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No. 0889 declaring an area in the COSB as an EDA and approving a development plan for said area
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No. 0889 declaring an area in the COSB as an EDA and approving a development plan for said area
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10/18/2012 3:20:15 PM
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t <br />7. The Plan is hereby in all respects approved, and <br />the secretary of this Commission is hereby directed to file <br />a certified copy of the Plan with the minutes of this <br />meeting. The Area is hereby designated as an "economic <br />development area" under Section 41 of the Act. <br />8. The Area is hereby designated as an "allocation <br />area" pursuant to Section 39 of the Act for purposes of the <br />allocation and distribution of property taxes for the <br />purposes and in the manner provided by said Section. Any <br />real property taxes subsequently levied by or for the <br />benefit of any public body entitled to a distribution of <br />property taxes on taxable property in said allocation area <br />shall be allocated and distributed as follows: <br />Except as otherwise provided in said <br />Section 39, the proceeds of taxes attributable to <br />the lesser of the assessed value of the property <br />for the assessment date with respect to which the <br />allocation and distribution is made, or the base <br />assessed value, shall be allocated to and when <br />collected paid into the funds of the respective <br />taxing units. Except as otherwise provided in <br />said Section 39, property tax proceeds in excess <br />of those described in the previous sentence shall <br />be allocated to the redevelopment district and <br />when collected paid into an allocation fund for <br />said allocation area that may be used by the <br />redevelopment district to do one or more of the <br />things specified in Section 39(b)(2) of the Act, <br />as the same may be amended from time to time. <br />Said allocation fund may not be used for operating <br />expenses of this Commission. Except as otherwise <br />provided in the Act, before July 15 of each year, <br />the Commission shall take the actions set forth in <br />tv Section 39(b)(3) of the Act. <br />9. The foregoing allocation provision shall apply to <br />all of the Area. <br />-4- <br />
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