HomeMy WebLinkAboutNo. 2299 a supplemental appropriation resolution of the Commission (SBCDA)• RESOLUTION NO. 2299
SUPPLEMENTAL APPROPRIATION 1ESOLUTION
OF THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION
(SOUTH BEND CENTRAL DEVELOPMENT AREA)
WHEREAS, the South Bend Redevelopment Commission (the "Commission"), has
heretofore on January 5, 2007 adopted Resolution No. 2288, the provisions of which Resolution are
hereby included herein by this reference thereto, determining to make lease payments for local public
improvements that are in or serving the South Bend Central Allocation Area (South Bend Allocation
Area No. 1 A) (the "Allocation Area") and to pay expenses incurred by the Commission for local
public improvements that are in or serving the Allocation Area with property tax proceeds that have
been paid into the South Bend Central Allocation Area (South Bend Allocation Area No. lA)
Special Fund (the "Allocation Fund")pursuant to IC 36-7-14-39(b)(2)(F) and IC 36-7-14-39(b)(2)(J);
and
WHEREAS, the amount of funds in the Allocation Fund proposed to be expended for said
expenses incurred by the Commission is Six Million Seven Hundred Seventy-five Thousand Five
Hundred Sixty-five Dollars ($6,775,565) and
WHEREAS, the Commission did not include said funds in any regular budget for the year
2007; and
WHEREAS, 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 the
Allocation Fund has been authorized by the Commission to procure the necessary funds and an
extraordinary emergency and necessity exists for the making of the additional appropriation set out
herein; and
WHEREAS, the Secretary of the Commission has caused notice of a hearing on said
appropriation to be published as required by law; and
WHEREAS, such public hearing was held on January 19, 2007, at 10:00 a.m., E.S.T., at 1308
County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601, on said
appropriation at which all taxpayers and interested persons had an opportunity to appear and express
their views as to such additional appropriation.
NOW, THEREFORE, BE IT RESOLVED by the Commission that:
1. Funds from the Allocation Fund in the amount of Six Million Seven Hundred Seventy-
five Thousand Five Hundred Sixty-five Dollars ($6,775,565) be, and they are hereby, appropriated
by the Commission for the purpose of providing funds to make lease rental payments and to pay
S expenses incurred by the Commission for local public improvements that are in or serving the
described in Exhibit "A" hereto.
2. Such appropriation shall be in addition to all appropriations provided for in the existing
budget and levy and shall continue in effect until the completion of the activities described in Section
1 above. Any surplus of such proceeds shall be credited to the proper fund as provided by law.
3. The President and Secretary of the Commission be and they 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 State Board of Tax
Commissioners for the purpose of obtaining the approval of said Board of the additional
appropriation herein made.
ADOPTED at a regular meeting of the South Bend Redevelopment Commission held on January 19,
2007 at 1308 County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
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Marcia I. Jones, Prese t
ATTEST:
Gre y Downes, Secretary
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EXHIBIT A
SOUTH BEND CENTRAL DEVELOPMENT AREA -FUND 420
2007 BUDGET SUMMARY
2007
A_ ppropriation
Debt Service:
Debt Service Reserve Increase 219,510
Debt Service Payments 1,547,986
Total Debt Service 1,767,496
Infrastructure Projects Underway, Not Completed:
Total Infrastructure Underway, Not Completed 0
Other Activities:
City Professional Services 27,500
Enzyme Research Building Holding Costs 5,802
LaSalle Hotel Improvements & Holding Costs 25,583
Leighton Retail/Plaza 47,741
Main & Jefferson Parking Lot 17,000
NW Corner of Hill & Colfax 42,186
St. Joe & Jefferson Parking Lot 3,750
Miscellaneous Appraisals 5,000
Miscellaneous Title & Survey 5,000
Other Predevelopment 55,000
Other Property Maintenance 10,210
Total Other Activities 244,772
Development Opportunities:
Development Opportunity Reserve 2,614,297
Total Development Opportunities 2,614,297
Infrastructure Planned:
(Could include the following projects)
All American Plaza
Downtown Public Infrastructure Improvements
Downtown South Bend, Inc.
Downtown & East Bank Planning
Key Bank Building Renovations
Studebaker Administration Building Adaptive Reuse
Total Infrastructure Planned 2,149,000
Total Appropriation 6,775,565