HomeMy WebLinkAboutNo. 2397 additional appropriation resolution of the Redevelopment Commission (South Bend Central Development AreaRESOLUTION NO. 2397
ADDITIONAL APPROPRIATION RESOLUTION
OF THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION
(SOUTH BEND CENTRAL DEVELOPMENT AREA)
WHEREAS, the South Bend Redevelopment Commission ("Commission"), governing body
of the City of South Bend Department of Redevelopment ("Department"), on May 10, 1985, adopted
Resolution Noi 737 declaring the South Bend Central Development Area in the City of South Bend,
Indiana ( City) to be a blighted area within the meaning of the Redevelopment of Cities and Towns
Act of 1953, as amended, Indiana Code 5 36-7-14 ("Act"); and
WHEREAS, Resolution No. 737 and the South Bend Central Development Area
Development Plan ("Development Plan") adopted by Resolution No. 737 on May 10, 1985, were
confirmed by Resolution No. 739 adopted on June 14, 1985; and
WHEREAS, Section 43 of the Act pernlits the creation of an allocation area within a
redevelopment area to provide for the allocation and distribution, as provided by the Act, of the
proceeds of taxes levied on property situated in the allocation area; and
WHEREAS, the Commission, in accordance with the Act, has previously established the
South Bend Central Allocation Area (South Bend Allocation Area No. lA) (the "Allocation Area")
and the South Bend Central Development Area (South Bend Allocation Area No. 1 A) Special Fund
(the "Allocation Fund"), for the purpose of depositing into such Allocation 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)(1)avd 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, the Commission desires to pay certain expenses incurred by it or the City for
local public improvements that are in or serving the Allocation Area, including but not limited to
debt service and lease payment for said improvements, from funds remaining in the Allocation Fund,
in accordance Indiana Code § 36-7-14-39(b)(2) and certain other expenditures incurred by the
Commission in accordance with Indiana Code S 36-7-14~39(b)(2); and
WHEREAS, the expenditures incurred or anticipated to be incurred by the Commission
proposed to be paid with funds from Allocation Fund are described on the attached Exhibit A; and
WHEREAS, the proposed appropriations from Allocation 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, the amount of funds in the Allocation Fund proposed to be expended for said
expenses incurred by the Commission is Eight Million Thirty-two Thousand and 00/100 Dollars
($8,032,000.00), and
WHEREAS, on November 16, 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
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 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 Eight Million Thirty-two Thousand and 00/100 Dollars ($8,032,000.00);
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT
COMMISSION AS FOLLOWS:
1. The Commission hereby finds that there are 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 Fund.
2. The funds from Allocation Area Fund in the amount of Eight Million Thirty-two
Thousand and 00/100 Dollars ($8,032,000.00) are hereby appropriated for the purpose of paying the
expenditures described at Exhibit A.
3. Such appropriations shall be in 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 by law.
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.
~J
ADOPTED at a regular meeting of the South Bend Redevelopment Commission held on
December 7, 2007 at 1308 County-City Building, 227 West Jefferson Boulevard, South Bend,
Indiana 46601.
ATTEST•
g~tatii
•Gre dory S . DoG~rnes ~ Secretary
Printed Nun1e mid title
•
SOUTH BEND REDEVELOPMENT
COMMISSION
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EXHIBIT A
SOUTH BEND CENTRAL DEVELOPMENT AREA -FUND 420
2008 BUDGET SUMMARY
2008
Appropriation
Debt Service: '
010
212
Debt Service Reserve Increase ,
Debt Service Payments 1,552,927
bt Service
l D
t
T 1,764,937
e
o
a
Infrastructure Projects Underway, Not Completed
All American Plaza 750,000
Key Bank Project 400,000
Total Infrastructure Underway, Not Completed 1,150,000
Other Activities:
000
250
Downtown South Bend, Inc. ,
000
42
Hill & Colfax -final payment ,
20
000
LaSalle Hotel Holding Costs ,
Legal & Professional Fees 77,500
Main & Jefferson Parking Lot 17,000
Miscellaneous fees for Real Estate Development 75,000
l Other Activities-
T
t 481,500
o
a
Development Opportunities:
154
563
1
Development Opportunity Reserve ,
,
ment Opportunities
tal Develo
T 1,154,563
p
o
ructure Planned:
(Could include the following projects)
Community Foundation -Art in Public Places
East Bank Implementation - Chamber of Commerce
East Bank Plan - 2nd Phase
East Bank Streetscape
Gates Site, Phase I
Hill & Colfax Mixed Use Development
Historic Diamond House -Acquisition and Relocation
John Coyne Parking Lot
LaSalle Hotel Parking Garage
Michigan Avenue Street & Sidewalk Enhancement
REI Parking Garage
SBRMA -Sculpture Park
Town Square
WNIT Parking and Facade
Other
Total Infrastructure Planned 3,481,000
Total Appropriation 8,032,000
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