HomeMy WebLinkAboutResolution No. 3302 Appropriating Tax Increment Financing River West Development Area Allocation Area No. 1RESOLUTION NO. 3302
A RESOLUTION OF THESOUTH BEND REDEVELOPMENT COMMISSION
APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM
ALLOCATION AREA NO. 1 FUND FOR THE PAYMENT OF CERTAIN
OBLIGATIONS AND EXPENSES RELATED TO THE RIVER WEST
DEVELOPMENT AREA ALLOCATION AREA NO. 1
WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the
governing body of the Department of Redevelopment of the City of South Bend, Indiana (the
"City") and the City of South Bend, Indiana, Redevelopment District, exists and operates under
the provisions oflndiana Code§ 36-7-14, as amended (the "Act"); and
WHEREAS, on February 23, 1990, the Commission adopted Resolution No. 919 declaring
the Airport Economic Development Area (the "Area") to be an economic development area within
the meaning of the Act and designated the Area as the Airport Economic Development Area
Allocation Area No. 1 ("Allocation Area No. 1 ") for purposes of tax increment financing pursuant
to the Act; and
WHEREAS, Resolution No. 919 and the Airport Economic Development Area Economic
Development Plan (the "Development Plan") adopted by Resolution No. 919 on February 23,
1990, were confirmed by Resolution No. 938 adopted on June 27, 1990 (collectively, the
"Declaratory Resolution"); and
WHEREAS, the Declaratory Resolution created the Airport Economic Development Area
Allocation Area No. 1 Fund ("Allocation Area No. 1 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 No. 1 pursuant to Indiana Code§ 36-7-14-39(b)(l) 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, the Commission, on April 16, 1993, adopted Resolution No. 1151 declaring
the Sample-Ewing Development Area ("SEDA") to be an area needing redevelopment within the
meaning of the Act; and
WHEREAS, Resolution No. 1151 and the Sample-Ewing Development Area Development
Plan were confirmed by Resolution No. 1154 adopted on May 21, 1993; and
WHEREAS, Resolution No. 1151 created the Sample-Ewing Allocation Area (South Bend
Allocation Area No. 8) (the "SEDA Allocation Area") for the purpose of depositing into an
allocation area fund (the "SEDA Allocation Fund") tax increment revenues allocated to the
Commission and resulting solely from the increase in the assessed value of personal property and
real property and improvements thereon located in the SEDA Allocation Area pursuant to Indiana
Code§ 36-7-14-39(b)(l) and from the proceeds from the sale or leasing ofproperty in the Area
under Indiana Code§ 36-7-14-22, all in accordance with Indiana Code§ 36-7-14-26; and
WHEREAS, the Declaratory Resolution was further amended by Resolution No. 2348 and
Resolution No. 2351, adopted on June 19, 2007, and July 20, 2007, respectively, and said
resolutions expanded the Area by adding and consolidating the SEDA into the Area (collectively
referred to hereafter as the "Area") and expanded Allocation Area No. 1 by adding and
consolidating the SEDA Allocation Area into Allocation Area No. 1 (collectively referred to
hereafter as "Allocation Area No. 1 "); and
WHEREAS, Resolution No. 3256, adopted by the Commission on November 10, 2014,
amended boundaries of the Airport Economic Development Allocation Area No. 1, and renamed
the area as River West Development Area 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 West Development Area Allocation Area
No. 1 from funds remaining in the Allocation Area No. 1 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 No. 1 Fund are described on the attached
Exhibit A; and
WHEREAS, the proposed appropriations from Allocation Area No. 1 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 September 25, 2015, the Commission adopted Resolution 3301 setting a
public hearing on said appropriations for 9:30 a.m. on October 15, 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
October 15, 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 appropriations in a total amount of
Nineteen Million Seven Hundred Thousand and 00/100 Dollars ($19,700,000.00)
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION AS FOLLOWS:
1. The funds from Allocation Area No. 1 Fund in the amount of Nineteen Million
Seven Hundred Thousand and 00/100 Dollars ($19,700,000.00) are hereby appropriated for the
purpose of paying the expenditures described at Exhibit A.
2. 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.
ADOPTED at a regular meeting of the South Bend Redevelopment Commission held on
October 15, 2015, at 1308 County-City Building, 227 W. Jefferson Boulevard, South Bend,
Indiana 46601.
ATTEST:
~/~rM_ s;gna;ure
David A. Varner, Vice-President
Printed Name and Title
SOUTH BEND REDEVELOPMENT
( c~i;;~ISSION ,
V /U,h UV '-...7--....,.--+.t
Signature
Marcia I. Jones ,
Printed Name and Title
EXHIBIT A
RIVER WEST ECONOMIC DEVELOPMENT AREA -FUND 324
2016 BUDGET SUMMARY
Debt Service:
Debt Service Payments
Total Debt Service
Projects Underway, Not Completed:
Ameriplex Lease
Ignition Park Multi-Tenant Complex
Nella
Total Projects Underway, Not Completed
Other Activities:
Blackthorn Corporate Park Marketing
Engineering Department Services
Legal Fees
Total Other Activities
Development Opportunity Reserve:
Projects Planned:
Corridors -Curbs, sidewalks, & landscaping
Parking Garages
Economic Development Projects
South East Plan Implementation
Total Projects Planned
Total Appropriation
2016
Appropriation
5,748,396
5,748,396
446,400
900,000
3,000,000
4,346,400
25,000
65,589
150,000
240,589
9,364,615
0
19,700,000