HomeMy WebLinkAboutApproving the Issuance of Tax Increment Finance Revenue Bonds for Airport Economic Development Area ProjectAttest:
RESOLUTION
3190 -03
Passed by the Common Council of the City of South Bend, Indiana
May 12, 20--L3.
6
Presented by me to the Mayor of the City of South Bend, Indiana
May 13 20 03
Approved and signed by me
May 13,
City Clerk
President of Common Council
20 03 .
City Clerk
11." ..
RESOLUTION N0. I 0-00.3
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY
OF SOUTH BEND, INDIANA, APPROVING THE ISSUANCE OF
TAX INCREMENT FINANCE REVENUE BONDS OF THE
SOUTH BEND REDEVELOPMENT DISTRICT
(AIRPORT ECONOMIC DEVELOPMENT AREA PROJECT)
WHEREAS, the Common Council of the City of South Bend, Indiana (the "Common
Council), is the legislative body of the City of South Bend, Indiana (the "City "); and
WHEREAS, the South Bend Redevelopment Commission (the "Commission ") is the
governing body of the South Bend Redevelopment District (the "District'); and
WHEREAS, the Commission has previously designated an area in the City known as the
Airport Economic Development Area (the "Area ") to be an economic development area and tax
increment finance allocation area within the meaning of Indiana Code 36 -7 -14 (the "Act'); and
WHEREAS, the Commission has determined to undertake certain local public
improvements in the Area, such local public improvements including without limitation road
improvements to Cleveland Road (from Mayflower to Ralph Jones Drive), Olive Road/Nimtz
Parkway, Bendix Drive /Lincolnway intersection, Bendix Drive Relocation and related right of
way property acquisition and engineering costs and improvements at the Bosch site (collectively,
the "Project'); and
WHEREAS, the Commission has previously determined to issue revenue bonds of the
District in an aggregate principal amount not to exceed Thirteen Million and 00 /100 Dollars
($13,000,000.00) (the 'Bonds "), the principal of and interest on which shall be payable solely
from taxes on real property located in the Area allocated and deposited into the Allocation Fund
previously established by the Commission for the Area pursuant to Section 39 of the Act (the
"Tax Increment") and completed its proceedings to provide for the issuance of the Bonds; and
WHEREAS, as a result of action by the Indiana General Assembly in its most recent
session, an amendment to Section 25.1 of the Act has been included in House Enrolled Act 1001
which would now require that the Common Council approve of the issuance of bonds by the
Commission to the extent that the principal amount of such bonds exceeds Three Million and
00 /100 Dollars ($3,000,000.00); and
WHEREAS, to permit the Commission to proceed with the issuance of the Bonds, the
Common Council desires to approve of said issuance in accordance with the amendment to
Section 25.1;
-1-
SBIMANI 150782v2
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF
THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS:
1. The issuance of the Bonds of the District payable from Tax Increment
generated in the Area to finance the costs of the Project, as set forth in the Act, shall
be and hereby is approved.
2. This Resolution shall be in full force and effect from and after passage by
the Common Council and approval by the Mayor.
PRESENTED
HOT. APPROVED
t
*ADOPTED
SBIMANI 150782v2
COMMON COUNCIL OF THE CITY
OF SOUTH BEND, INDIANA
By. xu�
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Member of the Common Couticil
-2-
Filed in clerk's office
�q,`:' 0 ? Z003
LORETTAJ. DUDA
CBT'd CLERK, 80.8EHD,1K
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
03 -47 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND, INDIANA, APPROVING THE ISSUANCE OF TAX
INCREMENT FINANCE REVENUE BONDS OF THE SOUTH BEND
REDEVELOPMENT DISTRICT (AIRPORT ECONOMIC
DEVELOPMENT AREA PROJECT)
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.
Karl King
Chairman
1200 CAUNIY -CITY BUILDING
SOUTH BEND, INDw A 46601 -1830
PHONE 574/235 -9371
FAX 574/235 -9021
TDD 574/ 235 -5567
CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR
COMMUNITY & ECONOMIC DEVELOPMENT
JON R. HUNT
May 6, 2003 EXECUTIVE DIRECTOR
Ms. Karen L. White, President
South Bend Common Council
4th Floor, County -City Building
South Bend, IN 46601
Re: Resolution of the Common Council ofthe City of South Bend Approving the Issuance of Tax
Increment Finance Revenue Bonds of the South Bend Redevelopment District (Airport
Economic Development Area Project)
Dear President White:
I attach for the consideration and approval of the South Bend Common Council the resolution to
permit the Commission to proceed with the issuance of the Bonds in accordance with the
amendment to Section 25.1. (As a result of action by the Indiana General Assembly in its most
recent session, an amendment to Section 25.1 of the Act has been included in House Enrolled
Act 1001 which would now require that the Common Council approve of the issuance of bonds
by the Commission to the extent that the principal amount of such bonds exceeds Three Million
and 00 /100 Dollars ($3,000,000.00).)
The South Bend Redevelopment Commission (the "Commission ") had determined to undertake
certain local public improvements in the Airport Economic Development Area (the "Area "), such
local public improvements including without limitation road improvements to Cleveland Road
(from Mayflower to Ralph Jones Drive), Olive Road/Nimtz Parkway, Bendix Drive/Lincolnway
intersection, Bendix Drive Relocation and related right of way property acquisition and
engineering costs and improvements at the Bosch site (collectively, the "Project').
The Commission has previously determined to issue revenue bonds of the District in an
aggregate principal amount not to exceed Thirteen Million and 00 /100 Dollars ($13,000,000.00)
(the "Bonds "), the principal of and interest on which shall be payable solely from taxes on real
property located in the Area allocated and deposited into the Allocation Fund previously
established by the Commission for the Area pursuant to Section 39 of the Act (the "Tax
Increment').
COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FwA cC SL PROGRAM
PAMELA C. MEYER DONALD E. INKS MANAGEMENT
574/235 -9660 574/235 -9371 ELIZABETH LEONARD
FAx: 574/235 -9697 574/235 -9371
Ms. Karen L. White
May 6, 2003
Page Two
Please feel free to call me if you have any questions regarding the same. We plan to make a
presentation on this request on May 12, 2003, if that meets with your approval. Thank you for
your favorable consideration of this resolution.
Sincerely,
Donald Inks
Director of Redevelopment
Attachment
Piled In Clerk's Office
MAy 0 7 2003
LORETTAJ. DUDA
CITY CLERK, 80. BEND.OL