No. 0718 amending Res. No. 650, redeclaring the Rum Village Industrial Park to be blighted and amending tax allocation provisions therein

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} Quarter (1/4) of said Section Fifteen (15) to the north right -of -way line of the New Jersey, Illinois and Indiana Railroad right -of -way; thence east along said railroad right -of -way line to the east right -of -way line of Olive Street; thence south along said right -of -way line to the point of beginning. and; WHEREAS, Resolution No. 650 was confirmed by Resolution No. 654, adopted on February 19, 1982; and WHEREAS, in Resolution No. 650, an allocation area was designated for the purposes of the allocation provisions of the Act and that resolution, which allocation area was identical to the boundaries of the Rum Village Industrial Park described above in the first Wheras paragraph herein and was designated the Rum Village Industrial Park Allocation Area (South Bend Allocation Area No. 4); and; WHEREAS, South Bend Allocation Area No. 4 was designated only for the allocation of taxes levied on real property in the area and subsequent amendments to the Act permit allocation of taxes imposed under I.C. 6 -1.1 on depreciable personal property that has a useful life in excess of eight years, as determined by the State Board of Tax Commissioners, if such allocation is approved by resolution of the Commission. NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION, governing body of the City of South Bend Department of Redevelopment: 1. The Rum Village Industrial Park, described in the first Whereas clause hereof, is blighted and constitutes a menace to the social and economic interest of the City of South Bend and its inhabitants and it will be of public utility and benefit to acquire real estate in such area and to redevelop the area under the provisions of the Act. 2. For purposes of the allocation provisions of Section 39 of the Act, the Rum Village Industrial Park Allocation area (South Bend Allocation Area No. 4) shall retain the boundaries described in Resolution No. 650. 3. Any taxes levied on real property in South Bend Allocation Area No. 4 shall be allocated and distributed as provided in Resolution No. 615. 4. Any taxes imposed under I.C. 6 -1.1 on depreciable personal property that has a useful life in excess of eight (8) years, as determined by the State Board of Tax Commissioners (Personal Property), in South Bend Allocation Area No. 4 in 1984, for collection in 1985, and thereafter, except as hereinafter provided, for the benefit of any taxing unit 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: -2-