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HomeMy WebLinkAbout6.I.(1) Resolution No. 2591RESOLUTION NO. 2591 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING THAT THE TAX INCREMENT WHICH MAY BE COLLECTED IN THE YEAR 2010 IS NEEDED TO SATISFY OBLIGATONS OF THE COMMISSION AND THAT NO EXCESS ASSESSED VALUE MAY BE ALLOCATED TO THE RESPECTIVE TAXING UNITS AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission (the "Commission"), governing body of the South Bend, Indiana, Department of Redevelopment (the "Deparment") and the Redevelopment District of the City of South Bend, Indiana (the "Redevelopment District"), exists and operates under the provisions of IC 36-7-14, as amended from time to time (the "Act"); and WHEREAS, the Commission has previously adopted resolutions, which have been amended from time to time, declaring the South Bend Central Development Area, the Northeast Neighborhood Development Area, the South Side Development Area, the West Washington- Chapin Development Area, the Airport Economic Development Area, and the Douglas Road Economic Development Area to be economic development areas or redevelopment areas within the meaning of the Act (the "Areas") and designated ten•itory within such Areas as allocation areas (the "Allocation Areas") under Section 39 of the Act which Allocation Areas are listed at Exhibit A attached hereto; and WHEREAS, the Commission, in accordance with the Act. has previously established an allocation fund for each of the Allocation Areas (the "Allocation Funds"): and WHEREAS, 50 IAC 8 contains rules adopted by the Indiana State Board of Tax Commissioners concerning tax increment finance (the "Regulations"); and WHEREAS, Section 39 of the Act and 50 IAC 8-2-4 require the Commission to detei7nine before July 15 of each year, whether the sum of the balance in the Allocation Funds plus estimated future investment earnings on that balance is sufficient to satisfy obligations of the Commission over the tei~lls of those obligations, and whether the capture of less than all of the Potential Captured Assessment (as defined in the Regulations) will result in a balance in the Allocation Funds in the following year that, when combined with future investment ea~7lings on that balance and the resultant tax increment to be collected in the following year, will be sufficient to satisfy the obligations of the Commission over the tei7n of those obligations; and WHEREAS, Section 39 of the Act requires the Commission to provide to the St. Joseph County Auditor, the Common Council, and the fiscal officers for each taxing unit located wholly or partly within the respective Allocation Areas before July 15 of each year written notice of the following: (i) the amount, if any. of excess assessed value that the Commission has determined may be allocated to the respective taxing units, or (ii) state that the Commission has detel7nined that there is no excess assessed value that may be allocated to the respective taxing units in the manner prescribed in Section ~9 of the Act; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The Commission hereby detei7i~ines that there is no excess assessed value that may be allocated to the respective taxing units in the manner prescribed in Section 39 of the Act because the Commission hereby finds that the sum of the balances in the respective Allocation Funds, when combined with future investment earnings on such balances and the resultant tax increment to be collected for tax year payable 2010, will be necessary to satisfy the obligations of the Commission over the tei7n or tei~ils of those obligations, and that therefore the Potential Captured Assessment for the respective Allocation Areas in 2010 shall be treated as Captured Assessment (as defined in the Regulations). In making this determination, the Commission has considered the effect that such detei7nination will have on the property tax rate in the Redevelopment District. 2. This detei-~nination for 2010 shall not be construed to affect any future determination of the Commission with respect to the capture of Potential Captured Assessment in the years following 2010. 3. The fo~-~71 of the letter, attached hereto as Exhibit B, is hereby approved by the commission and the President or Vice President of the Commission is hereby authorized and directed to immediately notify or cause to be notified the St. Joseph County Auditor, the Common Council and the officers who are authorized to fix budgets, tax rates, and tax levies under Indiana Code 6-1.1-17-5 for each of the other taxing units that is wholly or partly located within the Allocation Areas of the detel7ninations made herein by the Commission, through the use of said letter in substantially the form presented at this meeting with such changes in foi-~n or substance as the President or Vice President of the Commission shall approve, such approval to be conclusively evidenced by the execution thereof. Y ~ X X X ADOPTED AND APPROVED at Commission held on the day of ATTEST: Secretary, Nancy King meeting of the South Bend Redevelopment . ?009. SOUTH BEND REDEVELOPMENT COMMISSION President, Marcia Jones F: DATA SHARE Legal \~'~xl,nu L.un ~1 Rede~~l~,~~menl C~nnmisi~m Rex~luti~ui Re~i. Ciunm. ?gin Ezce,. A„essed Value Ma} Bc Allocalc~.