HomeMy WebLinkAboutagenda report 2015 0212 rdc 06a5ITEM: 6.A.(5)
RESOLUTION NO. 3271
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 RIVER EAST
DEVELOPMENT AREA ALLOCATION AREA NO.1
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 "); 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, Resolution No. 3255, adopted by the Commission on November 10, 2014,
amended boundaries of the Northeast Neighborhood Development Allocation Area No. 1, and
renamed the area to the River East Allocation Area No. 1; and
WHEREAS, the Commission desires to pay certain expenses incurred by it or the City for
local public improvements that are in or serving River East Allocation Area No. 1 (the "Allocation
Area ") from funds remaining in the Allocation Area Fund, in accordance Indiana Code § 36-7 -
14-39(b)(3) and certain other expenditures incurred by the Commission in accordance with
Indiana Code § 36- 7- 14- 39(b)(3); 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 16, 2014, the Commission appropriated One Million Two
Hundred Fifty Two Thousand and 00 /100 Dollars ($1,252,000.00); and
WHEREAS, on January 15, 2015, the Commission adopted Resolution 3268 setting a
public hearing on said additional appropriations for 9:30 a.m. on February 12, 2015, 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 12, 2015, 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 additional appropriations in a
total amount of Five Million Eight Hundred Thousand and 00 /100 Dollars ($5,800,000.00);
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 additional amount of Five Million
Eight Hundred Thousand and 00 /100 Dollars ($5,800,000.00) 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
made.
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ADOPTED at a regular meeting of the South Bend Redevelopment Commission held on
February 12, 2015, at 1308 County -City Building, 227 W. Jefferson Boulevard, South Bend,
Indiana 46601.
SOUTH BEND REDEVELOPMENT
COMMISSION
Signature
ATTEST: Printed Name
Signature
Printed Name and Title
EXHIBIT A
RIVER EAST DEVELOPMENT AREA - FUND 429
2015 BUDGET SUMMARY
(Additional Appropriation - February 2015)
2015
Appropriation
Debt Service:
Debt Service Payments
Total Debt Service
Infrastructure Projects Underway, Not Completed:
Eddy Streeet Phase II
Total Infrastructure Underway, Not Completed 0
Other Activities:
Miscellaneous 21,367
Total Other Activities 21,367
Development Opportunity Reserve: 5,778,633
Infrastructure Planned:
(Could include the following projects)
Curb & Sidewalk
Parks /Eddy Streetscape
Total Infrastructure Planned
Total Appropriation 5,800,000