No. 0940 determining tax increment needed to satisfy obligations of the commission regarding the Rum Village Industrial Park Allocation Area (No. 4)

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1. The Commission hereby determines that the sum of the current balance in the Allocation Fund plus estimated future investment earnings on that balance is not sufficient to meet the uses by the Commission of such sum pursuant to Section 39(b)(2) of the Act. 2. The Commission further determines that the capture of only a portion of the potential captured assessment in 1991 will result in a balance in the Allocation Fund in 1991 that, when combined with future investment earnings on that balance and the resultant tax increment to be collected in 1991, will not be sufficient to satisfy the uses by the Commission of such sum pursuant to Section 39(b)(2) of the Act, and that therefore all of the potential captured assessment for the Allocation Area in 1991 shall be treated as captured assessment (as defined in the Regulations). In making this determination, the Commission has considered the effect that the determination will have on the property tax rate in the Redevelopment District. 3. Any one of the President, Vice President and Secretary of the Commission is hereby authorized and directed to immediately notify the St. Joseph County Auditor of the determination made herein by the Commission. ADOPTED at a meeting of the South Bend Redevelopment Commission held on June 27, 1990, at the office of the Commission, -3- \ rlhill\ sthbnd \rumvill \ludeter.tif;cl;June 25, 1990;