HomeMy WebLinkAboutBill 16-54 Erskine Village TIF Release227 W. JEFFERSON BOULEVARD
SUITE 1400 S.
SOUTH BEND, IN 46601 -1830
June 6, 2016
CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR
COMMUNITY INVESTMENT
BRIAN PAWLOWSHI, ACTING EXECUTIVE DIRECTOR
South Bend Common Council
4th Floor County -City Building
South Bend, IN 46601
RE: Confirming Redevelopment Commission Determination that
Erskine Village TIF can be Released for 2017
Dear Council Members:
PHONE: 574/235 -9371
FAX: 574/235 -9021
Filed in Clerk's Office
JUN 06 2016
KAREEMAH FOWLER
CITY CLERK, SOUTH BEND, IN
Attached for the Common Council's consideration is a proposed resolution which confirms a
determination by the South Bend Redevelopment Commission to release the TIF Revenues for the
Erskine Village TIF (South Side Development Area Allocation Area #3) for 2017.
On June 13, 2016, the Commission will formalize their determination of the TIF revenues of 2017
for Erskine Village will not be needed to satisfy the obligations of the District and, therefore, can
be released to the various taxing units. In order for the release to take effect, state law requires the
Common Council confirm the determination made by the Redevelopment Commission.
Either Aaron Kobb or I will present this Resolution to the Common Council.
Thank you for your consideration.
Sincerely,
ea th Leonard Inks
PLANNING NEIGHBORHOOD ENGAGEMENT ADMINISTRATION & FINANCE ECONOMIC RESOURCES j [�
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TIM CORCORAN PAMELA C. MEYER ELIZABETH LEONARD INKS AARON KOBB lJ"
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH
BEND, INDIANA, ACCEPTING AND CONFIRMING A RESOLUTION OF
THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING
THAT THE TAX INCREMENT FOR ERSKINE VILLAGE TO BE
COLLECTED IN THE YEAR 2017 MAY BE ALLOCATED TO THE
RESPECTIVE TAXING UNITS AND OTHER RELATED MATTERS
STATEMENT OF PURPOSE AND INTENT
WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the
governing body of the South Bend, Indiana, Department of Redevelopment (the "Department ")
and of 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 Side Development Area to be a redevelopment
area within the meaning of the Ace (the "Area ") and designated territory within such Area as
Allocation Area No. 3 (the "Allocation Area ") under Section 39 of the Act; and
WHEREAS, the Commission, in accordance with the Act, has previously established an
allocation fund for the Allocation Area (the "Allocation Fund "); and
WHEREAS, Section 39 of the Act requires the Commission to determine the amount, if
any, by which the assessed value of the taxable property in the Allocation Area for the most
recent assessment date minus the base assessed value, when multiplied by the estimated tax rate
of the allocation area, will exceed the amount of assessed value needed to produce the property
taxes necessary to make, when due, principal and interest payments on bonds, plus the amount
necessary for other purposes described in Section 30; and
WHEREAS, if the amount of excess assessed value determined by the Commission is
expected to generate more than two hundred percent (200 %) of the amount of allocated tax
proceeds necessary to make, when due, principal and interest payments on bonds plus the amount
necessary for other purposes described in Section 39, the Commission shall submit to the
Common Council its determination of the excess assessed value that the Commission proposes
to release to the respective taxing units for confirmation or modification of such finding by the
Common Council and thereafter to provide notice 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 June 15 of each year written notice of the following: the amount, if any,
of excess assessed value that the Common Council has determined may be allocated to the
respective taxing units in the manner prescribed in Section 39; and
WHEREAS, the Commission, in accordance with the Act, has determined that for tax
year payable 2017, all of the assessed value in the Allocation Area is excess assessed value and
may be allocated to the respective taxing units in the manner prescribed in Section 39 of the Act
because the Commission has found that the amount by which the assessed value of the taxable
property in the Allocation Area for the most recent assessment date minus the base assessed
value; when multiplied by the estimated tax rate of the allocation area, will exceed the amount of
assessed value needed to produce the property taxed necessary to make, when due, principal and
interest payments on bonds, plus the amount necessary for other purposes described in Section
3 9; and
WHEREAS, the Commission, in accordance with the Act, has submitted its
determination to the Common Council for confirmation or modification; and
WHEREAS, the Common Council finds that the determination made by the Commission
is appropriate and should be confirmed.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF
THE CITY OF SOUTH BEND, INDIANA:
Sectionl. Confirmation of Commission's Determination.
The Common Council confirms the determination made by the Commission that for tax
year payable 2017, all of the assessed value in the Allocation Area is excess assessed value and
may be allocated to the respective taxing units in the manner prescribed in Section 39 of the Act
pursuant to the findings made by the Commission that the amount by which the assessed value
of the taxable property in the Allocation Area for the most recent assessment date minus the base
assessed value, when multiplied by the estimated tax rate of the allocation area, will exceed the
amount of assessed value needed to produce the property taxes necessary to make, when due,
principal and interest payment on bonds, plus the amount necessary for other purposes described
in Section 39.
Section 2. Duration of Determination.
The determination for 2017 shall not be construed to affect any future determination of
the Commission with respect to the capture of assessed value of the taxable property in the
Allocation Area in the years following 2017.
Section 3. Notice to Officers of the Commission.
The City Clerk is hereby authorized and directed to immediately notify or cause to be
notified the Officers of the South Bend Redevelopment Commission of the determinations made
herein.
Section 4. Effective Date.
This Resolution shall be in full force and effect from and after its adoption by the
Common Council.
ATTEST:
City Clerk
PRESENTW
NOT A"1o111111
Member of the Common Council
Filed in Clerk's C
JUN 08 2016
KAREEMAH FOWLER
CITY CLERK, SOUTH BEND, IN