That is what I thought. The burned spot is most likely from trying to turn things but instead slipping.
Your vehicle has an automatic belt tensioner. It needs to be replaced. I have attached a diagram of the belt system on your vehicle. The first pics are of a timing belt. That isn't what you need, but if you page down, you will see diagrams of the serpentine belts. Find the one that is like yours and you will see where the tensioner is located.
https://www.2carpros.com/diagrams/chevrolet/lumina/1996
The tensioner is bolted to the engine. Since the belt is loose, remove it. Then you will need to unbolt the tensioner and replace it. Once replaced, with a wrench, you turn the tensioner so that you can reinstall the belt. When you release the tensioner, the belt will automatically be adjusted. Since the belt is somewhat damaged, I recommend you replace it too.
Let me know if I can help.
Joe
Friday, August 15th, 2014 AT 10:13 PM