No. 0650 designating the Rum Village Industrial Park, declaring the area constituting the Rum Village Industrial Park to be blighted and approving a development plan

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the Southeast Quarter (1/4) of the Southwest Quarter (1/4) of said Section Sixteen (16); thence west (along the present city limits) to the northwest corner of the Southeast Quarter (1/4) of the Southwest Quarter (1/4) of said Section Sixteen (16); thence north 1800 feet, more or less, (along the present city limits) to the north right -of- way line of the abandoned Michigan Central Railroad; thence west (along the present city limits) along said right -of -way line to the west line of said Section Sixteen (16); thence north 975 feet, more or less, along the west line of said Section Sixteen (16) to the south line of Belleville Gardens Second Addition; thence east 1985 feet, more or less; thence south 30 feet, more or less; thence east 535 feet, more or less; thence south 100 feet, more or less; thence east to the west line of the west one -half (1/2) of Section Fifteen (15), Township Thirty -seven (37) North, Range Two (2) East; thence south 800 feet, more or less, along the west line of said Section Fifteen (15) to the north right -of -way line of the Penn Central Railroad (Old Pennsylvania Railroad); thence east along said railroad right - of -way to the east line of the west one -half (112) of the Northwest Quarter (1/4) of said Section Fifteen (15); thence south 550 feet, more or less, along the said east line of the west one -half (112) of the Northwest 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. i 5. Such allocation area shall be designated the "Rum Village Industrial Park Allocation Area" ( "South Bend Allocation Area No. 4 "). 6. Any taxes levied on real property in said South Bend Allocation Area No. 4 in 1981, for collection in 1982, and thereafter, except as hereinafter provided, for the benefit of any taxing unit entitled to a distribution thereof, shall be allocated and distributed as Drovided in the allocation and distribution provisions of the Act, and more particularly as follows: (a) the proceeds of such taxes attributable to the lesser of (i) the assessed value of all such property in said Allocation Area No. 4 for the assessment date with respect to which the allocation and distribution is made or (ii) the assessed value of all such property as finally determined for the assessment date imme- diately preceeding the effective date of these alloca- tion provisions, which assessment date is March 1, 1981, 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 proceeds of such taxes in excess of those described in clause (a) above shall be allocated to the redevelop- ment district, and when collected shall be paid into a special fund hereinafter created. 7. The proceeds of such taxes distributed to the Department pursuant to Para- graph 6 (b) hereof shall be deposited in a special fund designated "South Bend Depart- ment of Redevelopment Allocation Area (South Bend Allocation Area No. 4) Special Fund" ( "Special Fund "), and may be used only as provided in the'Act, and more particularly (a) to pay principal of and interest on any obligations issued by the Department for the purpose of financing or refinancing the redevelopment of South Bend Allocation Area No. 4 or (b) to reimburse the City for expenditures made by it for public improvements in South Bend Allocation Area No. 4, or for rentals paid by it for building or parking facility in South Bend Allocation Area No. 4 under any lease entered into pursuant to Indiana Code 36 -1 -10. When money in the Special Fund shall be sufficient to pay when due all principal of and interest on obligations payable therefrom, any excess over such amount shall be paid to the respective taxing units entitled thereto in the manner provided in Paragraph 6 (a) hereof, and thereafter the allocation and distribution provided for in Paragraph F hereof shall be discontinued, and taxes on real property in South Bend Allocation Area No. 4 shall thereafter be distributed without regard to the provisions of Section 39 of the Act. 8. The provisions of this Declaratory Resolution shall be subject in all re- spects to the Act. -3-