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2 <br />Area, the assessed value of the taxable property in the Allocation Area for the most recent <br />assessment date minus the base assessed value, when multiplied by the estimated tax rate of the <br />Allocation Area, will not exceed the amount of assessed value needed to produce the property <br />taxes necessary to make, when due, principal and interest payments on bonds payable from the <br />Allocation Fund of the Allocation Area, plus the amount necessary for other purposes described <br />in Section 39 of the Act. Accordingly, for tax year payable 2025, the Commission determines <br />that no amount of assessed value of the Allocation Areas will be allocated to the respective taxing <br />units in the manner prescribed in Section 39 of the Act. In making this determination, the <br />Commission has considered the effect that such determination will have on the property tax rate <br />in the Redevelopment District. <br />2. This determination for 2025 shall not be construed to affect any future <br />determination of the Commission with respect to the capture of assessed value of the taxable <br />property in the Allocation Areas in the years following 2025. <br />3. The President or Vice President of the Commission is hereby authorized and <br />directed to immediately notify or cause to be notified the St. Joseph County Auditor, the South <br />Bend Common Council, the Department of Local Government Finance, and the officers who are <br />authorized to fix budgets, tax rates, and tax levies under Indiana Code 6-1.1-17-5 for each of the <br />other taxing units wholly or partly located within the Allocation Areas of the determinations made <br />herein by the Commission, by way of a letter in substantially the form attached hereto as Exhibit <br />B, which notice is intended to satisfy the requirements of Section 39 of the Act. Further, the <br />Commission acknowledges that, based on its determination herein, no notice is due to the St. <br />Joseph County Auditor under 50 IAC 8-2-4(b). <br />ADOPTED AND APPROVED at a meeting of the South Bend Redevelopment <br />Commission held virtually and in person at 1308 County-City Building, 227 W Jefferson <br />Boulevard, South Bend, Indiana on the 9th day of May 2024. <br />CITY OF SOUTH BEND, <br />DEPARTMENT OF REDEVELOPMENT <br />________________________________ <br />President <br />ATTEST: <br />________________________________ <br />Secretary