Resolution No. 3623 (Confirming TIF Expansion REDA) - Signed

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SOUTH BEND (INDIANA) REDEVELOPMENT COMMISSION STATEMENT DISCLOSING THE IMPACT OF AMENDING THE RIVER EAST DEVELOPMENT AREA AND RIVER EAST ALLOCATION AREA NO. 1 1 The City of South Bend (the “City”) Redevelopment Commission (the “Commission”) is required by Indiana Code 36-7-14, as amended (the “Act”), to provide a statement disclosing the impact of amending a tax allocation provision on the overlapping taxing units. This impact statement discloses and explains the impact on the overlapping taxing units caused by amending the development area and allocation area and capturing Tax Increment (as hereinafter defined). AMENDMENT OF THE AREA, ALLOCATION AREA NO. 1, AND THE PLAN The Commission adopted Resolution No. 2016 on November 17, 2003 (as amended from time to time, the “Declaratory Resolution”) establishing the Northeast Neighborhood Development Area (the “Original Area”) and a coterminous allocation area (the “Original Allocation Area No. 1”) and approving an economic development plan for the Original Area (the “Original Plan”). The Commission adopted resolutions in 2006 and 2007 to expand the Original Area and Original Allocation Area No. 1 (“Expansions 1 and 2,” respectively). On June 19, 2007, the Commission adopted Resolution No. 2344 for the purposes of establishing a housing program and a residential Tax Increment (hereinafter defined) finance allocation area (“Allocation Area No. 2”), as a separate allocation area from Original Allocation Area No. 1. On August 28, 2014, the Commission adopted Resolution No. 3228 amending the Declaratory Resolution to amend the boundaries of the Area to include certain territory from the South Bend Central Development Area (“Adjustment 1”), expand the Original Area and Original Allocation Area No. 1 (“Expansion 3”), and amend the Original Plan (as amended, the “Plan”). Resolution No. 3228 also renamed the Original Area, as amended, to be the “River East Development Area”, or the “Area” and the underlying allocation areas were renamed to be consistent with the new designation. On April 11, 2019, the Commission adopted Resolution No. 3479 further amending the Declaratory Resolution to expand the Original Area and the Original Allocation Area No. 1 (“Expansion 4”) and to amend the Original Plan. The Original Allocation Area No. 1, Expansion 1, Expansion 2, Expansion 3, Expansion 4, and Adjustment 1 are collectively defined as the “Allocation Area No. 1”. The Area is located within the northeast portion of the City’s corporate limits and south of the University of Notre Dame campus, specifically, South Bend – Portage Township and South Bend – Clay Township. On April 14, 2022, the Commission adopted Resolution No. 3548 to further amend the Declaratory Resolution to (1) add certain territory to the Area, (2) designate the Expansion Area as an allocation area included within Allocation Area No. 1, and (3) amend and restate the Plan. On October 10, 2024, the Commission adopted Resolution No. 3607 to further amend the Declaratory Resolution (the “2024 Amending Resolution”) to (1) add certain territory to the Area (the “Expansion Areas” and with the Area, the “Amended Area”), (2) designate the Expansion Areas as an allocation area (the “Expansion Allocation Area” and with the Allocation Area No. 1, the “Amended Allocation Area No. 1”), and (3) amend and restate the Plan (the “Amended and Restated Plan”). The Expansion Areas are located within the South Bend - Portage Township and South Bend – Clay Township taxing districts. The Declaratory Resolution, as amended, allows for the capture of Tax Increment (defined herein) resulting from the growth in all non-residential real property and certain residential real property assessed value within the Allocation Area No. 1 and Allocation Area No. 2 in excess of the base assessed value defined in the Act. In the 2024 Amending Resolution, the Commission finds that the Expansion Areas need 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 the public health and welfare will be benefitted by the redevelopment of the Expansion Areas. The Commission also finds that the Amended and Restated Plan conforms to other development and redevelopment plans of the City. The 2024 Amending Resolution allows for the capture of real property taxes generated from incremental assessed value in the Expansion Allocation Area. Tax Increment consists of all property tax proceeds from the assessed valuation of non-single-family residential real property in the Expansion Allocation Area as of the