Loading...
HomeMy WebLinkAboutResolution No. 3661 (Approving Amendments New Allocation Area) - SignedRESOLUTION NO. 3661 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROVING AMENDMENTS TO THE DECLARATORY RESOLUTION AND THE DEVELOPMENT PLAN FOR THE RIVER WEST DEVELOPMENT AREA FOR THE PURPOSE OF ESTABLISHING NEW ALLOCATION AREAS AND RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission (the “Commission”), the governing body of the City of South Bend, Indiana, Department of Redevelopment (the “Department”) and the Redevelopment District of the City of South Bend, Indiana (the “District”), exists and operates under the provisions of the Redevelopment of Cities and Towns Act of 1953 which has been codified in Indiana Code 36-7-14, as amended from time to time (the “Act”); and WHEREAS, the Commission has heretofore adopted a declaratory resolution (as subsequently confirmed and amended from time to time, the “Declaratory Resolution”) designating an area known as the River West Development Area (the “Area”) as an economic development area pursuant to the Act, designating portions of the Area as allocation areas pursuant to Section 39 of the Act (collectively, the “Allocation Area”), and approving and subsequently amending from time to time a development plan for the Area (collectively, the “Plan”); and WHEREAS, pursuant to Sections 15-17.5 of the Act, the Commission desires to further amend the Declaratory Resolution and the Plan to designate certain areas, each of which is presently part of the Allocation Area, as separate allocation areas pursuant to Section 39 of the Act to be known as (i) the “Lafayette North Allocation Area” as described and depicted at Exhibit A attached hereto (the “Lafayette North Allocation Area”), (ii) the “Lafayette South Allocation Area” as described and depicted at Exhibit B attached hereto (the “Lafayette South Allocation Area”), (iii) the “Ignition Park Allocation Area” as described and depicted at Exhibit C attached hereto (the “Ignition Park Allocation Area”), (iv) the “Downtown North Allocation Area” as described and depicted at Exhibit D attached hereto (the “Downtown North Allocation Area”), (v) the “Michigan Street Corridor Allocation Area” as described and depicted at Exhibit E attached hereto (the “Michigan Street Corridor Allocation Area”), (vi) the “Studebaker Campus Allocation Area” as described and depicted at Exhibit F attached hereto (the “Studebaker Campus Allocation Area”), (vii) the “Riverfront West Allocation Area” as described and depicted at Exhibit G attached hereto (the “Riverfront West Allocation Area”), and (viii) the “Downtown South Allocation Area” as described and depicted at Exhibit H attached hereto (the “Downtown South Allocation Area”) (clauses (i) through and including (viii), collectively, the “Allocation Areas”); and -2 - WHEREAS, Section 39 of the Act has been created and amended to permit the creation and expansion of “allocation areas” to provide for the allocation and distribution of property taxes for the purposes and in the manner provided in said Section; and WHEREAS, this Commission deems it advisable to apply the provisions of said Section 39 of the Act to each of the Allocation Areas; and WHEREAS, the Commission now desires to approve the designation of each of the Allocation Areas and the amendment of the Plan to include each of the Allocation Areas therein (collectively, the “Amendments”); and; WHEREAS, the proposed Amendments and supporting data were reviewed and considered at this meeting; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1.The Commission hereby finds and determines that the Amendments promote significant opportunities for the (i) gainful employment of the citizens of the City of South Bend, Indiana (the “City”), (ii) attraction of major new business enterprises to the City, and (iii) retention and expansion of significant business enterprises existing in the boundaries of the City and meets other purposes of Sections 2.5, 41 and 43 of the Act, including without limitation benefiting public health, safety, and welfare, increasing the economic well-being of the City and the State of Indiana (the “State”) and serving to protect and increase property values in the City and the State. 2.The Amendments cannot be achieved by regulatory processes or by the ordinary operation of private enterprise without resort to the powers allowed under Sections 2.5, 41 and 43 of the Act because of lack of local public improvements, existence of conditions that lower the value of the land below that of nearby land, multiple ownership of land, and other similar conditions. 