Laserfiche WebLink
purpose of Chapter 14, Article 7, Title 39 of the Indiana Code. <br />xviv. The Plan is in all respects approved, and the Secretary is directed to file a <br />certified copy of the Plan with the minutes of this meeting and to record a certified <br />copy of the Plan in the Office of the Recorder of St. Joseph County, Indiana. <br />BE IT FURTHER RESOLVED BY THE SOUTH BEND REDEVELOPMENT <br />COMMISSION PURSUANT TO IND. CODE § 36- 7- 14 -39, AS AMENDED AND <br />SUPPLEMENTED, CONCERNING THE ESTABLISHMENT OF AN ALLOCATION AREA <br />FOR PURPOSES OF TAX INCREMENTAL FINANCING, THAT: <br />A. For purposes of the allocation provisions of the Act, as authorized by Ind. Code § 36- <br />7-14-39, and as used in this Resolution for the purposes of distribution of real property taxes, the <br />"allocation area" of the South Side Development Area, and which area is more more particularly <br />described in Exhibit "A" attached hereto and incorporated herein; and <br />B. Any real property taxes hereinafter levied by or for the benefit of any public body <br />entitled to a distribution of property taxes on taxable property within the allocation area be allocated <br />and distributed as follows: <br />(1) Except as otherwise provided in this section, the proceeds of the taxes <br />attributable to the lesser of- <br />(A) the assessed value of the property for the assessment date <br />with respect to which the allocation and distribution is made; or <br />(B) the base assessed value; <br />shall be allocated to and, when collected, paid into the funds of the <br />respective taxing units. <br />(2) Except as otherwise provided in this section, property tax proceeds in excess <br />of those described in subdivision (1) shall be allocated to the redevelopment <br />district and, when collected, paid into an allocation fund for that allocation <br />area that may be used by the redevelopment district only to do one (1) or <br />more of the following: <br />(A) Pay the principal of and interest on any obligations payable <br />solely from allocated tax proceeds which are incurred by the <br />redevelopment district for the purpose of financing or refinancing the <br />T T ; S39yd redevelopment of the allocation area; <br />00'0E :33d '038 <br />83Q80038 (B) Establish, augment, or restore the debt service reserve for <br />amn00 Hd3sof Is <br />3NV IH13H T I8831 <br />W69:0T Z00Z -L0 -TT -5- <br />No GHWO38 <br />8 T 6CD 9?0 <br />