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14 <br />WHEREAS, with the early redemption of the Bonds, the Commission now <br />desires to terminate the allocation provisions relating to Allocation Area No. 2 and return the <br />incremental increases of assessed value that have resulted from the Project in Allocation Area <br />No. 2 to the benefit of the overlapping taxing units; <br />NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment <br />Commission, as follows: <br />1. The Commission hereby terminates Allocation Area No. 2 as an allocation <br />area for purposes of Section 39 of the Act. The Commission desires that all increases of assessed <br />value resulting from the Project and elsewhere within Allocation Area No. 2 be released for the <br />benefit of the overlapping taxing units to be effective as of the March 1, 2011 assessment date <br />for the tax year 2011, pay 2012. <br />2. The Commission hereby directs the Department staff to provide such <br />information as may be inquired by the St. Joseph County Auditor to confirm the termination of <br />the Allocation Area No. 2 and the TIF allocation provisions with respect to Allocation Area <br />No. 2 of Resolution No. 2073 previously adopted by the Commission. <br />3. The action by the Commission to terminate Allocation Area No. 2 does <br />not affect the TIF allocation provisions relating to Allocation Area No. 1 and Allocation Area <br />No. 3. <br />4. This resolution shall be in full force and effect after its adoption by the <br />Commission. <br />ADOPTED at a meeting of the South Bend Redevelopment Commission held on <br />March 8, 2011, at Room 1308, County -City Building, 227 W. Jefferson Boulevard, South Bend, <br />Indiana. <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />By: /_LZea <br />Marcia I. Jone sident <br />ATTEST: <br />David A. Varner, Vice President <br />-2- <br />BDDB0I 6567002v 1 <br />