24-41 Resolution Approving an Order of the South Bend Plan Commission Approving Certain Declaratory Resolutions and Amended and Restated Development Plans Adopted by the South Bend Redevelopment Commission

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