No. 2563 transferring TIF revenues from the AED allocation area fund to the AED / urban enterprise zone special zone fund

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• • Tax Year / Pay Year Amount 2004/2005 99,159.10 2005/2006 228,341.38 2006/2007 251,305.22 Total $ 578,805.70 There is an additional amount of $ 230,499.28, which is attributable to the 2007, pay 2008 TIF, which has not been received and when received, will be deposited directly into the Zone Fund, so is not a part of this transfer resolution; and WHEREAS, such transfer is subject to the provisions of Indiana Code § 6- 1.1 -18 -6; and WHEREAS, the provisions of Indiana Code § 36- 7- 14 -39(g) make this transfer necessary and this transfer does not require the expenditure of more money than the total amount set out in the budget adopted previously by the Commission; NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: 1. The Commission hereby finds that this transfer is necessary pursuant to Indiana Code § 36- 7- 14 -39(g) and this transfer does not require the expenditure of more money than the total amount set out in the budget adopted previously by the Commission. 2. The transfer of tax increment revenues allocated to the Commission and resulting solely from the increase in the assessed value of personal property and real property and improvements thereon located in the Overlap Area from the Allocation Area No. 1 Fund into the Zone Fund, as described in Exhibit A, is approved. 3. Such transfer shall be effective only upon and after the passage of Bill No. 12 -09 by the South Bend Common Council establishing the Zone Fund and shall thereafter be available for appropriations, subject to the provisions of Indiana Code § 6- 1.1 -18 -6. 4. In the event that the South Bend Common Council fails to pass Bill No. 12 -09, then this Resolution shall be void.