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No. 0939 determining tax increment needed to satisfy obligations of the commission regarding the WWCAA (No. 1A)
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No. 0939 determining tax increment needed to satisfy obligations of the commission regarding the WWCAA (No. 1A)
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NOW, THEREFORE, BE IT RESOLVED by the South Bend <br />Redevelopment Commission as follows: <br />1. The Commission hereby determines that the sum of the <br />current balance in the Allocation Fund plus estimated future <br />investment earnings on that balance is not sufficient to meet the <br />uses by the Commission of such sum pursuant to Section 39(b)(2) of <br />the Act. <br />2. The Commission further determines that the capture <br />of only a portion of the potential captured assessment in 1991 will <br />result in a balance in the Allocation Fund in 1991 that, when <br />combined with future investment earnings on that balance and the <br />resultant tax increment to be collected in 1991, will not be <br />sufficient to satisfy the uses by the Commission of such sum <br />pursuant to Section 39(b)(2) of the Act, and that therefore all of <br />the potential captured assessment for the Allocation Area in 1991 <br />shall be treated as captured assessment (as defined in the <br />Regulations). In making this determination, the Commission has <br />considered the effect that the determination will have on the <br />property tax rate in the Redevelopment District. <br />3. Any one of the President, Vice President and <br />Secretary of the Commission is hereby authorized and directed to <br />immediately notify the St. Joseph County Auditor of the <br />determination made herein by the Commission. <br />ADOPTED at a meeting of the South Bend Redevelopment <br />Commission held on June 27, 1990, at the office of the Commission, <br />-3- <br />\rlhill\sthbnd\westwash\ludettax;la;June 25, 1990; <br />
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