No. 2199 designating and declaring douglas road EDA, approving EDA plan and establishing an allocation area for purpose of tax incremental financing

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E (6). The accomplishment of the Economic Development Plan for the Douglas Road Economic Development Area will be of public utility and benefit because its implementation will result in the attraction of jobs, an increase in the property tax base and the improvement of the local transportation network. (7). The Economic Development Plan of for the Douglas Road Economic Development Area conforms to other development and redevelopment plans for the City of South Bend. BE IT FURTHER RESOLVED that the Economic Development Plan for the Douglas Road Economic Development Area dated December 2, 2005 attached hereto as Exhibit "A" is hereby approved. BE IT FURTHER RESOLVED by the South Bend Redevelopment Commission pursuant to Section 39 of the Redevelopment Act, as amended and supplemented, concerning the establishment of an allocation area for purposes of tax incremental financing, that: (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 fifth WHEREAS clause of this declaratory Resolution and that such Allocation Area shall be designated as the "Douglas Road Economic Development Area, Allocation Area No. I" ("Allocation Area No. 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. I that may be used by the economic development district only to do one (1) or more of the following: Res2199—S B RC—Dec laratory.0512 02.doe 4