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HomeMy WebLinkAbout6.A.(1) Public Hearing Resolution No. 2558~' ' .. ~ RESOLUTION NO. 2558 A RESOLUTION OF THE SOUTH BEND REDEVELOPA-'[ENT COM:~1[SSION APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM ALLOCATION AREA NO. 1 FUND FOR THE PAYMENT OF CERTAIN OBLIGATIONS AND EXPENSES RELATED TO "1'HE DOUGLAS ROAD ECONOMIC DEVELOPMENT AREA ALLOCATION AREA NO. 1 WI{I:REAS. the South E3end Redevelopment Commission (the "Commission'). the governing body of the Dcparh»ent of Redevelopment of the Cit}~ of South Bcnd. Indiana (the "Cite"') and the City of South Bcnd, lndiana. Redevelopment District, exists and operates under the provisions of Indiana Code > 36-7-1d. as amended (the "Acf~): and WHEREAS, on December ?. 2005. the Commission adopted Resolution loo. 2199 (the "Declaratory Rc olution'~1 declarin<~ the Douglas Road Economic Deg-~elopment Area (the "Area') to be an economic development area ~~~--°ithin the meaning of the Act and designated the Area as the Douglas Road Economic Development Area Allocation Area No. 1 (°Allocation Area No. 1 "") for purposes of tax increment tinancing pursuant to the Act: and WHEREAS, on December- 20.2005. the Area Plan Commission o1 St..loseph County ('Plan Conunission~~) issued its written order appruying the Declaratory Resolution by the adoption of Plan Commission Resolution 1 GS-O5. in accordance ~~~ith Indiana Code ~ 36-7-14-16: and W li EREAS. on January 23.2006, the Common Council of the City approved the order of the Plan Commission through the adoption of Common Council Resolution 'Vo. 3556-06: and WHEREAS. on February 17.2006, the Commission held a duly noticed public hearing, in accordance with Indiana Code ~ 36-7-14-17 and Indiana Code ~ 5-,-1: and WHEREAS. frillo~~ing said hearing, the Commission adopted Resolution No. 2199 contirmint the Declaratory Resolution: c~uld WHEREAS. the Declaratory Resolution created the Douglas Road Economic Development Area Allocation Arca No. 1 hand ("Allocation Area'~Jo. 1 1-and'") lorthe purpose ofdepositing into such fund tax increment revenues allocated to the Commission and resulting solely fi-om the increase in the assessed yaluc of real property and improycments thereon located in Allocation Arca No. 1 pursuant to lndiana Code > >6-7-14-39(b)(I) 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 ~ 3Cr7- 14--26: and WHEREAS. the Commission desires to pay certain expenses incurred by it or the City for local public improvements that are in or serving Allocation Area No. 1 from funds remaining in the Allocation Arca No. 1 Fund. in accordance Indiana Code ~ 3Cr7-14-39(b)(2) and certain other expenditwes incurred by the Commission in accordance~yith lndiana Code ~ 36-7-1~39(b)(2); and WHEREAS. the expenditures incurred or anticipated to be incun-ed by the Commission proposed to be paid ~-vith funds from Allocation Area No. l Fund arc described on the attad~ed E.~hibit ;~: and ~~HEREAS, the proposed appropriations fi-om Allocation Arca No. 1 Fund arc not for the operating expenses of the Conunission: and WHEREAS, such appropriations are subject to theprovisions of Indiana Code ~ (rl .1-18-5; and WHEREAS, on January 16.2009, the Commission adopted Resolution 2557 setting a public hearing on said appropriations i~~r 10:00 a.m. on February 6, 2009 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 ~a~ith law; and WI IEREAS. such public hearing was held al the Commission's meeting at 10:00 a.m. on February 6.2009, at 1 X08 County-City Building. 227 West Jetterson Boulevard. South Fiend. Indiana 46601, at which all taxpayers and interested persons had an opportunity to appear and express their ~~ie~a~s as to such additional appropriations: and WHEREAS, the Commission no~~~ desires to approve said appropriations in a total anxnmt of Onc Million Four f iundred Thousand and 00%100 Dollars (51.40Q000.00): NOW, ~ HEREFORE. BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: 1. The Commission Itcrebyv tinds that there arc 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 1v~0. 1 Fund. ?. The funds from Allocation Area V'o. 1 Fund in the amount of One Million Four Hundred Thousand and 00%I00 Dollars (S I.~OO.U00.00) arc hereby appropriated for the purpose of paying the expenditures described at Exhibit A. ~. Such appropriations shall be in addition to all the appropriations pro~~ided 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 la~a~. 4. The President and%or the Secretary of the Commission arc hereby authorized and directed to certifi~ a copy of this Resolution togetha~ ~~~ith such other proceedings and actions as may be necessary to die St. Joseph County .Auditor for certitication to the Indiana Department of Local Governmait Finance for the pm~posc of obtaining its approval of the appropriations herein made. ADOPTED at a regular meeting of the South Bend Redevelopment Commission held on February 6, 2009 at 1308 County-City Buildin~~. 227 W. Jefferson Boulevard. South Bend. Indiana 46601. SOUTH BEND REDEVELOPMENT COMMISSION ATTEST: 1;:,„~,,,~,~, ~~,~,,,,,-d c<,,,,,~ N~ intrd C~imr ~md 1 idr EXHIBI`T' A Appropriation of tax increment in the Douglas Road Economic Development Area Allocation Area No. 1 ("Allocation Area'.~Jo. 1'~) for certain expenditures incurred by the Commission and described at hidiana Code ~ 36-7-14-~9(b)(2)(G) & (J) and certain other expenditures incurred by the Commission for local public improvements or otherwise authorized by huiiana Code ~ 36-7-14-39(b)(?) in a total amount not to exceed Onc Million Four Hundred Thousand and UQ' 1 O0 Dollars (51.400.000.00).