No. 2206 ratify/confirmation resolution no. 2199 designating douglas road EDA, approving a develop plan and conditions which relocation pmts will be made and establishing allocation area for tax incremental financing within douglas road EDA

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, (A). As used in this Resolution for the purposes of the distribution and allocation of real property taxes, "Allocation Area" means all of that area described in the first WHEREAS clause of this Resolution and that such Allocation Area shall be designated as the "Douglas Road Economic Development Area, Allocation Area No. 1" ( "Allocation Area No. 1). "Property taxes" and "property tax proceeds" as used in this resolution shall mean taxes imposed on real property under Ind. Code § 6 -1.1. (B) Any real property taxes hereinafter levied (1) Except as otherwise provided in this section, the proceeds of the taxes attributable to the lesser of: (a) the assessed value of the property for the assessment date with respect to which the allocation and distribution is made; or (b) the base assessed value; shall be allocated to and, when collected, paid into the funds of the respective taxing units. (2) Except as otherwise provided in this section, property tax proceeds in excess of those described in subdivision (1) shall be allocated to the economic development district and, when collected, paid into an allocation fund for Allocation Area No. 1 that may be used by the economic development district only to do one (1) or more of the following: (a) Pay the principal of and interest on any obligations payable solely from allocated tax proceeds which are incurred by the economic development district for the purpose of financing or refinancing the redevelopment of Allocation Area No. 1. (b) Establish, augment, or restore the debt service reserve for bonds payable solely or in part from allocated tax proceeds in Allocation Area No. 1. (c) Pay the principal of and interest on bonds payable from allocated tax proceeds in Allocation Area No. 1 and from the special tax levied under I.C. 36- 7- 14 -27. (d) Pay the principal of and interest on bonds issued by the unit to pay for local public improvements in or serving Allocation Area No. 1. (e) Pay premiums on the redemption before maturity of bonds payable 5 C: \DOCUMENTS AND SETTINGS \PPALUSZE \LOCAL SETTINGS \TEMP \RES2206 -SBRC CONFIRMATORYDREDA. DOC