6I(3) Resolution No. 2705 - Laserfiche WebLink

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NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The Commission hereby determines that there is no excess assessed value that may be allocated to the respective taxing units in the manner prescribed in Section 39 of the Act because the Commission hereby finds that the sum of the balances in the respective Allocation Funds, when combined with future investment earnings on such balances and the resultant tax increment to be collected for tax year payable 2011, will be necessary to satisfy the obligations of the Commission over the term or terms of those obligations, and that therefore the Potential Captured Assessment for the respective Allocation Areas in 2011 shall be treated as Captured Assessment (as defined in the Regulations). 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 2011 shall not be construed to affect any future determination of the Commission with respect to the capture of Potential Captured Assessment in the years following 2011. 3. The form of the letter, attached hereto as Exhibit B, is hereby approved by the Commission and the President or Vice President of the Commission is hereby authorized and directed to immediately notify or cause to be notified the St. Joseph County Auditor, the Common Council and the officers who are authorized to fix budgets, tax rates, and tax levies under Indiana Code 6-1.1-17-5 for each of the other taxing units wholly or partly located within the Allocation Areas of the determinations made herein by the Commission, through the use of said letter in substantially the form presented at this meeting with such changes in form or substance as the President or Vice President of the Commission shall approve, upon the recommendation of legal counsel, such approval to be conclusively evidenced by the execution of said letter. *****