HomeMy WebLinkAboutResolution No. 3671 (Determining Increment for 2027) - SignedRESOLUTION NO. 3671
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
DETERMINING THAT THE TAX INCREMENT WHICH MAY BE COLLECTED IN
THE YEAR 2027 IS NEEDED TO SATISFY OBLIGATIONS OF THE COMMISSION
AND THAT NO EXCESS ASSESSED VALUE 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 various portions of the City of South Bend to be economic
development areas or redevelopment areas within the meaning of the Act (the "Areas") and
designated territory within such Areas as allocation areas (the "Allocation Areas") under Section
39 of the Act, which Allocation Areas are listed in Exhibit A attached hereto; and
WHEREAS, the Commission, in accordance with the Act, has previously established an
allocation fund for each of the Allocation Areas (the "Allocation Funds"); and
WHEREAS, Section 39 of the Act requires the Commission to determine the amount, if
any, by which the assessed value of the taxable property in the Allocation Areas for the most
recent assessment date minus the base assessed value, when multiplied by the estimated tax rate
of the respective Allocation Areas, will exceed the amount of assessed value needed to produce
the property taxes necessary to make, when due, principal and interest payments on bonds
payable from the Allocation Fund, plus the amount necessary for other purposes described in
Section 39 of the Act; and
WHEREAS, Section 39 of the Act requires the Commission to provide to the St. Joseph
County Auditor (who is required to forward the notice to the Department of Local Government
Finance), the Common Council, and the fiscal officers for each taxing unit located wholly or
partly within the respective Allocation Areas written notice stating (i) the amount, if any, of
excess assessed value that the Commission has determined may be allocated to the respective
taxing units in the manner prescribed in Section 39 of the Act, or (ii) that the Commission has
determined that there is no excess assessed value that may be allocated to the respective taxing
units in the manner prescribed in Section 39 of the Act; and
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission as follows:
1. The Commission hereby determines that there is no excess assessed value in the
Allocation Areas that may be allocated to the respective taxing units in the manner prescribed in
Section 39 of the Act because the Commission hereby finds that, for each respective Allocation
EXHIBIT A
Allocation Areas
1) River West Development Area
2) Riverwalk Allocation Area
3) West Washington Chapin Development Area
4) River East Development Area Allocation Area #1
5) River East Development Area Allocation Area #2
6) South Side General Development Area #1
7) Douglas Road Economic Development Area.
8) Lafayette North Allocation Area
9) Lafayette South Allocation Area
10) Ignition Park Allocation Area
11) Downtown North Allocation Area
12) Michigan Street Corridor Allocation Area
13) Studebaker Campus Allocation Area
14) Riverfront West Allocation Area
15) Downtown South Allocation Area
16) Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area