No. 0818 designating the WWCDA, declaring the WWCDA to be blighted, approving a development plan and conditions under which relocation payments will be made, and establishing an allocation area for purposes of tax incremental financing

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entitled to a distribution thereof, shall be allocated and distributed as provided in the allocation and distribution provisions of the Act, and more particularly as follows: (a) the proceeds of the taxes attributable to the lesser of: (1) the assessed value of the property for the assessment date with respect to which the allocation and distribution is made; or (2) the base assessed value as defined by I.C. 36- 7- 14- 39(a), shall be allocated to, and when collected shall be paid into the funds of the respective taxing units entitled to a distribution of such taxes. (b) The property tax proceeds in excess of those described in subparagraph (a) above shall be allocated to the South Bend redevelopment district and when collected paid into a Special Fund, hereby created, for the West Washington- Chapin Allocation Area, to be known as West Washington- Chapin Allocation Area (South Bend Allocation Area No. 7) Special Fund (Special Fund), that may be used by the Commission only to: (1) Pay the principal of and interest on any obligations payable solely from allocated tax proceeds which are incurred from the redevelopment district for the purpose of financing or refinancing the redevelopment of the Allocation Area; (2) Establish, augment, or restore the debt service reserve for bonds payable solely or in part from allocated tax proceeds in the Allocation Area; (3) Pay the principal of and interest on bonds payable from allocated tax proceeds in the Allocation Area and from the special tax levied under I.C.36- 7- 14 -27; (4) Pay the principal of and interest on bonds issued by the City to pay for local public improvements in the Allocation Area; (5) Pay premiums on the redemption before maturity of bonds payable solely or in part from allocated tax proceeds in the Allocation Area; (6) Reimburse the City for expenditures made by it for local public improvements (which include buildings, parking facilities, and other items described in IC.36- 7- 14- 25.1(a)) in the Allocation Area; and (7) Reimburse the City for rentals paid by it for a building or parking facility in the Allocation Area under any lease entered into under IC 36 -1 -10; provided, however, that if future uses of property tax proceeds allocated to the Special Fund are authorized or permitted by amendment to the Act, including I.C. 36- 7- 14 -39, after the effective date of this resolution, those uses shall also be authorized or permitted for property tax proceeds allocated to the Special Fund; and further provided that the Special Fund may not be used for operating expenses of the Commission. 16. Inasmuch as a portion of the West Washington- Chapin Allocation Area (South Bend Allocation Area No. 7) is located within an enterprise zone created under I.C. - 7 -