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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(k) Reimburse public and private entities for expenses incurred in training employees of industrial facilities that are located: (i) in Allocation Area No. 1; and (ii) on a parcel of real property that has been classified as industrial property under the rules of the department of local government finance. (C). When the monies in the allocation fund are sufficient to pay when due all principal and interest on bonds described herein, and is not needed for the other purposes stated herein, monies in Allocation Area No. I shall be paid the respective taxing units in the manner provided in subdivision (1) of this section. (D). This allocation provision shall expire no later than thirty (30) years after the date of this Resolution, provided, however that if bonds or other obligations that were scheduled when issued to mature before the specified expiration date and that are payable only from allocated tax proceeds with respect to Allocation Area No. I remain outstanding as of the expiration date, the allocation provision does not expire until all of the bonds or other obligations are no longer outstanding in accordance with I.C. 36-7-14-39(b)- BE IT FURTHER RESOLVED that a copy of this Declaratory Resolution together with the Economic Development Plan and supporting data be submitted to the Area Plan Commission of St. Joseph County for examination by that body and its determination as to whether this Declaratory Resolution and the Economic Development Plan conform to the master plan of development for the City of South Bend and for the Area Plan Commission's written order approving or disapproving this Declaratory Resolution and the Development Plan. BE IT FURTHER RESOLVED if an approving order is issued by the Area Plan Commission of St. Joseph County that same shall be transmitted to the Common Council of the City of South Bend for its approval, as provided by Ind. Code § 36-7-14-16. BE IT FURTHER RESOLVED that upon receipt of the written order of approval of the Area Plan Commission of St. Joseph County and approval of the Common Council of the City of South Bend, a notice shall be published in accordance with the requirements of I.C. 36-7-14-17 and I.C. 5-3-1 fixing a date for the receiving and hearing of remonstrances and objections from persons interested in or affected by the proceedings pertaining to the proposed project and for the final determination of the public utility and benefit thereof. ReS2 199S B RC—Ded aratory. 051202.doc 6