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14 <br />employment opportunities and private sector investment <br />within the District. <br />2. The Commission further finds and determines that it will be of public utility and <br />benefit to proceed with the South Side Economic Development Project District Development <br />Plan as attached as Exhibit "A" to the Declaratory Resolution No. 1955 adopted by the <br />Commission on March 21, 2003 subject to the following modifications requested by the <br />State Board of Finance on July 21, 2003: <br />a. Submission to State Board of Finance of evidence of <br />satisfaction of compliance with Ind. Code § 36- 7- 26- 14(b); and <br />b. Amendment to the Development Plan for the District which <br />increases the amount of property tax increment pledged to an amount <br />equal to that which will be generated in the area comprising the <br />Economic Development Project District established under Ind. Code <br />§ 36 -7 -26; and <br />C. Agreement by the City of South Bend that, to the extent that <br />incremental sales tax revenues authorized under Ind. Code § 36 -7 -26 <br />are not necessary in addition to tax increment revenues to meet debt <br />service on the Commission's bonds issued to finance the Project, <br />such sales tax revenues will revert to the State General Fund, <br />provided however, prior to such reversion, the State Board of Finance <br />will entertain a request by the Redevelopment Commission to <br />demonstrate additional financing needs within the District. <br />3. The Commission further finds that its findings, determinations, designations and the <br />approving and adopting actions contained in its Declaratory Resolution No. 1955 <br />determining to create the South Side Economic Development Project District and the <br />Development Plan for the South Side Economic Development Project District as modified <br />and approved by the State Board of Finance on July 21, 2003 should be ratified, confirmed <br />and approved as modified. <br />BE IT FURTHER RESOLVED that the Commission's Declaratory Resolution No. 1955, <br />adopted by the South Bend Redevelopment Commission on March 21, 2003 in accordance with the <br />provisions of Ind. Code § 36 -7 -26 and the South Side Economic Development Project District <br />Development Plan as attached as Exhibit "A" to its Declaratory Resolution No. 1955 and as <br />modified by the State Board of Finance on July 21, 2003 is hereby ratified, confirmed and approved <br />as modified. <br />BE IT FURTHER RESOLVED that this Resolution constitutes final action by the <br />Commission pursuant to Ind. Code § 36- 7- 26 -18. <br />Page -5- <br />