HomeMy WebLinkAboutNo. 3200 appropriating tax increment financing revenues from Allocation Area Fund for the poayment of certain obligations and expenses related to the NNDA Allocation AreaRESOLUTION NO. 3200
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM
ALLOCATION AREA FUND FOR THE PAYMENT OF CERTAIN OBLIGATIONS
AND EXPENSES RELATED TO THE NORTHEAST NEIGHBORHOOD
DEVELOPMENT AREA ALLOCATION AREA
WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the
governing body of the City of South Bend Department of Redevelopment (the "Department "), on
November 17, 2003, adopted Resolution No. 2016 declaring the Northeast Neighborhood
Development Area in the City of South Bend, Indiana (the "City ") to be an area needing
redevelopment within the meaning of the Redevelopment of Cities and Towns Act of 1953, as
amended, which is codified at, Indiana Code § 36-7 -14-1 et seq (the "Act'j; and
WHEREAS, Resolution No. 2016 and the Northeast Neighborhood Development Area
Development Plan (the "Development Plan") adopted by Resolution No. 2016 on November 17,
2003, were confirmed by Resolution No. 2021 adopted on December 19, 2003 (collectively, the
"Declaratory Resolution "); and
WHEREAS, the Declaratory Resolution created the Northeast Neighborhood Allocation Area
Special Fund ("Allocation Area 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 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 from funds remaining in the
Allocation Area 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(6)(2); and
WHEREAS, the expenditures incurred or anticipated to be incurred by the Commission
proposed to be paid with funds from Allocation Area Fund are described on the attached Exhibit A;
and
WHEREAS, the proposed appropriations from Allocation Area 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;
and
WHEREAS, on October 10, 2013 the Commission adopted Resolution 3163 appropriating
$2,350,000 for calendar year 2014; and
WHEREAS, on January 30, 2014, the Commission adopted Resolution 3199 setting a public
hearing on additional appropriations for 9:30 a.m. on February 27, 2014 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
February 27, 2014, 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 an additional appropriation in a total
amount of Four Hundred Fifty Thousand and 00 /100 Dollars ($450,000.00);
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 Fund.
2. The funds from Allocation Area Fund in the amount of an additional Four Hundred
Fifty Thousand and 00 /100 Dollars ($450,000.00) are hereby appropriated for the purpose ofpaying
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.
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ADOPTED at a regular meeting of the South Bend Redevelopment Commission held on
February 27, 2014 at 1308 County-City Building, 227 W. Jefferson Boulevard, South Bend, Indiana
46601.
ATT T:
St e
Donald E. Inks, Secretary
in. t� a�
SOUTH BEND RE VELOPMENT
MMISSION
Signature
Marcia I. Jones President
PrintedName Me
EXHIBIT A
NORTHEAST NEIGHBORHOOD DEVELOPMENT AREA - FUND 429
2014 BUDGET SUMMARY
2014
Appropriation
Debt Service:
Debt Service Payments
0
Total Debt Service
0
Infrastructure Projects Underway, Not Completed:
Total Infrastructure Underway, Not Completed
0
Other Activities:
Legal Costs
20,000
Total Other Activities
20,000
Development Opportunity Reserve:
2,780,000
Infrastructure Planned:
(Could include the following projects)
Eddy Street Phase II
Total Infrastructure Planned
0
Total Appropriation
2,800,000