS:
1. The Commission desires to set a public hearing to discuss the Resolutions for the
appropriation of the funds in the not -to -exceed amounts for the various allocation areas as set forth
below:
Allocation Area and Fund
Resolution No_
Fund No-
Not -to -Exceed
River West Development Area
3492
324
18,000,000
West Washington Development Area
3493
422
400.000
River East Development Area
3494
429
2.800.000
River East Residential Development Area
3495
436
4;3851_000
South Side Area 0:1 General
3496
430
2,000,000
Redevelopment General
3497
433
1,029,500
AirportLrban Enterprise Zone
3498
454
501,000
Airport Bond Debt Service Reserve
3499
315
20,000
Do4vnto,Am Bond Debt Service Reserve
3500
328
40.000
Total
28,724,500
2. The President and Secretary of the Commission are each hereby authorized and
directed to take all necessary steps to obtain approval of the expenditures of such funds pursuant
to applicable laws, including the publication in accordance with Indiana Code 5-3-1 of notice of a
hearing on the appropriation of such funds to be held at 4:00 p.m. on October 24, 2019, at 1308
County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.
3. This Resolution will be in full force and effect upon its adoption by the
Commission.
ADOPTED at a regular meeting of the South Bend Redevelopment Commission held on
September 26, 2019 at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend,
Indiana 46601.
ATTEST:
entin P illips, Secretary
SOUTH BEND REDEVELOPMENT
C MK41SSION
Marcia I. Jones, Pre nt
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