6.A.(1) Public Hearing Resolution No. 2558

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~' ' .. ~ RESOLUTION NO. 2558 A RESOLUTION OF THE SOUTH BEND REDEVELOPA-'[ENT COM:~1[SSION APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM ALLOCATION AREA NO. 1 FUND FOR THE PAYMENT OF CERTAIN OBLIGATIONS AND EXPENSES RELATED TO "1'HE DOUGLAS ROAD ECONOMIC DEVELOPMENT AREA ALLOCATION AREA NO. 1 WI{I:REAS. the South E3end Redevelopment Commission (the "Commission'). the governing body of the Dcparh»ent of Redevelopment of the Cit}~ of South Bcnd. Indiana (the "Cite"') and the City of South Bcnd, lndiana. Redevelopment District, exists and operates under the provisions of Indiana Code > 36-7-1d. as amended (the "Acf~): and WHEREAS, on December ?. 2005. the Commission adopted Resolution loo. 2199 (the "Declaratory Rc olution'~1 declarin<~ the Douglas Road Economic Deg-~elopment Area (the "Area') to be an economic development area ~~~--°ithin the meaning of the Act and designated the Area as the Douglas Road Economic Development Area Allocation Area No. 1 (°Allocation Area No. 1 "") for purposes of tax increment tinancing pursuant to the Act: and WHEREAS, on December- 20.2005. the Area Plan Commission o1 St..loseph County ('Plan Conunission~~) issued its written order appruying the Declaratory Resolution by the adoption of Plan Commission Resolution 1 GS-O5. in accordance ~~~ith Indiana Code ~ 36-7-14-16: and W li EREAS. on January 23.2006, the Common Council of the City approved the order of the Plan Commission through the adoption of Common Council Resolution 'Vo. 3556-06: and WHEREAS. on February 17.2006, the Commission held a duly noticed public hearing, in accordance with Indiana Code ~ 36-7-14-17 and Indiana Code ~ 5-,-1: and WHEREAS. frillo~~ing said hearing, the Commission adopted Resolution No. 2199 contirmint the Declaratory Resolution: c~uld WHEREAS. the Declaratory Resolution created the Douglas Road Economic Development Area Allocation Arca No. 1 hand ("Allocation Area'~Jo. 1 1-and'") lorthe purpose ofdepositing into such fund tax increment revenues allocated to the Commission and resulting solely fi-om the increase in the assessed yaluc of real property and improycments thereon located in Allocation Arca No. 1 pursuant to lndiana Code > >6-7-14-39(b)(I) and 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 ~ 3Cr7- 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 Allocation Area No. 1 from funds remaining in the Allocation Arca No. 1 Fund. in accordance Indiana Code ~ 3Cr7-14-39(b)(2) and certain other expenditwes incurred by the Commission in accordance~yith lndiana Code ~ 36-7-1~39(b)(2); and