5160-26 Resolution Approving an Order of the South Bend Plan Commission Approving a Certain Declaratory Resolution for the River West Development Area Adopted by the South Bend Redevelopment Commission

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15. The area described and depicted in Exhibit D is hereby removed from the Allocation Area,and is hereby designated as a separate"allocation area"pursuant to Section 39 of the Act to be known as the"Downtown North Allocation Area,"for purposes of the allocation and distribution of property taxes for the purposes and in the manner provided by said Section. Any taxes imposed under I.C. 6-1.1 on real property 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 District and when collected paid into an allocation fund for the Downtown North Allocation Area hereby designated as the "Downtown North Allocation Area Allocation Fund" and may be used by the District to do one or more of the things specified in Section 39(b)(4) 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. 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)(5) of the Act. The Commission hereby finds that the adoption of this allocation provision will result in new property taxes in the Downtown North Allocation Area that would not have been generated but for the adoption of the allocation provision, as specifically evidenced by the findings set forth in Exhibit I. The base assessment date for the Downtown North Allocation Area is January 1, 2025. 16. The area described and depicted in Exhibit E is hereby removed from the Allocation Area, and is hereby designated as a separate"allocation area"pursuant to Section 39 of the Act to be known as the "Michigan Street Corridor Allocation Area," for purposes of the allocation and distribution of property taxes for the purposes and in the manner provided by said Section. Any taxes imposed under I.C. 6-1.1 on real property 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 District and when collected paid into an allocation fund for the Michigan Street Corridor Allocation Area hereby designated as the "Michigan Street Corridor Allocation Area Allocation Fund" and may be used by the District to do one or more of the things specified in Section 39(b)(4)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. 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)(5) of the Act. The Commission hereby finds that the adoption of this allocation provision will result in - 5 -