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NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment <br />Commission as follows: <br />1. The Commission hereby determines that there is no excess assessed value that <br />may be allocated to the respective taxing units in the manner prescribed in Section 39 of the Act <br />because the Commission hereby finds that the sum of the balances in the respective Allocation <br />Funds, when combined with future investment earnings on such balances and the resultant tax <br />increment to be collected for tax year payable 2011, will be necessary to satisfy the obligations <br />of the Commission over the term or terms of those obligations, and that therefore the Potential <br />Captured Assessment for the respective Allocation Areas in 2011 shall be treated as Captured <br />Assessment (as defined in the Regulations). In making this determination, the Commission has <br />considered the effect that such determination will have on the property tax rate in the <br />Redevelopment District. <br />2. This determination for 2011 shall not be construed to affect any future <br />determination of the Commission with respect to the capture of Potential Captured Assessment <br />in the years following 2011. <br />3. The form of the letter, attached hereto as Exhibit B, is hereby approved by the <br />Commission and the President or Vice President of the Commission is hereby authorized and <br />directed to immediately notify or cause to be notified the St. Joseph County Auditor, the <br />Common Council and the officers who are authorized to fix budgets, tax rates, and tax levies <br />under Indiana Code 6- 1.1 -17 -5 for each of the other taxing units wholly or partly located within <br />the Allocation Areas of the determinations made herein by the Commission, through the use of <br />said letter in substantially the form presented at this meeting with such changes in form or <br />substance as the President or Vice President of the Commission shall approve, upon the <br />recommendation of legal counsel, such approval to be conclusively evidenced by the execution <br />of said letter. <br />• <br />