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I . The Commission hereby determines that for tax year payable 2012, all of the <br />assessed value in the Allocation Area is excess assessed value and may be allocated to the <br />respective taxing units in the manner prescribed in Section 39 of the Act because the <br />Commission hereby finds that the sum of the balances in the Allocation Fund, when combined <br />with future investment earnings on such balances will be sufficient to satisfy the obligations of <br />the Commission over the year 2012, and that therefore the Potential Captured Assessment for the <br />Allocation Area in tax year payable 2012 shall not be treated as Captured Assessment (as defined <br />in the Regulations). In making this determination, the Commission has considered the effect that <br />such determination will have on the property tax rate in the Redevelopment District. <br />2. This determination for 2012 shall not be construed to affect any future <br />determination of the Commission with respect to the capture of Potential Captured Assessment <br />in the years following 2012. <br />3. The President or Vice President of the Commission is hereby authorized and <br />directed to immediately notify or cause to be notified the St. Joseph County Auditor, the <br />Common Council and the officers who are authorized to fix budgets, tax rates, and tax levies <br />under Indiana Code 6- 1.1 -17 -5 for each of the other taxing units wholly or partly located within <br />the Allocation Area of the determinations made herein by the Commission, through the use of a <br />letter in such form as may be recommended by legal counsel, such approval to be conclusively <br />evidenced by the execution of said letter. <br />3 <br />