HomeMy WebLinkAboutNo. 3234 appropriating tax increment financing revenues from Allocation Area No. 1A for the payment of certain obligations and expenses related to the South Bend Central Development Area I
RESOLUTION NO. 3234
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM
ALLOCATION AREA NO. lA FUND FOR THE PAYMENT OF CERTAIN
OBLIGATIONS AND EXPENSES RELATED TO THE SOUTH BEND CENTRAL
DEVELOPMENT AREA
WHEREAS, the South Bend Redevelopment Commission ("Commission"), governing
body of the City of South Bend Department of Redevelopment ("Department"), on May 10, 1985,
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adopted Resolution No. 737 declaring the South Bend Central Development Area in the City of
i South Bend, Indiana ("City") to be a blighted area within the meaning of the Redevelopment of
1 Cities and Towns Act of 1953, as amended, Indiana Code § 36-7-14 ("Act"); and
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WHEREAS, Resolution No. 737 and the South Bend Central Development Area
Development Plan ("Development Plan") adopted by Resolution No. 737 on May 10, 1985, were
I confirmed by Resolution No. 739 adopted on June 14, 1985; and
WHEREAS, Section 43 of the Act permits the creation of an allocation area within a
1 redevelopment area to provide for the allocation and distribution, as provided by the Act, of the
proceeds of taxes levied on property situated in the allocation area; and
WHEREAS, the Commission, in accordance with the Act, has previously established the
South Bend Central Allocation Area(South Bend Allocation Area No. 1 A)(the"Allocation Area")
and the South Bend Central Development Area (South Bend Allocation Area No. 1A) Special
Fund (the "Allocation Fund"), for the purpose of depositing into such Allocation 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
I WHEREAS,the Commission desires to pay certain expenses incurred by it or the City for
local public improvements that are in or serving the Allocation Area, including but not limited to
debt service and lease payment for said improvements, from funds remaining in the Allocation
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 Fund are described on the attached Exhibit A; and
WHEREAS, the proposed appropriations from Allocation Fund are not for the operating
1 expenses of the Commission; and
11 WHEREAS, such appropriations are subject to the provisions of Indiana Code § 6-1.1—
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WHEREAS, on September 11, 2014, the Commission adopted Resolution 3232 setting a
public hearing on said appropriations for 9:30 a.m. on October 16, 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 p.m. on
l October 16, 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 said appropriations in a total amount
of Four Million Three Hundred Forty Four Thousand Two Hundred Two and 00/100 Dollars
($4,344,202.00);
i 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.
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2. The funds from Allocation Area Fund in the amount of Four Million Three Hundred
Forty Four Thousand Two Hundred Two and 00/100 Dollars ($4,344,202.00) 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
I made.
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' ADOPTED at a regular meeting of the South Bend Redevelopment Commission held on
, October 16, 2014 at 1308 County-City Building, 227 West Jefferson Boulevard, South Bend,
Indiana 46601.
SOUTH BEND REDEVELOPMENT
OMMISSION
r Signature
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Marcia I. Jones, President
i AT T Printed Name and Tile
r Sign 1 Donald E. Inks, Secretary
Printed Name and Title
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EXHIBIT A
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il SOUTH BEND CENTRAL DEVELOPMENT AREA-FUND 420
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2015 BUDGET SUMMARY
) 2015
Appropriation
1 Debt Service:
Debt Service Payments 2,879,693
+
A Total Debt Service 2,879,693
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Infrastructure Projects Underway, Not Completed:
1 LaSalle Hotel 850,000
Hoffman Hotel 175,000
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1 Total Infrastructure Underway, Not Completed 1,025,000
Other Activities:
Downtown South Bend, Inc. 250,000
g Legal&Professional Fees 77,500
9 Main&Jefferson Parking Lot-Management 17,000
h St.Joseph&Jefferson Parking Lot-Management 17,000
Miscellaneous fees for Real Estate Development(includes holding 75,000
costs;prop.Maintenance, etc.)
Total Other Activities 436,500
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Development Opportunity Reserve: 3,009
Infrastructure Planned:
(Could include the following projects)
East Jefferson Improvements
Parking Garage Improvements
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Total Infrastructure Planned 0
Total Appropriation 4,344,202
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