HomeMy WebLinkAbout5C Resolution No. 3337 Determining Tax Increment to be Collected in Year 2017 6.13.2016Item: 5:C
RESOLUTION NO. 3337
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
DETERMINING THAT THE TAX INCREMENT WHICH MAY BE
COLLECTED IN THE YEAR 2017 TO NEEDED TO SATISFY OBLIGATIONS
OF THE COMMISSION AND THAT NO EXCESS ASSESSED VALUE MAY BE
ALLOCATED TO THE RESPECTIVE TAXING UNITS AND OTHER
RELATED MATTERS
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 various portions of the City of South Bend to be economic
development areas or redevelopment areas within the meaning of the Act (the "Areas ") and
designated territory within such Areas as allocation areas (the "Allocation Areas ") under
Section 39 of the Act which Allocation Areas are listed at Exhibit A attached hereto; and
WHEREAS, the Commission, in accordance with the Act, has previously established an
allocation fund for each of the Allocation Areas (the "Allocation Funds "); and
WHEREAS, 50 IAC 8 contains rules adopted by the Indiana State Board of Tax
Commissioners concerning tax increment finance (the "Regulations "); and
WHEREAS, Section 39 of the Act and 50 IAC 8 -2 -4 require the Commission to
determine before "June 15 of each year, whether the sum of the balance in the Allocation
Funds plus estimated future investment earnings on that balance is sufficient to satisfy
obligations of the Commission over the terms of those obligations, and whether the capture of
less than all of the Potential Captured Assessment (as defined in the Regulations) will result in
a balance in the Allocation Funds in the following year that, when combined with future
investment earnings on that balance and the resultant tax increment to be collected in the
following year, will be sufficient to satisfy the obligations of the Commission over the term of
those obligations; and
WHEREAS, Section 39 of the Act requires the Commission to provide to the St.
Joseph County Auditor, the Common Council, and the fiscal officers for each faxing unit
located wholly or partly within the respective Allocation Areas before June 15 of each year
written notice of the following: (i) the amount, if any, of excess assessed value that the
Commission has determined may be allocated to the respective taxing units, or (ii) state that
the Commission has determined that there is no excess assessed value that may be allocated
to the respective taxing units in the manner prescribed in Section 39 of the Act;
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission as follows:
1. The Commission hereby determines that there is no excess assessed value that
may be allocated to the respective taxing units in the manner prescribed in Section 39 of the Act
because the Commission hereby finds that the sum of the balances in the respective Allocation
Funds, when combined with future investment earnings on such balances and the resultant tax
increment to be collected for tax year payable 2017, will be necessary to satisfy the obligations
of the Commission over the term or terms of those obligations, and that therefore the Potential
Captured Assessment for the respective Allocation Areas in 2017 shall be treated as Captured
Assessment (as defined in the Regulations). In making this determination, the Commission has
considered the effect that such determination will have on the property tax rate in the
Redevelopment District.
2. This determination for 2017 shall not be construed to affect any future
determination of the Commission with respect to the capture of Potential Captured Assessment
in the years following 2016.
3. The form of the letter: attached hereto as Exhibit B, is hereby approved by the
Commission and the President or Vice President of the Commission is hereby authorized and
directed to immediately notify or cause to be notified the St. Joseph County Auditor, the
Common Council and the officers who are authorized to fix budgets, tax rates, and tax levies
under Indiana Code 6- 1.1 -17 -5 for each of the other taxing units wholly or partly located within
the Allocation Areas of the determinations made herein by the Commission, through the use of
said letter in substantially the form presented at this meeting with such changes in form or
substance as the President or Vice President of the Commission shall approve:, upon the
recommendation of legal counsel, such approval to be conclusively evidenced by the execution
of said letter.
ADOPTED AND APPROVED at a meeting of the South Bend Redevelopment
Commission held on the 13th day of June, 2016 at 1308 County -City Building, 227 West
Jefferson Boulevard, South Bend, Indiana 46601.
CITY OF SOUTH BEND,
DEPARTMENT OF
REDEVELOPMENT
Marcia I. Jones
Printed Name and Title
South Bend Redevelopment Commission
ATTEST:
Donald E. Inks, Secretary
Printed Name and Title
South Bend Redevelopment Commission
EXHIBIT A
Allocation
Areas
1) River West _Development Area
2) West Washington Development Area
3) River East Development Area Allocation Area #1
4) River East Development Area Allocation Area #2
5) South Side General Development Area #1
6) Douglas RoadEconomic Development Area
FXHTRIT R
(Form of Letter)
Date
Mr. /Ms. [Name]
Taxing Unit Address
Subject: Request Regarding Capture of Incremental Assessed Value for the City of South
Bend
Dear Mr./Ms. [Name]:
In accordance with the provisions of IC 36- 7- 14 -39, the Redevelopment Commission of the
City of South Bend, Indiana, has determined (by Resolution #3297, passed 6/13/16) that there
is no excess assessed value that may be allocated to the respective taxing units in the manner
prescribed in subdivision (1) of IC 36- 7- 14 -39.
The Allocation Areas of the City of South Bend covered by this letter are as follows:
River West DevelopmentArea
West Washington Development Area
River East Development Area Allocation Area # 1
River East Development Area Allocation Area #2
South Side General Development Area #1
Douglas Road Economic Development Area
Very truly yours,
Marcia Jones,
President
South Bend Redevelopment Commission