~l~~c EXHIBIT A Allocation Areas: 1) Central Development Area 2) Central Medical District 3) West Washington-Chapin Development Area 4) Northeast Neighborhood Development Area Allocation Area #1 5) Northeast Neighborhood Development Area Allocation Area #2 6) Southside General Development Area 7) Erskine Commons 8) Erskine Village 9) Airport Economic Development Area 10) Douglas Road Economic Development Area EXHIBIT B (Form of Letter) Date July 10, 2009 Mr./Ms. [Name] Taxing Unit Address Subject: Request Regarding Capture of Incremental Assessed Value for the City of South Bend Dear Mr./Ms. [Name]: In accordance with the provisions of IC 36-7-14-39, the Redevelopment Commission of the City of South Bend, Indiana has determined that there is no excess assessed value that may be allocated to the respective taxing units in the manner prescribed in subdivision (1) of IC 36-7-14- ~9. The Allocation Areas of the City of South Bend are as follows: 1) Central Development Area 2) Central Medical Dist1•ict 3) West Washington Development Area 4) Northeast Neighborhood Development Area #1 5) Northeast Neighborhood Development Area #2 6) Southside General Development Area 7) Erskine Commons 8) Erskine Village 9) Airport Economic Development Area 10) Douglas Road Economic Development Area Very truly yours, President of the South Bend Redevelopment Commission CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2010 Airport Economic Development Area ANTICIPATED TIF REVENUE - 2010 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS LaSalle Square Ignition Park (MIND) Bendix Drive Improvemens Bendix/Voorde Intersection Blackthorn Corporate Park Marketing Blackthorn Owners Association Dues Commerce Drive Extension Progress Drive Cleveland Road/Dylan Drive/Brick Road Intersection Eagle Way Foundation Drive Lincolnway/Olive/Pine Nimtz Concrete Repair Olive Road Extension Public Safety Training Facility Champion Drive Underground Pipe & Valve Transpo Utility Relocation Oliver Industrial Houses Real Services -New Curbs/walks @ Main & Stull Ivy Tech Expansion Acquisitions Portage Prairie St. Vincent Renovation/New Tech High School Legal Fees Conduit Construction Property Management Project Impact Western Avenue I&M Improvements Description $9,500,276 Debt Service payments totalling $4,129,233 due in 2010 Funds necessary to keep Debt Services Reserves at appropriate levels Planning, acquisition, and infrastructure improvements to redevelop area Site assemblage, planning & infrastructure to promote new development Design and road construction to support new development Improvements to intersection to improve traffic flow Marketing costs for Corporate Park Dues to support work of Owners Association Extend Commerce Drive to Sheridan Extend Progress Drive from Sheridan to airport Improvements to intersection to improve traffic flow Road construction to support new development Road construction to support new development Acquisition of right of way and road construction to support development Repairs to current roadway to facilitate traffic flow Engineering and road construction to promote new development Street Improvements to support public safety training facility Engineering and road construction to promote new development Demolition to make way for new development Support development of new Transpo Maintenance facility Support development of Oliver Industrial Park Curb & sidewalk construction to support Real Services campus Acquisitions to facilitate expansion of Ivy Tech campus Engineering and road construction to promote new development Acquisition and renovation to support alternative high school Legal fees to further downtown development Expansion of conduit to support development throughout the area Maintenance of Redevelopment owned property Job training services to increase resident's skill sets Site improvements to enhance and protect neighborhoods 7/7/2009 CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2010 South Bend Central Development Area ANTICIPATED TIF REVENUE - 2010 DEBT SERVICE Performance Bonds Held Debt Service Payments (1990 and 2003 bonds) Increases in Debt Service Reserves PROJECTS 1st Source Public Improvements American Trust Place -Design/Construction Coveleski Park Study & Plan Implementation Downtown South Bend, Inc. Downtown Street Improvement Fat Daddies Holding &Pre-development Hill & Colfax Mixed Use Development Jon Hunt Plaza Site Improvements LaSalle Hotel Holding Costs Legal Fees Main & Jefferson Parking Lot Main & Western -Site Clean-up Michigan Street -Street and Sidewalk Enhancement Palais Retail Space Predevelopment REI -Parking Garage Rink Site Development