HomeMy WebLinkAboutNo. 2465 determining that the tax increment which may be collected in the year 200i is needed to satisfy obligations of the Commission and that no excess assessed value may be allocated to teh respective taxing units and other related matters (TIF notific• RESOLUTION N0.2465
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION DETERMINING THAT THE TAX INCREMENT
WHICH MAY BE COLLECTED IN THE YEAR 2009 IS NEEDED TO
SATISFY OBLIGATIONS 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 "Department")
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 territory 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
determine 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 terms 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 earnings 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 term 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
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• determined may be allocated to the respective taxing units, or (ii) state that the Commission has
determined 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;
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission as follows:
1. The Commission hereby determines 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 2009, will be necessary to satisfy the
obligations of the Commission over the term or terms of those obligations, and that therefore the
Potential Captured Assessment for the respective Allocation Areas in 2009 shall be treated as
Captured Assessment (as defined in the Regulations). In making this determination, the
Commission has considered the effect that such determination will have on the property tax rate
in the Redevelopment District.
2. This determination for 2009 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 2009.
3. The form 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 determinations made herein by the Commission, through the
use of said letter in substantially the form presented at this meeting with such changes in form or
substance as the President or Vice President of the Commission shall approval, such approval to
be conclusively evidenced by the execution thereof.
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• ADOPTED AND APPROVED at a meeting of the South Bend Redevelopment
Commission held on the 2.5th day of June, 2008.
ATTEST:
Se regory Downes
•
SOUTH BEND
REDEVELOPMENT COMMISSION
' ~ ,.
President Marcia Jone~
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t
EXHIBIT A
Allocation Areas:
1) Central Development Area
2) Central Medical District
3) West Washington 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
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EXHIBIT B
(Form of Letter)
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BDDBOI 5303958v2
1
June 20, 2008
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-
39.
The Allocation Areas of the City of South Bend are as follows:
1) Central Development Area
2) Central Medical District
3) West Washington Development Area
4) Northeast Development Area #1
5) Northeast Development Area #2
6) Southside General Development Area
~ 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
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