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HomeMy WebLinkAboutDetermination of the So Bend Redevelopment Commission to Levy a Special Tax to Make Lease Payments Dated Nov. 4, 1993Attest: RESOLUTION NO. 2909 -00 Passed by the Common Council of the City of South Bend, Indiana July 24, ri Presented by me to the Mayor of the City of South Bend, Indiana July 2.6, 2000 City Clerk President of Common Council Approved and signed by me July 27, 2000 . City Clerk I .. RESOLUTION NO. 2 9 0 1 ' 0 0 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, REGARDING THE DETERMINATION OF THE SOUTH BEND REDEVELOPMENT COMMISSION TO LEVY A SPECIAL TAX SUFFICIENT TO MAKE LEASE RENTAL PAYMENTS PURSUANT TO A LEASE BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE SOUTH BEND REDEVELOPMENT AUTHORITY DATED AS OF NOVEMBER 4,1993, AS SUBSEQUENTLY AMENDED WHEREAS, the South Bend Redevelopment Authority (the "Authority') and the South Bend Redevelopment Commission (the "Commission ") previously entered into a lease dated as of November 1, 1993, which lease was amended by an Addendum to Lease on June 3, 1994, and further amended by a Second Addendum to Lease on July 1, 1994 (collectively, the "Lease "), for certain local public improvements, namely the College Football Hall of Fame and related improvements (the "Project"); and WHEREAS, on November 24, 1993, the State Board of Tax Commissioners issued its Order approving the Lease and the lease rental payments in an amount not to exceed $3,800,000 per year; and WHEREAS, the Common Council of the City of South Bend (the "Common Council'), at its meeting on November 29, 1993, approved the Lease, and found that the rental payments were fair and reasonable and that the use of the Project throughout the term of the lease would serve the public purpose of the City of South Bend (the "City") and was in the best interests of its residents; and WHEREAS, the Commission, at its meeting on June 17, 1994, adopted a resolution (the "Pledge Resolution ") establishing certain funds and accounts for the payment ofthe rentals owed by the Commission to the Authority pursuant to the Lease; and WHEREAS, on July 1, 1994, the Authority issued its South Bend Redevelopment Authority Variable Rate Demand Lease Rental Revenue Bonds of 1994 (the "1994 Bonds ") to finance the Project; and WHEREAS, the Authority, at its meeting on July 17, 2000, adopted Resolution No. 141, indicating its intent to issue South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds of 2000 (the "Refunding Bonds ") to finance the refunding of the 1994 Bonds; and WHEREAS, at its July 21, 2000, meeting, the Commission adopted Resolution No. 1784, determining to maintain the funds and accounts established under the Pledge Resolution ::ODMA\PCDOCS \SDDOCS 1 \66406\2 for the payment of lease rentals and further determining to levy a special tax on all taxable property within the City of South Bend Redevelopment District in an amount sufficient to pay the lease rental payments due to the Authority in connection with the Lease; and NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: 1. The Common Council acknowledges that it previously found that the lease rental payments payable under the Lease, as approved by the Commission, are fair and reasonable, and further found that the use of the Project throughout the term of the Lease will serve the public purpose of the City and is in the best interests of its residents. 2. The Common Council hereby acknowledges the determination of the Commission to levy a special tax on all taxable property within the City of South Bend Redevelopment District in an amount sufficient to pay lease rentals owed to the Authority in connection with the Lease, all pursuant to the Pledge Resolution. 3. The Common Council acknowledges that such special levy must be included within the budget of the City and further acknowledges that it will take such action as may be necessary to include the same within the budget of the City. 4. The Common Council, in hopes of reducing the property tax rate in future years, hereby urges the City of South Bend to seek additional sources of bond repayment by working with other area organizations and bodies such as the Hotel/Motel Board, the Indiana State Legislature and the St. Joseph County Council to procure additional monies through the use of alternative user fees and taxes generated by tourism and convention business. 5. This Resolution shall be in full force and effect from and after passage by the Common Council and approval by the Mayor. COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA By: Member of the Common Coun it PRESENTED —7-7,�k-00 6" t A'�"J Not APPROVED ADOPTED ((c -r ::0DMA\PCD0CS\SBD0CS1 \66406\2 -2- Filed it Clark's 3fbi06 JU! 2' ' 2000^ L03SETTd s. CF.lIw CITY CimF%' ro. OEHO.S' .