HomeMy WebLinkAboutNo. 2300 a supplemental appropriation resolution of the Commission (AEDA)• RESOLUTION NO. 2300
SUPPLEMENTAL APPROPRIATION RESOLUTION
OF THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION
(AIRPORT ECONOMIC DEVELOPMENT AREA)
WHEREAS, the South Bend Redevelopment Commission (the "Commission"), has
heretofore on January 5, 2007 adopted Resolution No. 2289, 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 Airport Economic Development Area No. 1
("Allocation Area No. 1 ") (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 Airport Economic Development AlloCatlOn
Area No. 1 Special Fund (the "Allocation Fund") pursuant to IC 36-7-14-39, such payment being
authorized by 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 Fourteen Million Dollars ($14,000,000); 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 maybe 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 Fourteen Million Dollars
($14,000,000) be, and they are hereby, appropriated from the Allocation Fund for the purpose of
paying the expenditures as described in Exhibit "A".
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 bylaw.
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
maybe 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 REDEVELOP ;. T COMMISSION
By: ~-- //~~'~~t~-Cti ~t_ - ~7~C.
'f .~ Marcia I. Jones, Pre ent
ATTEST: ,,~~
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Gregory S. Downes, Secretary
•
EXHIBIT A
AIRPORT ECONOMIC DEVELOPMENT AREA -FUND 324
2007 BUDGET SUMMARY
2007
Appropriation
Debt Service:
Debt Service Reserve Increase 395,921
Debt Service Payments 1,735,353
Total Debt Service 2,131,274
Infrastructure Projects Underway, Not Completed:
Cleveland Road Street Cut 216,540
Foundation Drive Extension 1,276,000
Bendix Drive - Voorde 1,070,274
Commerce Drive Extension & Sheridan Improvements 1,150,000
AEP Improvements 500,000
Conduit 377,616
Total Infrastructure Underway, Not Completed 4,590,430
Other Activities:
Owner's Assoc. Dues & Assessments 40,000
City Professional Services 35,247
Master Plan Update 75,000
Blackthorn Corp. Park -Marketing & Maintenance 75,000
Blackthorn Golf Course -Return of Net Profits 250,000
Nimtz Concrete Repairs 50,000
Other Property Maintenance 10,000
Total Other Activities 535,247
Development Opportunities:
Development Opportunity Reserve 943,049
Total Development Opportunities 943,049
Infrastructure Planned:
(Could include the following projects)
Roadway to Serve Public Safety Training Facility
Bendix Drive -Lathrop to LWW
Cleveland Road/Dylan/Brick Intersection
Eagle Way
LWW/Olive
LaSalle Square Development
Total Infrastructure Planned 5,800,000
Total Appropriation 14,000,000