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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acquisition, clearance, replatting, replanning, rezoning, redevelopment or economic development of each of the Allocation Areas,and the parts of each of the Allocation Areas that are to be devoted to public ways,levees,sewerage,parks,playgrounds and other public purposes under the Plan,are hereby approved and adopted as the map and plat for each of the respective Allocation Areas. 8. The Amendments are reasonable and appropriate when considered in relation to the Declaratory Resolution and the Plan and the purposes of the Act. 9. The findings and determinations set forth in the Declaratory Resolution and the Plan are hereby reaffirmed. 10. The Commission finds that no residents of the Area will be displaced by any project resulting from the Amendments, and therefore finds that it does not need to give consideration to transitional and permanent provision for adequate housing for the residents. 11. The Amendments are hereby in all respects approved. 12. The area described and depicted in Exhibit A 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"Lafayette 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 Lafayette North Allocation Area hereby designated as the"Lafayette 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 Lafayette 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 Lafayette North Allocation Area is January 1, 2025. 13. The area described and depicted in Exhibit B 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"Lafayette South 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 -3 -