17-34 Douglas TIF Release - Laserfiche WebLink

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in the Allocation Area for the most recent assessment date minus the base assessed value,when multiplied by the estimated tax rate of the Allocation Area, will exceed the amount of assessed value needed to produce the property taxes necessary to make, when due,principal and interest payments on bonds payable from the Allocation Area, plus the amount necessary for other purposes described in Section 39 of the Act. 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 2018 shall not be construed to affect any future determination of the Commission with respect to the capture of assessed value of the taxable property in the Allocation Area in the years following 2018. 3. The President or Vice President of the Commission is hereby authorized and directed to immediately notify or cause to be notified the South Bend Common Council of its determinations made herein and thereafter to provide notice to the St. Joseph County Auditor, the Common Council,the Department of Local Government Finance, and the officers who are authorized to fix budgets,tax rates,and tax levies under Indiana Code 6-1.1-17-5 for each taxing unit located wholly or partly within the Allocation Area of the determination made by the Common Council, by way of a letter substantially in the form attached hereto as Exhibit A, which notice is intended to satisfy the requirements of Section 39 of the Act and to constitute notice to the St. Joseph County Auditor under 50 IAC 8-24(b). ADOPTED AND APPROVED at a meeting of the South Bend Redevelopment Commission held on the 25th day of May, 2017, at 1308 County-City Building, 227 West Jefferson Boulevard, South Bend,Indiana 46601. I CITY OF SOUTH BEND, DEPARTMENT OF EVELOPMENT Marcia I. Jones,Pres'd t ATT S: D nald E. Inks, Secretary 4000.0000001 6SOS 2179.004 2