4716-18 Releasing Assessed Value from Douglas Road TIF Area for 2018pay2019

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i BILL NO. 18-25 RESOLUTION NO.4716-18 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, ACCEPTING AND CONFIRMING A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING THAT THE ASSESSED VALUE OF PROPERTY IN THE DOUGLAS ROAD ECONOMIC DEVELOPMENT AREA FOR TAX YEAR PAYABLE 2018 MAY BE ALLOCATED TO THE RESPECTIVE TAXING UNITS AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the governing body ofthe South Bend,Indiana,Department of Redevelopment(the "Department")and of the Redevelopment District of the City of South Bend, Indiana(the "Redevelopment District"), exists and operates under the provisions of IC 36-7-14,as amended from time to time (the "Act"); and WHEREAS, the Commission has previously adopted resolutions, which have been amended from time to time, declaring the Douglas Road Economic Development Area to be an economic development area within the meaning of the Act(the "Area")and designating such Area as Allocation Area No. 1 (the"Allocation Area")under Section 39 of the Act;and WHEREAS, the Commission, in accordance with the Act, has previously established an allocation fund for the Allocation Area(the"Allocation Fund");and WHEREAS, on May 25, 2017, in accordance with Section 39 of the Act, the Commission adopted its Resolution No. 3395 stating the Commission's determination that for tax year payable 2018,all of the assessed value in the Allocation Area is excess assessed value and may be allocated to the respective taxing units in the manner prescribed in Section 39 of the Act because the Commission has found that the amount by which the assessed value of the taxable property 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 taxed necessary to make,when due,principal and interest payments on bonds,plus the amount necessary for other purposes described in Section 39;and WHEREAS, in light of the Commission's determination set forth in Resolution No. 3395 and pursuant to Section 39(b)(4)(C) of the Act, the Commission has submitted its determination to the Common Council for confirmation or modification; and WHEREAS,the Common Council finds that the determination made by the Commission is appropriate and should be confirmed; and NOW,THEREFORE,BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA,AS FOLLOWS: Section I. The Common Council confirms the Commission's determination in Resolution 1