3.The public health and welfare will be benefited by accomplishment of the Amendments. 4.It will be of public utility and benefit to further amend the Declaratory Resolution and the Plan for the Area as provided in the Amendments and to continue to develop the Area, including each of the Allocation Areas, as provided under the Act. 5.Accomplishment of the Amendments will be a public utility and benefit as measured by the attraction or retention of permanent jobs, an increase in the property tax base, improved diversity of the economic base and other similar public benefits. 6.The Commission hereby finds that the further amendment of the Declaratory Resolution and the Plan, to designate each of the Allocation Areas, conforms to the comprehensive plan for the City. 7.The map and plat of each of the Allocation Areas showing its boundaries, the location of the various parcels of property, streets and alleys, and other features affecting the -3 - acquisition, clearance, replatting, replanning, rezoning, redevelopment or economic development of each of the Allocation Areas, and the parts of each of the Allocation Areas that are to be devoted to public ways, levees, sewerage, parks, playgrounds and other public purposes under the Plan, are hereby approved and adopted as the map and plat for each of the respective Allocation Areas. 8.The Amendments are reasonable and appropriate when considered in relation to the Declaratory Resolution and the Plan and the purposes of the Act. 9.The findings and determinations set forth in the Declaratory Resolution and the Plan are hereby reaffirmed. 10.The Commission finds that no residents of the Area will be displaced by any project resulting from the Amendments, and therefore finds that it does not need to give consideration to transitional and permanent provision for adequate housing for the residents. 11. The Amendments are hereby in all respects approved. 12.The area described and depicted in Exhibit A is hereby removed from the Allocation Area, and is hereby designated as a separate “allocation area” pursuant to Section 39 of the Act to be known as the “Lafayette North Allocation Area,” for purposes of the allocation and distribution of property taxes for the purposes and in the manner provided by said Section. Any taxes imposed under I.C. 6-1.1 on real property subsequently levied by or for the benefit of any public body entitled to a distribution of property taxes on taxable property in said allocation area shall be allocated and distributed as follows: Except as otherwise provided in said Section 39, the proceeds of taxes attributable to the lesser of the assessed value of the property for the assessment date with respect to which the allocation and distribution is made, or the base assessed value, shall be allocated to and when collected paid into the funds of the respective taxing units. Except as otherwise provided in said Section 39, property tax proceeds in excess of those described in the previous sentence shall be allocated to the District and when collected paid into an allocation fund for the Lafayette North Allocation Area hereby designated as the “Lafayette North Allocation Area Allocation Fund” and may be used by the District to do one or more of the things specified in Section 39(b)(4) of the Act, as the same may be amended from time to time. Said allocation fund may not be used for operating expenses of the Commission. Except as otherwise provided in the Act, before June 15 of each year, the Commission shall take the actions set forth in Section 39(b)(5) of the Act. The Commission hereby finds that the adoption of this allocation provision will result in new property taxes in the Lafayette North Allocation Area that would not have been generated but for the adoption of the allocation provision, as specifically evidenced by the findings set forth in Exhibit I. The base assessment date for the Lafayette North Allocation Area is January 1, 2025. 13.The area described and depicted in Exhibit B is hereby removed from the Allocation Area, and is hereby designated as a separate “allocation area” pursuant to Section 39 of the Act to be known as the “Lafayette South Allocation Area,” for purposes of the allocation and distribution of property taxes for the purposes and in the manner provided by said Section. Any taxes imposed -4 - under I.C. 6-1.1 on real property subsequently levied by or for the benefit of any public body entitled to a distribution of property taxes on taxable property in said allocation area shall be allocated and distributed as follows: Except as otherwise provided in said Section 39, the proceeds of taxes attributable to the lesser of the