HomeMy WebLinkAboutNo. 3085 appropriating tax increment financing revenuesRESOLUTION NO. 3085
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM
ALLOCATION AREA NO. 1 FUND FOR THE PAYMENT OF CERTAIN
OBLIGATIONS AND EXPENSES RELATED TO THE SOUTH SIDE DEVELOPMENT
AREA ALLOCATION AREA NO. 1
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, exists and operates under the
provisions of Indiana Code § 36 -7 -14, as amended (the "Act "); and
WHEREAS, on November 1, 2002, the Commission adopted Resolution No. 1914 (the
"Declaratory Resolution ") declaring the South Side Development Area (the "Area ") to be an area
needing redevelopment within the meaning of the Act and designated the Area as the South Side
Development Area Allocation Area No. 1 ( "Allocation Area No. 1 ") for purposes of tax increment
financing pursuant to the Act; and
WHEREAS, on November 19, 2002, the Area Plan Commission of St. Joseph County ( "Plan
Commission ") issued its written order approving the Declaratory Resolution by the adoption of Plan
Commission Resolution 142 -02, in accordance with Indiana Code § 36- 7- 14-16; and
WHEREAS, on November 25, 2002, the Common Council of the City approved the order of
the Plan Commission through the adoption of Common Council Resolution No. 3136 -02; and
WHEREAS, on December 20, 2002, the Commission held a duly noticed public hearing, in
accordance with Indiana Code § 36-7 -14-17 and Indiana Code § 5 -3 -1; and
WHEREAS, following said. hearing, the Commission adopted Resolution No. 1928
confirming the Declaratory Resolution; and
WHEREAS, the Declaratory Resolution created the South Side Development Area
Allocation Area No. 1 Fund ( "Allocation Area No. 1 Fund ") for the purpose of depositing into such
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 No. 1
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 Allocation Area No. 1 from funds remaining in the
Allocation Area No. 1 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 Area No. 1 Fund are described on the attached
Exhibit A; and
WHEREAS, the proposed appropriations from Allocation Area No. 1 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 -5;
WHEREAS, on September 27, 2012, the Commission adopted Resolution 3078 setting a
public hearing on said appropriations for 9:30 a.m. on October 25, 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 9:30 a.m. on
October 25, 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
Five Million Seven Hundred Thousand and 00 /100 Dollars ($5,700,000.00);
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION AS FOLLOWS:
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 No. 1 Fund.
2. The funds from Allocation Area No. 1 Fund in the amount of Five Million Seven
Hundred Thousand and 00 /100 Dollars ($5,700,000.00) 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.
ADOPTED at a regular meeting of the South Bend Redevelopment Commission held on
October 25, 2012 at 1308 County -City Building, 227 W. Jefferson Boulevard, South Bend, Indiana
46601.
ATTEST:
Sig unu-e
Donald Alford, Sr., Secretary
Printed Name and Title
SOUTH BEND REDEVELOPMENT
COMMISSION
Signature
Marcia I. Jones, President
Printed Name and Title
EXHIBIT A
SOUTH SIDE DEVELOPMENT AREA #1 - FUND 430
2013 BUDGET SUMMARY
2013
Appropriation
Debt Service:
Debt Service Reserve Increase
Debt Service Payments
Total Debt Service
Infrastructure Projects Underway, Not Completed
Main /Lafayette Crossover Design 97,600
Erskine Plaza Ponds 19,715
Total Infrastructure Underway, Not Completed 117,315
Other Activities:
Property Management, etc. 7,500
Total Other Activities 7,500
Development Opportunity Reserve: 5,575,185
Infrastructure Planned:
(Could include the following projects)
Main - Lafayette Crossover
Fellows Street
Ireland Road Sidewalks
Total Infrastructure Planned
Total Appropriation 5,700,000