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-4 - <br />Allocation Area shall be referred to hereinafter as the “Allocation Area”). Based on an <br />examination of the Area and information provided to the Commission, the Commission hereby <br />finds that the adoption of the allocation provision as provided herein will result in new property <br />taxes in the Area that would not have been generated but for the adoption of the allocation <br />provision because of the lack of local public improvements which has resulted in a less than <br />desirable level of private capital investment in the Expansion Areas. Any property taxes <br />subsequently levied by or for the benefit of any public body entitled to a distribution of property <br />taxes on taxable property in said allocation area shall be allocated and distributed as follows: <br />Except as otherwise provided in said Section 39, the proceeds of taxes attributable to the lesser of <br />the assessed value of the property for the assessment date with respect to which the allocation and <br />distribution is made, or the base assessed value, shall be allocated to and when collected paid into <br />the funds of the respective taxing units. Except as otherwise provided in said Section 39, property <br />tax proceeds in excess of those described in the previous sentence shall be allocated to the <br />redevelopment district and when collected paid into the River West Development Area Allocation <br />Area No. 1 Allocation Fund for said allocation area that may be used by the redevelopment district <br />to do one or more of the things specified in Section 39(b)(3) of the Act, as the same may be <br />amended from time to time. Said allocation fund may not be used for operating expenses of the <br />Commission. This allocation provision with respect to the Expansion Areas shall expire on the <br />later of twenty-five (25) years from the date of issuance of debt secured by the allocated property <br />taxes, or at such time as no bonds payable from allocated property taxes are outstanding. Except <br />as otherwise provided in the Act, before June 15 of each year, the Commission shall take the <br />actions set forth in Section 39(b)(4) of the Act <br />9.“Property Taxes” referred to herein shall mean taxes imposed under IC 6- <br />1.1 on real property only. <br />10.The Secretary of the Commission is directed to file a certified copy of the <br />Amended and Restated Plan with the minutes of this meeting. <br />11.The officers of the Commission are hereby directed to make any and all <br />required filings and recordings with the Indiana Department of Local Government Finance, the St. <br />Joseph County Auditor and the St. Joseph County Recorder in connection with the actions of the <br />Commission contained in this Resolution regarding the Allocation Area, as amended hereby. <br />12.This Resolution, together with supporting data, shall be submitted to the <br />Area Plan Commission and the Common Council of the City, as provided by Section 16 of the <br />Act, for the approval of this Resolution and the Amended and Restated Plan, and if approved by <br />both bodies, this Resolution and the Amended and Restated Plan shall be submitted to public <br />hearing and remonstrance as provided by Sections 17 of the Act, after public notice in accordance <br />with Sections 17 and 17.5 of the Act and Indiana Code 5-3-1 and after all required filings with <br />governmental agencies and officers have been made pursuant to Sections 17(b) and 17(c) of the <br />Act. <br />13.All orders or resolutions in conflict herewith are hereby rescinded, revoked <br />and repealed in so far as such exist.