1993-07-15 Resolution 79 - Laserfiche WebLink

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SOUTH BEND (INDIANA) REDEVELOPMENT AUTHORITY GENERAL COMMENTS Analysis of Lease Payments on the Taxable 1993 Bonds and Existing Bonds and Estimated Tax Increment - Pa e~ B=10 (Cont'd) (f) Estimated Cumulative Surplus and Lease Rental Requirement (Cont'd) The Cumulative Surplus column begins with an estimated balance of $583,463 which is based on the actual surplus balance of $415,000 Tax Increment on-hand in the Commission's Principal and Interest Account plus the June, 1993 Tax Increment revenue in the amount of $268,463 according to the County Auditor, less $100,000 of surplus funds that the Commission intends to use for additional land acquisition and public improvements in the EDA. The estimated semi- annual surplus Tax Increment is then added to this beginning balance to provide the estimated cumulative surplus shown. The Commission intends to accumulate this surplus Tax Increment in its Principal and Interest Account to meet the Lease Rental Requirement equal to the next two semi-annual Lease Rental payments due in the 12 months after the next July 1 (the lease rental payments due on the following July 28th and January 28th) on both the Taxable 1993 Bonds and the Tax-Exempt 1991 Bonds. If the Lease Rental Requirement is met with surplus Tax Increment (as shown in this schedule), then the Commission would not need to annually levy the special benefits tax. The Commission further intends to use any excess Tax Increment surplus available, after meeting the Lease Rental Requirement on the Taxable 1993 Bonds and on the Tax-Exempt 1991 Bonds, to. meet the Lease Rental Requirement on the 1992 Golf Bonds to the extent that golf course revenues are insufficient. Tax Increment Revenue Estimate - Pa eg B-11 The Lease Rental is payable from Tax Increment which consists of property tax proceeds from assessed valuation of real property within the EDA in excess of the base assessed valuation (as reduced by the Additional Credit as defined below). The Tax Increment is collected in the Commission's Principal and Interest Account pursuant to the Lease and the "Form of Pledge Resolution" (refer to Appendices D and F). The base assessed value means the net assessed value of all the property in the EDA as finally determined for the assessment date immediately preceding the effective date of a declaratory resolution adopted by the Commission when establishing the EDA. The base assessment date of the EDA is March 1, 1989. (Continued on next page) B-5 ~~ D C 2 ~, 0 D m ~r m 0 ~, D n n o c z z II '' ~i ~. ~, ~. i~