St. Joseph & Jefferson Parking Lot Studebaker Admin Building Project Synagogue Relocation TCU Town Plaza WNIT -Parking and Fagade (incl. acq./demo of 322 W. Jefferson) Description $3,688,956 Debt Service payments of $2.243,220 due in 2010 Funds necessary to keep Debt Services Reserves at appropriate levels Improvements in public right-of-way Restoration of historic building fapade Improvements to area surrounding Coveleski Park On-going commitment to assist in streetscape enhancement Various street improvements to enhance downtown Improvements to block at St.Joseph & Monroe New development at eastern edge of East Bank area Improvements to public space Costs to hold building until new development project is underway Legal fees to further downtown development Expenses related to operation of parking lot Curb, greenspace and striping improvements Street and sidewalk enhancements along Michigan Street Miscellaneous improvements to commercial space Appraisal. title. survey. etc. Hotel and parking garage development at Jefferson/St. Joseph Streets Miscellaneous costs relating to eventual development of site Management of parking lots Provide parking to facilitate development Relocate historic structure for strategic integration within redevelopment area Parking improvements to TCU area Improvements to facilitate new use for soon-to-be vacated building F:\DATA\SHARE\ECONDEV\Tax Increment Financing\Projected TIF need 2010 .xls CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2010 South Side Development Area #3 ANTICIPATED TIF REVENUE - 2010 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS None Description $1,493,940 Per agreement, all funds to go to debt service: 2010 amount due $491,788 None CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2010 South Side Development Area #2 ANTICIPATED TIF REVENUE - 2010 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS None Description $1,240,636 Per agreement, all funds to go to debt service; 2010 amount due $372,200 None CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2010 Central Medical District ANTICIPATED TIF REVENUE - 2010 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS Bartlett Street Relocation Michigan/Main/Marion Street Reconfiguration Description $880,100 None None Street relocation to facilitate hospital expansion Street reconfiguration to facilitate hospital expansion CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2010 Northeast Development Area #1 ANTICIPATED TIF REVENUE - 2010 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS Predevelopment & Planning Public Infrastructure Description $426, 526 None None Appraisal, title. survey, etc. Support new medical, educational, and other development consistent with plan CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2010 South Side Development Area #1 ANTICIPATED TIF REVENUE - 2010 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS Argyle Drive Pedestrian Project Erskine Park Golf Course Improvements Main/Lafayette Crossover Master Plan -Implementation of Phase 2 Property Management Description $318,109 None None Create neighborhood connection to Erskine Village Improvements necessitated by changes to Ireland Road Street reconfiguration to facilitate traffic flow near Erskine Commons Implement components of South Side master plan Maintenance of Redevelopment owned property CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2010 West Washington Development Area ANTICIPATED TIF REVENUE - 2010 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS City Cemetery Improvements Hansel Center Development Housing Authority Maintenance Building Neighborhood Gateway Entrances Property Management Description $279,361 None None Infrastructure and landscaping improvements Facilitate reuse of the building Acquisition/demo to provide for new housing development Create attractive entry points for neighborhood Maintenance of Redevelopment owned property CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2010 Douglas Road Economic Development Area ANTICIPATED TIF REVENUE - 2010 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS Douglas Road Improvements Predevelopment Property Management Description $126, 039 Payments due for 2010 total $171.296 None Road reconstruction to support new development Predevelopment costs including appraisals. title work, & misc. expenses Maintenance of Redevelopment owned property CITY OF SOUTH BEND, INDIANA Department of Community & Economic Development Determination of TIF Need by Reviewing Potential Projects for Calendar Year 2010 Northeast Development Area #2 ANTICIPATED TIF REVENUE - 2010 DEBT SERVICE Debt Service Payments Increases in Debt Service Reserves PROJECTS Eddy Street Commons Triangle Residential Development Description $24,339 Payments totalling $1.983,080 due in 2009. but will be made from capitalized interest None Support for new retail and hotel development Site improvements to facilitate new housing development