No. 1990 designating the SSED project district, approving the SSED project district dev plan as modified and determining to create an economic development project district for purposes of sales TIF

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.► w Northeasterly and North along said West right -of -way line of Ironwood Road to a point 100 feet North of the centerline of Ireland Road; thence East to the East right - of -way line of Ironwood Road; thence Southeasterly to the North right -of -way line of Ireland Road; thence East along said North right -of -way line of Ireland Road to the place of beginning containing 217.70 acres more or less. WHEREAS, in accordance with the provisions of Ind. Code § 36- 7 -26 -16 the Commission has heretofore submitted its Declaratory Resolution No. 1955, the Development Plan attached thereto as Exhibit "A" and supporting documentation to the State Board of Finance for its approval; and WHEREAS, consistent with Ind. Code § 36- 7- 26 -16, at its regular meeting of July 21, 2003, the State Board of Finance approved the Commission's Declaratory Resolution No. 1955 determining to create the District and the Development Plan for the District contingent upon the following modifications to the Development Plan: 1. Submission to State Board of Finance of evidence of satisfaction of compliance with Ind. Code § 36- 7- 26- 14(b); and 2. Amendment to the Development Plan for the District which increases the amount of property tax increment pledged to an amount equal to that which will be generated in the area comprising the Economic Development Project District established under Ind. Code § 36 -7 -26; and 3. Agreement by the City of South Bend that, to the extent that incremental sales tax revenues authorized under Ind. Code § 36 -7 -26 are not necessary in addition to tax increment revenues to meet debt service on the Commission's bonds issued to finance the Project, such sales tax revenues will revert to the State General Fund, provided however, prior to such reversion, the State Board of Finance will entertain a request by the Redevelopment Commission to demonstrate additional financing needs within the District. WHEREAS, in accordance with Ind. Code § 36- 7- 26 -20, upon modification and approval by the State Board of Finance, the Commission submitted for approval of the South Bend Common Council, legislative body for the City of South Bend, St. Joseph County, Indiana, the Commission's Declaratory Resolution No. 1955 determining to create the District together with the Development Plan for the District as modified by the State Board of Finance; and WHEREAS, in accordance with Ind. Code § 36- 7- 26 -20, it is anticipated that at its regular of August 25, 2003, the South Bend Common Council will adopt an ordinance (Bill No.60 -03) approving the determination of the Commission to create the District and the Development Plan for Page -3-