assessed value of the property for the assessment date with respect to which the allocation and distribution is made, or the base assessed value, shall be allocated to and when collected paid into the funds of the respective taxing units. Except as otherwise provided in said Section 39, property tax proceeds in excess of those described in the previous sentence shall be allocated to the District and when collected paid into an allocation fund for the Lafayette South Allocation Area hereby designated as the “Lafayette South Allocation Area Allocation Fund” and may be used by the District to do one or more of the things specified in Section 39(b)(4) of the Act, as the same may be amended from time to time. Said allocation fund may not be used for operating expenses of the Commission. Except as otherwise provided in the Act, before June 15 of each year, the Commission shall take the actions set forth in Section 39(b)(5) of the Act. The Commission hereby finds that the adoption of this allocation provision will result in new property taxes in the Lafayette South Allocation Area that would not have been generated but for the adoption of the allocation provision, as specifically evidenced by the findings set forth in Exhibit I. The base assessment date for the Lafayette South Allocation Area is January 1, 2025. 14.The area described and depicted in Exhibit C is hereby removed from the Allocation Area, and is hereby designated as a separate “allocation area” pursuant to Section 39 of the Act to be known as the “Ignition Park Allocation Area,” for purposes of the allocation and distribution of property taxes for the purposes and in the manner provided by said Section. Any taxes imposed under I.C. 6-1.1 on real property subsequently levied by or for the benefit of any public body entitled to a distribution of property taxes on taxable property in said allocation area shall be allocated and distributed as follows: Except as otherwise provided in said Section 39, the proceeds of taxes attributable to the lesser of the assessed value of the property for the assessment date with respect to which the allocation and distribution is made, or the base assessed value, shall be allocated to and when collected paid into the funds of the respective taxing units. Except as otherwise provided in said Section 39, property tax proceeds in excess of those described in the previous sentence shall be allocated to the District and when collected paid into an allocation fund for the Ignition Park Allocation Area hereby designated as the “Ignition Park Allocation Area Allocation Fund” and may be used by the District to do one or more of the things specified in Section 39(b)(4) of the Act, as the same may be amended from time to time. Said allocation fund may not be used for operating expenses of the Commission. Except as otherwise provided in the Act, before June 15 of each year, the Commission shall take the actions set forth in Section 39(b)(5) of the Act. The Commission hereby finds that the adoption of this allocation provision will result in new property taxes in the Ignition Park Allocation Area that would not have been generated but for the adoption of the allocation provision, as specifically evidenced by the findings set forth in Exhibit I. The base assessment date for the Ignition Park Allocation Area is January 1, 2025. -5 - 15.The area described and depicted in Exhibit D is hereby removed from the Allocation Area, and is hereby designated as a separate “allocation area” pursuant to Section 39 of the Act to be known as the “Downtown North Allocation Area,” for purposes of the allocation and distribution of property taxes for the purposes and in the manner provided by said Section. Any taxes imposed under I.C. 6-1.1 on real property subsequently levied by or for the benefit of any public body entitled to a distribution of property taxes on taxable property in said allocation area shall be allocated and distributed as follows: Except as otherwise provided in said Section 39, the proceeds of taxes attributable to the lesser of the assessed value of the property for the assessment date with respect to which the allocation and distribution is made, or the base assessed value, shall be allocated to and when collected paid into the funds of the respective taxing units. Except as otherwise provided in said Section 39, property tax proceeds in excess of those described in the previous sentence shall be allocated to the District and when collected paid into an allocation fund for the Downtown North Allocation Area hereby designated as the “Downtown North Allocation Area Allocation Fund” and may be used by the