No. 2016 designating the NNDA, declaring the NNDA to be blighted, approving a development plan and conditions under which relocation payments will be made, and establishing an allocation area for purposes of TIF

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A FOR PURPOSES OF TAX INCREMENTAL FINANCING, THAT: A. For purposes of the allocation provisions of the Act, as authorized by Ind. Code § 36- 7-14-39, and as used in this Resolution for the purposes of distribution of real property taxes, the "allocation area" of the Northeast Neighborhood Development Area, and which area is more more particularly described in Exhibit "A" attached hereto and incorporated herein; and B. Any real property taxes hereinafter levied by or for the benefit of any public body entitled to a distribution of property taxes on taxable property within the allocation area be allocated and distributed as follows: (1) Except as otherwise provided in this section, the proceeds of the taxes attributable to the lesser of: (A) the assessed value of the property for the assessment date with respect to which the allocation and distribution is made; or (B) the base assessed value; shall be allocated to and, when collected, paid into the funds of the respective taxing units. (2) Except as otherwise provided in this section, property tax proceeds in excess of those described in subdivision (1) shall be allocated to the redevelopment district and, when collected, paid into an allocation fund for that allocation area that may be used by the redevelopment district only to do one (1) or more of the following: (A) Pay the principal of and interest on any obligations payable solely from allocated tax proceeds which are incurred by the redevelopment district for the purpose of financing or refinancing the redevelopment of the allocation area; (B) Establish, augment, or restore the debt service reserve for bonds payable solely or in part from allocated tax proceeds in the allocation area; (C) Pay the principal of and interest on bonds payable from allocated tax proceeds in that allocation area and from the special tax levied under Ind. Code § 36- 7- 14 -27; (D) Pay the principal of and interest on bonds issued by the City of South Bend to pay for local public improvements in or serving the -5-