5C1 Resolution No. 3607 - REDA TIF Amendment

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- 3 - NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The Commission hereby finds that the Expansion Areas are an “area needing redevelopment” within the meaning of Section 15 of the Act. 2. The Commission hereby finds and determines that the Expansion Areas are areas needing redevelopment to an extent that cannot be corrected by regulatory processes or by the ordinary operations of private enterprise without resort to the powers allowed under the Act, and that public health and welfare will be benefited by the redevelopment of the Expansion Areas under the Act. 3. The Commission hereby finds and determines that it will be of public utility and benefit to include the Expansion Areas in the Existing Area to amend the boundaries of the Existing Area as set forth herein and redevelop the Expansion Areas under the Act pursuant to the Amended and Restated Plan. 4. The Commission hereby finds and determines that the Amended and Restated Plan conforms to other development and redevelopment plans for the City. 5. The Amended and Restated Plan is in all respects approved. 6. The maps and plats of the Area showing the Expansion Areas and their respective boundaries, the location of the various parcels of property, streets and alleys, and other features affecting the acquisition, clearance, replatting, replanning, rezoning, redevelopment or economic development of the Expansion Areas, and the parts of the Expansion Areas that are to be devoted to public ways, levees, sewerage, parks, playgrounds and other public purposes under the Amended and Restated Plan, are hereby approved and adopted as the maps and plats for the Area and the Expansion Areas, respectively. 7. The list of the parcels of property set forth at Exhibit D which may be acquired in furtherance of the Amended and Restated Plan is hereby approved. 8. The Expansion Areas are hereby designated as an “allocation area” pursuant to Section 39 of the Act for purposes of the allocation and distribution of property taxes on real property for the purposes and in the manner provided by said Section. The Existing Allocation Area shall hereafter be deemed to include the Expansion Areas (and as expanded, the Existing Allocation Area shall be referred to hereinafter as the “Allocation Area”). Based on an examination of the Area and information provided to the Commission, the Commission hereby finds that the adoption of the allocation provision as provided herein will result in new property taxes in the Area that would not have been generated but for the adoption of the allocation provision because of the lack of local public improvements which has resulted in a less than desirable level of private capital investment in the Expansion Areas. Any property taxes subsequently levied by or for the benefit of any public body entitled to a distribution of property taxes on taxable property in said allocation area shall be allocated and distributed as follows: Except as otherwise provided in said Section 39, the proceeds of taxes attributable to the lesser of the assessed value of the property for the assessment date with respect to which the allocation and