District to do one or more of the things specified in Section 39(b)(4) of the Act, as the same may be amended from time to time. Said allocation fund may not be used for operating expenses of the Commission. Except as otherwise provided in the Act, before June 15 of each year, the Commission shall take the actions set forth in Section 39(b)(5) of the Act. The Commission hereby finds that the adoption of this allocation provision will result in new property taxes in the Downtown North Allocation Area that would not have been generated but for the adoption of the allocation provision, as specifically evidenced by the findings set forth in Exhibit I. The base assessment date for the Downtown North Allocation Area is January 1, 2025. 16.The area described and depicted in Exhibit E is hereby removed from the Allocation Area, and is hereby designated as a separate “allocation area” pursuant to Section 39 of the Act to be known as the “Michigan Street Corridor Allocation Area,” for purposes of the allocation and distribution of property taxes for the purposes and in the manner provided by said Section. Any taxes imposed under I.C. 6-1.1 on real property subsequently levied by or for the benefit of any public body entitled to a distribution of property taxes on taxable property in said allocation area shall be allocated and distributed as follows: Except as otherwise provided in said Section 39, the proceeds of taxes attributable to the lesser of the assessed value of the property for the assessment date with respect to which the allocation and distribution is made, or the base assessed value, shall be allocated to and when collected paid into the funds of the respective taxing units. Except as otherwise provided in said Section 39, property tax proceeds in excess of those described in the previous sentence shall be allocated to the District and when collected paid into an allocation fund for the Michigan Street Corridor Allocation Area hereby designated as the “Michigan Street Corridor Allocation Area Allocation Fund” and may be used by the District to do one or more of the things specified in Section 39(b)(4) of the Act, as the same may be amended from time to time. Said allocation fund may not be used for operating expenses of the Commission. Except as otherwise provided in the Act, before June 15 of each year, the Commission shall take the actions set forth in Section 39(b)(5) of the Act. The Commission hereby finds that the adoption of this allocation provision will result in -6 - new property taxes in the Michigan Street Corridor Allocation Area that would not have been generated but for the adoption of the allocation provision, as specifically evidenced by the findings set forth in Exhibit I. The base assessment date for the Michigan Street Corridor Allocation Area is January 1, 2025. 17.The area described and depicted in Exhibit F is hereby removed from the Allocation Area, and is hereby designated as a separate “allocation area” pursuant to Section 39 of the Act to be known as the “Studebaker Campus Allocation Area,” for purposes of the allocation and distribution of property taxes for the purposes and in the manner provided by said Section. Any taxes imposed under I.C. 6-1.1 on real property subsequently levied by or for the benefit of any public body entitled to a distribution of property taxes on taxable property in said allocation area shall be allocated and distributed as follows: Except as otherwise provided in said Section 39, the proceeds of taxes attributable to the lesser of the assessed value of the property for the assessment date with respect to which the allocation and distribution is made, or the base assessed value, shall be allocated to and when collected paid into the funds of the respective taxing units. Except as otherwise provided in said Section 39, property tax proceeds in excess of those described in the previous sentence shall be allocated to the District and when collected paid into an allocation fund for the Studebaker Campus Allocation Area hereby designated as the “Studebaker Campus Allocation Area Allocation Fund” and may be used by the District to do one or more of the things specified in Section 39(b)(4) of the Act, as the same may be amended from time to time. Said allocation fund may not be used for operating expenses of the Commission. Except as otherwise provided in the Act, before June 15 of each year, the Commission shall take the actions set forth in Section 39(b)(5) of the Act. The Commission hereby finds that the adoption of this allocation provision will result in new property taxes in the Studebaker Campus Allocation Area that would not have been generated but for the adoption of the allocation provision, as specifically evidenced by the findings set forth in Exhibit I. The base assessment date for the Studebaker Campus Allocation Area is January 1, 2025. 