Approving the Urban Renewal Plan together with the proposed amendments thereto providing for the designation of an allocation area and allocation plan within the central downtown project

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NOW, THEREFORE, Be it Resolved by the City of South Bend Redevelopment Commission, governing body of the Department as follows: Section 1. The Declaratory Resolution shall be amended by adding the o- flowing paragraphs thereto: 8. For purposes of the allocation provisions of the Redevelopment of Cities and Towns Act of 1953, as amended (Indiana Code 18-7-7) ( "Act ") , the following areas of the blighted area described in this Resolution shall be constituted an "Allocation Area" for purposes of the Act and this Resolution: Beginning at a point formed by the intersection of the north right -of -way line of Colfax Avenue and the west right -of -way line of Michigan Street; thence south along the west right -of -way line of Michigan Street to the north right -of -way line of Washington Street; thence west along the north right -of -way line of Washington Street to the west right -of -way line of Main Street; thence south along the west right -of- way line of Main Street to the south right -of -way line of Wayne Street; thence east along the south right -of -way line of Wayne Street to the east right - of -way line of St. Joseph Street; thence north and northwesterly along the east right -of -way line of St. Joseph Street to the north right -of -way line of Colfax Avenue; thence west along the north right -of- way line of Colfax Avenue to the west right -of -way line of Michigan Street which is the point of beginning. (See Attachment "A") 9. Such allocation area shall be designated "Central Downtown Urban Renewal Allocation Area No. 1" (Allo- cation Area No. 111). 10. Any taxes levied on real property in Allocation Area No. 1 in 1980, for collection in 1981, and thereafter, except as hereinafter provided, for the benefit of any taxing unit entitled to a distribution thereof, shall be allocated and distributed as provided in the allocation and distribution provisions of the Act, and more particu- larly as follows: (a) the proceeds of such taxes attributable to the lesser of (i) the assessed value of all such property in Allocation Area No. 1 for the assess- ment date with respect to which the allocation and distribution is made or (ii) the assessed value of all such property as finally determined for the assessment date immediately preceeding the effective date of these allocation provisions, which assessment date is March 1, 1980, shall be allocated to, and when collected shall be paid into the funds of the respective taxing units entitled to a distribution of such taxes; (b) the proceeds of such taxes in excess of those described in clause (a) above shall be allocated to the Department, and when collected shall be paid into a special fund hereinafter created.