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Home My WebLink AboutConfirming a Resolustion of the South Bend Redevelopment Commission Determining that the Tax Increment for Erskine Village to be Collected in the Year 2015 May be AllocatedAttest RESOLUTION 4376 -14 Passed by the Common Council of the City of South Bend, Indiana July 14, 14 20 Presented by me to the Mayor of the City of South Bend, Indiana July 15, 20 14 City Clerk ident of Common Council Approved and signed by me / y �`� 20J-!f- , City Clerk 0 RESOLUTION '� 3 -? I-->—( 1 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, ACCEPTING AND CONFIRMING A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING THAT THE TAX INCREMENT FOR ERSKINE VILLAGE TO BE COLLECTED IN THE YEAR 2015 MAY BE ALLOCATED TO THE RESPECTIVE TAXING UNITS AND OTHER RELATED MATTERS STATEMENT OF PURPOSE AND INTENT 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 the South Side Development Area to be a redevelopment area within the meaning of the Act (the "Area ") and designated territory within such Area as Allocation Area No. 3 (the "Allocation Area ") under Section 39 of the Act; and WHEREAS, the Commission, in accordance with the Act, has previously established an allocation fund for the Allocation Area (the "Allocation Fund "); 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 Area for the most recent assessment date minus the base assessed value, when multiplied by the estimated tax rate of the allocation area, will exceed the amount of assessed value needed to produce the property taxes necessary to make, when due, principal and interest payments on bonds, plus the amount necessary for other purposes described in Section 39; and WHEREAS, if the amount of excess assessed value determined by the Commission is expected to generate more than two hundred percent (200 %) of the amount of allocated tax proceeds necessary to make, when due, principal and interest payments on bonds plus the amount necessary for other purposes described in Section 39, the Commission shall submit to the Common Council its determination of the excess assessed value that the Commission proposes to release to the respective taxing units for confirmation or modification of such finding by the Common Council and thereafter to provide notice to the St. Joseph County Auditor, the Common Council, and the fiscal officers for each taxing unit located wholly or partly within the respective Allocation Areas before July 15 of each year written notice of the following: the amount, if any, of excess assessed value that the Common Council has determined may be allocated to the respective taxing units in the manner prescribed in Section 39; and WHEREAS, the Commission, in accordance with the Act, has determined that for tax year payable 2015, all of the assessed value in the Allocation Area is excess assessed value and may be allocated to the respective taxing units in the manner prescribed in Section 39 of the Act because the Commission has found that the amount by which the assessed value of the taxable property in the Allocation Area for the most recent assessment date minus the base assessed value, when multiplied by the estimated tax rate of the allocation area, will exceed the amount of assessed value needed to produce the property taxes necessary to make, when due, principal and interest payments on bonds, plus the amount necessary for other purposes described in Section 39; and WHEREAS, the Commission, in accordance with the Act, has submitted its determination to the Common Council for confirmation or modification; and WHEREAS, the Common Council finds that the determination made by the Commission is appropriate and should be confirmed. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: Section 1. Confirmation of Commission's Determination. The Common Council confirms the determination made by the Commission that for tax year payable 2015, all of the assessed value in the Allocation Area is excess assessed value and may be allocated to the respective taxing units in the manner prescribed in Section 39 of the Act pursuant to the findings made by the Commission that the amount by which the assessed value of the taxable property in the Allocation Area for the most recent assessment date minus the base assessed value, when multiplied by the estimated tax rate of the allocation area, will exceed the amount of assessed value needed to produce the property taxes necessary to make, when due, principal and interest payments on bonds, plus the amount necessary for other purposes described in Section 39. Section 2. Duration of Determination. This determination for 2015 shall not be construed to affect any future determination of the Commission with respect to the capture of assessed value of the taxable property in the Allocation Area in the years following 2015. Section 3. Notice to Officers of the Commission. The City Clerk is hereby authorized and directed to immediately notify or cause to be notified the Officers of the South Bend Redevelopment Commission of the determinations made herein. City Clerk PRESENTF1) C -1 q -L I NO2 AMOW i by the Filed of ` fflce -8 U14 J CITY CLERK, S &JTH BEND, IN 227 W. JEFFERSON BOULEVARD SUITE 1400 S. SOUTH BEND, IN 46601 -1830 CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR COMMUNITY INVESTMENT ScoTT FORD, EXECUTIVE DIRECTOR July 7, 2014 Mr. Oliver Davis, President South Bend Common Council 4th Floor County -City Building South Bend, IN 46601 RE: Confirming Redevelopment Commission Determination that Erskine Village TIF can be Released for 2015 Dear President Davis: PHONE: 574/235 -9371 FAx: 574/235 -9021 Attached for the Common Council's consideration is a proposed resolution which confirms a determination by the South Bend Redevelopment Commission to release the TIF Revenues for the Erskine Village TIF (South Side Development Area Allocation Area #3) for 2015. This year, the Indiana Legislature amended the statute controlling the release of TIF. The law now requires the approval of the Common Council when a determination is made to release TIF for a particular year. On June 26, 2014, the Commission determined that the TIF revenues for 2015 for Erskine Village will not be needed to satisfy the obligations of the District and, therefore, can be released to the various taxing units. The state law now requires that the Common Council confirm the determination made by the Redevelopment Commission. Either Beth Leonard or myself will present this Resolution to the Common Council. Thank you for your consideration. Si 1� 21 Brock Zeeb Director of Economic Resources Department of Community Investment. PLANNING NEIGHBORHOOD ENGAGEMENT JITIN KAIN PAMELA C. MEYER Filed lrl " I+ffice " 8 'L014 i JOHN V 'UR CITY CLERK, SOUTH BEND, IN BUSINESS DEVELOPMENT ECONOMIC RESOURCES CHRIS FIELDING BROCK ZEEB 1A TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee of the Whole, to whom was referred: BILL NO. 14 -68 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, ACCEPTING AND CONFIRMING A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING THAT THE TAX INCREMENT FOR ERSKINE VILLAGE TO BE COLLECTED IN THE YEAR 2015 MAY BE ALLOCATED TO THE RESPECTIVE TAXING UNITS AND OTHER RELATED MATTERS Respectfully report that they have examined the matter and that in their opinion, this bill is being recommended to the full Council with a favorable recommendation. This bill was heard by the Community Investment Committee. Valerie Schey Chairperson, Committee of the Whole