18.The area described and depicted in Exhibit G is hereby removed from the Allocation Area, and is hereby designated as a separate “allocation area” pursuant to Section 39 of the Act to be known as the “Riverfront West Allocation Area,” for purposes of the allocation and distribution of property taxes for the purposes and in the manner provided by said Section. Any taxes imposed under I.C. 6-1.1 on real property subsequently levied by or for the benefit of any public body entitled to a distribution of property taxes on taxable property in said allocation area shall be allocated and distributed as follows: Except as otherwise provided in said Section 39, the proceeds of taxes attributable to the lesser of the assessed value of the property for the assessment date with respect to which the allocation and distribution is made, or the base assessed value, shall be allocated to and when collected paid into the funds of the respective taxing units. Except as otherwise provided in said Section 39, property tax proceeds in excess of those described in the previous sentence shall be allocated to the District and when collected paid into an allocation fund for the Riverfront West Allocation Area hereby designated as the “Riverfront West Allocation Area Allocation Fund” and may be used by the District to do -7 - one or more of the things specified in Section 39(b)(4) of the Act, as the same may be amended from time to time. Said allocation fund may not be used for operating expenses of the Commission. Except as otherwise provided in the Act, before June 15 of each year, the Commission shall take the actions set forth in Section 39(b)(5) of the Act. The Commission hereby finds that the adoption of this allocation provision will result in new property taxes in the Riverfront West Allocation Area that would not have been generated but for the adoption of the allocation provision, as specifically evidenced by the findings set forth in Exhibit I. The base assessment date for the Riverfront West Allocation Area is January 1, 2025. 19.The area described and depicted in Exhibit H is hereby removed from the Allocation Area, and is hereby designated as a separate “allocation area” pursuant to Section 39 of the Act to be known as the “Downtown South Allocation Area,” for purposes of the allocation and distribution of property taxes for the purposes and in the manner provided by said Section. Any taxes imposed under I.C. 6-1.1 on real property subsequently levied by or for the benefit of any public body entitled to a distribution of property taxes on taxable property in said allocation area shall be allocated and distributed as follows: Except as otherwise provided in said Section 39, the proceeds of taxes attributable to the lesser of the assessed value of the property for the assessment date with respect to which the allocation and distribution is made, or the base assessed value, shall be allocated to and when collected paid into the funds of the respective taxing units. Except as otherwise provided in said Section 39, property tax proceeds in excess of those described in the previous sentence shall be allocated to the District and when collected paid into an allocation fund for the Downtown South Allocation Area hereby designated as the “Downtown South Allocation Area Allocation Fund” and may be used by the District to do one or more of the things specified in Section 39(b)(4) of the Act, as the same may be amended from time to time. Said allocation fund may not be used for operating expenses of the Commission. Except as otherwise provided in the Act, before June 15 of each year, the Commission shall take the actions set forth in Section 39(b)(5) of the Act. The Commission hereby finds that the adoption of this allocation provision will result in new property taxes in the Downtown South Allocation Area that would not have been generated but for the adoption of the allocation provision, as specifically evidenced by the findings set forth in Exhibit I. The base assessment date for the Downtown South Allocation Area is January 1, 2025. 20.The provisions of this Resolution shall be subject in all respects to the Act and any amendments thereto, and the allocation provisions herein relating to each of the Allocation Areas shall expire on the date that is twenty-five (25) years after the date on which the first obligation is incurred to pay principal and interest on bonds or lease rentals on leases payable from tax increment revenues derived from each of the respective Allocation Areas. 