No. 1737 expanding the boundaries of the SBCDA, establishing an allocation area for the purposes of TIF and amending the SBCDA development plan

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fund for DMSD Allocation Area, such fund hereinafter created by this Resolution; C. proceeds distributed to the Redevelopment District pursuant to Paragraph 3(b) hereof, shall be deposited in an allocation fund designated "City of South Bend, Department of Redevelopment, South Bend Central Development Area, Downtown Medical Services District Allocation Fund" (the DMSD Allocation Fund "), and may be used only as provided for in the Act, and more particularly to (i) 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 DMSD Allocation Area; (ii) establish, augment, or restore the debt service reserve for bonds payable solely or in part from allocated tax proceeds in DMSD Allocation Area; (iii) pay the principal of and interest on bonds payable from allocated tax proceeds in DMSD Allocation Area and from the special tax levied under Section 27 of the Act; (iv) pay the principal of and interest on bonds issued by the City to pay for local public improvements in or serving DMSD Allocation Area; (v) pay premiums on the redemption before maturity of bonds payable solely or in part from allocated tax proceeds in DMSD Allocation Area; (vi) make payments on leases payable from allocated tax proceeds in DMSD Allocation Area under Section 25.2 of the Act; (vii) reimburse the City for expenditures made by it for local public improvements (which include buildings, parking facilities, and other items described in Section 25.1 (a) of the Act) in or serving DMSD Allocation Area; (viii) reimburse the City for rentals paid by it for a building or parking facility in or serving DMSD Allocation Area under any lease entered into under I.C. 36 -1 -10; (ix) pay all or a portion of a property tax replacement credit to taxpayers in DMSD Allocation Area as determined by the Commission in accord with the provisions of the Act; (x) pay expenses incurred by the Commission for local public improvements that are in or serving DMSD Allocation Area. Public improvements include buildings, parking facilities and other items described in Section 25.1 (a) of the Act; provided, however, that if future uses of property tax proceeds allocated to the DMSD Allocation Fund are authorized or permitted by amendments to the Act, including Section 39, after the effective date of this Resolution, those uses shall also be authorized or permitted for property tax proceeds allocated to the DMSD Allocation Fund. 4. Except as provided in Section 39(g) of the Act, before July 15 of each year, the Commission shall do the following: a. Determine the amount, if any, by which property taxes payable to the DMSD Allocation Fund in the following year will exceed the amount of property taxes necessary to make, when due, principal and interest payments on bonds described in Paragraph 3(c) plus the amount necessary for the other purposes as described in above Paragraph 3(c). b. Notify the County Auditor of the amount, if any, of excess property taxes that the Commission has determined may be paid to the respective taxing units in the manner prescribed in above Paragraph 3(a). The Commission may not authorize the payment to the respective taxing units if to do so would endanger the interests of the holders of bonds described in above Paragraph 3(c) or lessors under Section 25.3 of the Act. "Property Taxes" referred to herein shall mean taxes imposed under I.C. 6 -1.1 on real property only. 6. The officers of the Commission are hereby directed to make any and all required filings with the Indiana State Board of Tax Commissioners, the St. Joseph County Auditor, and the Portage Township Assessor in connection with the creation of DMSD Allocation Area. 7. The Commission finds that the amendment is reasonable and appropriate when considered in relation to the Development Plan. The Commission finds that the Development Plan, with the proposed amendment, conforms to the comprehensive plan of the City. F1