HomeMy WebLinkAboutNo. 2399 appropriating tax increment financing revenues from Allocation Area Fund for the payment of certain obligations and expenses related to the West Washington-Chapin Development Area Allocation AreaRESOLUTION NO. 2399
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A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM
ALLOCATION AREA FUND FOR THE PAYI\TENT OF CERTAIN OBLIGATIONS
AND EXPENSES RELATED TO THE WEST WASHINGTION-CHAPIN
DEVELOPMENT AREA ALLOCATION AREA
WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the
governing body of the City of South Bend Department of Redevelopment (the "Deparhnent"), on
October 23, 1987, adopted Resolution No. 818 declaring the West Washington-Chapin 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,
fndiana Code § 36-7-141 et seq (the "Act"); and
WHEREAS, Resolution No. 818 and the West Washington-Chapin Development Area
Development Plan (the "Development Plan") adopted by Resolution No. 818 on October 23, 1987
were confirmed by Resolution No. 824 adopted on December 11, 1987 (collectively, the
"Declaratory Resolution"); and
WHEREAS, the Declaratory Resolution created the West Washington Allocation Area
(South Bend Allocation Area No. 7) Special Fund ("Allocation Area Ftimd") for the purpose of
depositing into such fiend 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 hZdiana Code § 36-7-14-39(b)(1) 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 § 36-7-1426; 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 from funds remaining in the
Allocation Area Fund, in accordance Indiana Code § 36-7-14-39(b)(2) and certain other
expenditures incurred by the Commission in accordance with Indiana Code ~ 367-14-39(b)(2); and
WHEREAS, the expenditures incurred or anticipated to be incurred by the Commission
proposed to be paid with fiords 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 ~ 61.1-18-5;
and
WHEREAS, on December 7, 2007, the Commission adopted Resolution 2396 setting a
public hearing on said appropriations for 10:00 a.m. on December 7, 2007 and authorizing the
Secretary of the Commission to duly publish notice of said hearing; and
• ommission has caused notice of said hearing on said
WHEREAS, the Secretary of the C
appropriations to be published in accordance with law; and
WHEREAS, such public hearing was held at the Commission's meeting at 10:00 a.m. on
December 7, 2007, 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 said appropriations in a total amount of
One Million Two Hundred Thousand and 00/100 Dollars ($1,200,000.00);
NOW, TI~EREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION AS FOLLOWS:
1. The Commission hereby finds that there are insufficient fiends available or provided
for in the existing budget and tax levy which maybe applied to such expenses and the expenditure of
such amount from Allocation Area Fund.
2. The fiends from Allocation Area Fund in the amount of One Million Two Hundred
Thousand and 00/100 Dollars ($1,200,000.00) are hereby appropriated for the purpose of paying the
expenditures described at Exhibit A.
3. Such appropriations shall be ~n addition to all the appropriations provided 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 fiend as provided bylaw.
4. 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.
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ADOPTED at a regular meeting of the South Bend Redevelopment Commission held on
December 7, 2007 at 1308 County-City Building, 227 W. Jefferson Boulevard, South Bend, Indiana
46601.
SOUTH BEND REDEVELOPMENT
CO//MMISSION ~( -~
Signnttu'e ~ ~
Marcia I. Jones, President
Printed Nn~ne and Title
ATTEST:
,~nnr
Gregory S. Downes, Secretary
Printed Nmne and Title
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EXHIBIT A
WEST WASHINGTON DEVELOPMENT AREA -FUND 422
2008 BUDGET SUMMARY
2008
Appropriation
Debt Service: ,
0
Debt Service Reserve Increase
Debt Service Payments 0
Total Debt Service 0
Infrastructure Projects Underway, Not Completed
Total Infrastructure Underway, Not Completed 0
Other Activities:
~ 10
000
Property Maintenance ,
Total Other Activities 10,000
Development Opportunities:
Development Opportunity Reserve
Total Development Opportunities 0
Infrastructure Planned:
(Could include the following projects) '~
Abandoned Buildings
Housing Authority Maintenance Building
Hurwich Scrapyard
Natatorium
Other Development Projects
Total Infrastructure Planned 1,190,000
Total Appropriation 1,200,000
12/6/2007
City of South Bend
West Washington Development Area
• Current Year ~ 2008 2009
2007 Proiected Protected
Cash Carry Forward @ 1/1 -TIF 380,907 524,093 1,897
Revenues
TIF Revenue 473,564 657,507 682,746
Replacement levy 3,619 7,238 7,238
Interest Income 12,817 13,059 20,454
Rentallncome 0 0 0
Property Sales 0 0 0
Total Revenue ~ 490,000 677,804 710,438
Total Cash & Revenue 870,907 1,201,897 712,335
Less Debt Service 8 Performance Bonds Held
Performance Bonds Held 0
Debt Service Payments ~ 0 0 0
Increases in Debt Service Reserves 0 0 0
Less Project Expenditures
Dr. Martin Luther King, Jr. Drive Improvements 0
Housing Authority Maintenance Building 0 600,000 0
Natatorium Demolition & Improvements 340,942
Oil Express 3,500
Other Development Projects ~ 590,000 700,000
Property Management 1,729 10,000 10,000
Crowe Chizek & Co. Study 643
Total Projects & Debt Service 346,814 1,200,000 710,000
Total Cash 8 Additional Revenue Available for Projects 524,093 1,897 2,335
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