21.Any member of the Commission is hereby authorized to take such actions as are necessary to implement the purposes of this resolution, and any such action taken prior to the date hereof is hereby ratified and approved. -8 - 22.This Resolution, together with any supporting data, shall be submitted to the City of South Bend Plan Commission (the “Plan Commission”) and the Common Council of the City (the “Common Council”) as provided in the Act, and if approved by the Plan Commission and the Common Council shall be submitted to a public hearing and remonstrance as provided by the Act, after public notice as required by the Act. 23.This Resolution shall take effect immediately upon its adoption by the Commission. ADOPTED AND APPROVED at a meeting of the South Bend Redevelopment Commission held on the 18th day of December, 2025. SOUTH BEND REDEVELOPMENT COMMISSION Troy Warner, President ATTEST: Eli Wax, Secretary A-1 EXHIBIT A LEGAL DESCRIPTION, PARCEL LIST AND MAP Lafayette North Allocation Area River West Development Area A-2 A-3 A-4 Parcel List for the Lafayette North Allocation Area A-5 A-6 Map of the Lafayette North Allocation Area B-1 EXHIBIT B LEGAL DESCRIPTION, PARCEL LIST AND MAP Lafayette South Allocation Area River West Development Area B-2 B-3 B-4 Parcel List for the Lafayette South Allocation Area B-5 B-6 Map of the Lafayette South Allocation Area C-1 EXHIBIT C LEGAL DESCRIPTION, PARCEL LIST AND MAP Ignition Park Allocation Area River West Development Area C-2 Parcel List for the Ignition Park Allocation Area C-3 Maps of the Ignition Park Allocation Area C-4 D-1 EXHIBIT D LEGAL DESCRIPTION, PARCEL LIST AND MAP Downtown North Allocation Area River West Development Area D-2 Parcel List for the Downtown North Allocation Area D-3 Map of the Downtown North Allocation Area E-1 EXHIBIT E LEGAL DESCRIPTION, PARCEL LIST AND MAP Michigan Street Corridor Allocation Area River West Development Area E-2 E-3 Parcel List for the Michigan Street Corridor Allocation Area E-4 Map of the Michigan Street Corridor Allocation Area F-1 EXHIBIT F LEGAL DESCRIPTION, PARCEL LIST AND MAP Studebaker Campus Allocation Area River West Development Area F-2 F-3 Parcel List for the Studebaker Campus Allocation Area F-4 Map of the Studebaker Campus Allocation Area G-1 EXHIBIT G LEGAL DESCRIPTION, PARCEL LIST AND MAP Riverfront West Allocation Area River West Development Area G-2 G-3 Parcel List for the Riverfront West Allocation Area G-4 Map of the Riverfront West Allocation Area H-1 EXHIBIT H LEGAL DESCRIPTION, PARCEL LIST AND MAP Downtown South Allocation Area River West Development Area H-2 H-3 H-4 Parcel List for the Downtown South Allocation Area H-5 Maps of the Downtown South Allocation Area H-6 I-1 EXHIBIT I PLAN SUPPLEMENT The Plan is further supplemented and amended to add the descriptions for the territory to be known as (i) the “Lafayette North Allocation Area” as described at Exhibit A, (ii) the “Lafayette South Allocation Area” as described at Exhibit B, (iii) the “Ignition Park Allocation Area” as described at Exhibit C, (iv) the “Downtown North Allocation Area” as described at Exhibit D, (v) the “Michigan Street Corridor Allocation Area” as described at Exhibit E, (vi) the “Studebaker Campus Allocation Area” as described at Exhibit F, (vii) the “Riverfront West Allocation Area” as described at Exhibit G, and (viii) the “Downtown South Allocation Area” as described at Exhibit H. Tax Increment Revenues from each of the Allocation Areas may be used to support all or any portion of the development, design, construction, equipping, and improving, as the case may be, of economic development projects that are located in or serve the respective Allocation Areas. The Commission anticipates capturing tax increment revenues from each of the Allocation Areas and applying such tax increment revenues to offset payments by developers on promissory notes in connection with economic development revenue bond financings undertaken by the unit, or to pay principal or interest on economic development revenue bonds issued by the unit to provide incentives to a developer, in furtherance of the economic development or redevelopment purposes of each of the Allocation Areas. Based on representations made to the Commission, the Commission has determined that the full development of each of the Allocation Areas with the improvements described above, will not proceed as planned without the contribution of tax increment revenues to be derived from each of the Allocation Areas to the projects described above. DMS 49560081v2