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No. 0690 redeclaring the Central Downtown Urban Renewal Area to be blighted, expanding the boundaries of the area, establishing an allocation area for purposes of TIF, reapproving the urban renewal plan and amendments thereto
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No. 0690 redeclaring the Central Downtown Urban Renewal Area to be blighted, expanding the boundaries of the area, establishing an allocation area for purposes of TIF, reapproving the urban renewal plan and amendments thereto
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8401905 <br />3.) That for purposes of the allocation <br />provisions of Section 39 of the Act, the <br />"Central Downtown Urban Renewal Allocation <br />Area No. 1" (Allocation Area No. 1 ") as set <br />forth in Resolution No. 615 adopted on June <br />6, 1980 shall be designated "Parcel One" and <br />shall be expanded by the addition of property <br />designated in Section 4, below, as "Parcel <br />Two ", said Parcels One and Two collectively <br />being known hereinafter as Amended Allocation <br />Area No. 1. <br />4.) That Parcel Two is comprised of all property <br />located within the boundaries of the Expanded <br />Area excepting therefrom the property <br />designated in Paragraph 3 above as Parcel <br />One. <br />5.) That any taxes levied on real property in <br />Parcel One shall be allocated and distributed <br />as provided in Resolution No. 615. <br />6.) That any taxes levied on property in Parcel <br />Two in 1983, for collection in 1984, and <br />thereafter, except as hereinafter provided, <br />for the benefit of any taxing unit entitled <br />to a distribution thereof, shall be allocated <br />and distributed as provided in the allocation <br />and distribution provisions of the Act, and <br />more particularly as follows: <br />(a) the proceeds of such taxes attributed to the <br />lesser of W the assessed value of all such <br />property in Parcel Two for the assessment date <br />with respect to which the allocation and <br />distribution is made or (ii) the assessed value <br />of all such property as finally determined for <br />the assessment date immediately preceeding the <br />effective date of these allocation provisions, <br />which assessment date is March 1, 1983, shall be <br />allocated to, and when collected shall be paid <br />into the funds of the respective taxing units <br />entitled to a distribution of such taxes; <br />(b) the proceeds of such taxes in excess of <br />those described in clause (a) above shall be <br />allocated to the Department, and when collected <br />shall be paid into a special fund hereinafter <br />created. <br />7.) That proceeds of such taxes distributed to <br />the Department pursuant to paragraphs 5 and <br />6(b) hereof shall be deposited in a special <br />fund designated "South Bend Department of <br />Redevelopment Downtown Urban Renewal <br />Allocation Area No. 1 Special Fund" ( "Special <br />Fund "), and may be used only as provided in <br />the Act, and more particularly (a) to pay <br />principal of and interest on any obligations <br />payable solely from allocated tax proceeds <br />which are incurred by the redevelopment <br />district for the purpose of financing or <br />refinancing the redevelopment of that <br />allocation area; (b) to restore the debt <br />service reserve for bonds payable solely or <br />in part from allocated tax proceeds in the <br />Amended Allocation Area No. 1; (c) to pay the <br />principal and interest of bonds payable from <br />allocated tax proceeds in the Amended <br />Allocation Area No. 1 and from a special tax <br />levied by the Commission under I.C. <br />36- 7- 14 -27; (d) to pay principal and interest <br />-4- <br />
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