No. 2921 determining that the tax increment for Erskine Village to be collected in the year 2012 may be allocated to the respective taxing units and other related matters

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RESOLUTION NO. 2921 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING THAT THE TAX INCREMENT FOR ERSKINE VILLAGE TO BE COLLECTED IN THE YEAR 2012 MAY BE ALLOCATED TO THE RESPECTIVE TAXING UNITS AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the governing body of the South Bend, Indiana, Department of Redevelopment (the "Department ") and of the Redevelopment District of the City of South Bend, Indiana (the "Redevelopment District "), exists and operates under the provisions of IC 36 -7 -14, as amended from time to time (the "Act'); and WHEREAS, the Commission has previously adopted resolutions, which have been amended from time to time, declaring the South Side Development Area to be a redevelopment area within the meaning of the Act (the "Area ") and designated territory within such Area as Allocation Area No. 3 (the "Allocation Area ") under Section 39 of the Act; and WHEREAS, the Commission, in accordance with the Act, has previously established an allocation fund for the Allocation Area (the "Allocation Fund "); and WHEREAS, 50 IAC 8 contains rules adopted by the Indiana State Board of Tax Commissioners concerning tax increment finance (the "Regulations "); and WHEREAS, Section 39 of the Act and 50 IAC 8 -2 -4 require the Commission to determine before July 15 of each year, whether the sum of the balance in the Allocation Fund plus estimated future investment earnings on that balance is sufficient to satisfy obligations of the Commission over the terms of those obligations, and whether the capture of less than all of the Potential Captured Assessment (as defined in the Regulations) will result in a balance in the Allocation Fund in the following year that, when combined with future investment earnings on that balance and the resultant tax increment to be collected in the following year, will be sufficient to satisfy the obligations of the Commission over the term of those obligations; and WHEREAS, Section 39 of the Act requires the Commission to provide to the St. Joseph County Auditor, the Common Council, and the fiscal officers for each taxing unit located wholly or partly within the respective Allocation Areas before July 15 of each year written notice of the following: (i) the amount, if any, of excess assessed value that the Commission has determined may be allocated to the respective taxing units, or (ii) state that the Commission has determined that there is no excess assessed value that may be allocated to the respective taxing units in the manner prescribed in Section 39 of the Act; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: