No. 1955 designating/declaring the SSED projectdistrict, approving the SSED project district development plan and determining to create an economic dev project district for purposes of sales TIF

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7. The Commission hereby finds and declares that completion of the redevelopment and economic development of the District in accordance with the Plan shall: (1) Attract new business enterprises to the District or retain or expand existing business enterprises in the District; (2) Benefit the public health and welfare and be of public utility and benefit; (3) Protect and increase state and local tax bases or revenues; and (4) Result in a substantial increase in temporary and permanent employment opportunities and private sector investment within the District. 8. The Commission hereby approves and adopts the "South Side Economic Development Project District Development Plan" as the economic development plan for the District subject to approval by the State Board of Finance, approval by ordinance of the Common Council of the City of South Bend and thereafter, a confirmatory resolution of the Commission after a duly called meeting. BE IT FURTHER RESOLVED that the redevelopment of the South Side Economic Development Project District shall be taken and accomplished in accordance with the South Side Economic Development Project Development Plan. BE IT FURTHER RESOLVED that all proceedings related to the redevelopment herein described area shall be referred to as the South Side Economic Development Project District. BE IT FURTHER RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION PURSUANT TO IND. CODE § 36- 7 -26 -1, ET SEQ., CONCERNING THE ESTABLISHMENT OF AN ECONOMIC DEVELOPMENT PROJECT DISTRICT FOR PURPOSES OF SALES TAX INCREMENT FINANCING, THAT: A. As used in this Resolution, the following terms shall be defined as follows: (1) "Adjustment factor" means the amount, stated as a percentage that the State Board of Finance ( "Board ") determines under Ind. Code § 36- 7 -26 -22 should be applied in determining the District's net increment not to exceed eighty percent (80 %). (2) "Base period amount" means the aggregate amount of state gross retail and use taxes remitted under Ind. Code § 6 -2.5 by the business operating in the District during the full state fiscal year that preceds the date on which the Commission confirms this Resolution designating the South Side Economic Development Project District. ' -5-