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1 <br />right -of -way line of the abandoned Michigan <br />Central Railroad; thence west (along the <br />present city limits) along said <br />right -of -way line to the west line of said <br />Section Sixteen (16); thence north 975 <br />feet, more or less, along the west line of <br />said Section Sixteen (16) to the south line <br />of Belleville Gardens Second Addition; <br />thence east 1,985 feet, more or less; <br />thence south 30 feet, more or less; thence <br />east 535 feet, more or less; thence south <br />100 feet, more or less, thence east to the <br />west line of the west one -half (1/2) of <br />Section Fifteen (15), Township Thirty -seven <br />(37) North, Range Two (2) East; thence <br />south 800 feet, more or less, along the <br />west line of said Section Fifteen (15) to <br />the north right -of -way line of the Penn <br />Central Railroad (Old Pennsylvania <br />Railroad); thence east along said railroad <br />right -of -way to the east right -of -way line <br />of Olive Street; thence south along said <br />right -of -way line to the point of <br />beginning. <br />and; <br />WHEREAS, the Commission has previously caused to be prepared <br />maps and plats of the Area which show boundaries of the Area, the <br />location of the various parcels of property, streets, alleys and <br />other features affecting the acquisition, clearance, replatting, <br />replanning, rezoning, or redevelopment of the Area, indicating the <br />parcels of property to be excluded from acquisition and the parts <br />of the Area that are to be devoted to public ways, leavees, <br />sewerage, parks, playgrounds, and other public purposes under the <br />Plan. <br />WHEREAS, the Commission finds it desirable and necessary to <br />further amend Resolution No. 718 and Resolution No. 783 to comply <br />with Public Law 393 -1987 (ss). <br />NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT <br />COMMISSION, GOVERNING BODY OF THE CITY OF SOUTH BEND DEPARTMENT OF <br />REDEVELOPMENT, as follows: <br />1. Section 4 of Resolution No. 718 shall be amended in its <br />entirety to read as follows: <br />Twenty -five percent (25 %) of any taxes imposed under I.C. 6 -1.1 <br />on depreciable personal property (Personal Property), in South <br />Bend Allocation Area No. 4 in 1987, for collection in 1988, and <br />thereafter, except as hereinafter provided, for the benefit of <br />any taxing unit entitled to a distribution thereof, shall be <br />allocated and distributed as provided in the allocation and <br />distribution provisions of the Act, and more particularly as <br />follows: <br />(a) The proceeds of such taxes attributed to the lesser of (1) <br />the assessed value of the Personal Property for the assessment <br />date with respect to which the allocation and distribution is <br />made or (2) the assessed value of all such property as finally <br />determined for the assessment date immediately proceeding the <br />effective date of these allocation provisions, which assessment <br />date is March 1, 1984, shall be allocated to, and when <br />collected, shall be paid into the funds of the respective <br />taxing units entitled to a distribution of such taxes; <br />(b) The proceeds of such taxes in excess of those described in <br />Clause (a) above shall be allocated to the Department and when <br />collected shall be paid into the special fund created by <br />Resolution No. 690 and designated South Bend Department of <br />