HomeMy WebLinkAboutResolution No. 3305 Appropriating Tax Increment Financing River East Development Area Allocation Area No. 2RESOLUTION NO. 3305
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. 2
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)(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, 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, t~e 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 September 25, 2015, the Commission adopted Resolution 3301 setting a
public hearing on 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
Three Million Four Hundred Thirty Thousand and 00/100 Dollars ($3,430,000.00);
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION AS FOLLOWS:
1. The funds from Allocation Area Fund in the additional amount of Three Million
Four Hundred Thirty Thousand and 00/100 Dollars ($3,430,000.00) 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: . / ~a#~
David A. Varner, Vice-President
Printed Name and Title
SOUTH BEND REDE
COMMISSION
Printed Name and Title
EXHIBIT A
RIVER EAST RESIDENTIAL DEVELOPMENT AREA -FUND 436
2016 BUDGET SUMMARY
Debt Service:
Debt Service Payments
Total Debt Service
Projects Underway, Not Completed
Total Projects Underway, Not Completed
Other Activities:
Total other Activities
Development Opportunity Reserve:
Projects Planned:
Total Projects Planned
Total Appropriation
2016
Appropriation
3,427,182
3,427,182
0
0
2,818
0
3,430,000