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RESOLUTION NO. 3167 <br />A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION <br />APPROPRIATING TAX INCREMENT FINANCING REVENUES FROM <br />ALLOCATION AREA NO. 1 FUND FOR THE PAYMENT OF CERTAIN <br />OBLIGATIONS AND EXPENSES RELATED TO THE DOUGLAS ROAD <br />ECONOMIC DEVELOPMENT AREA ALLOCATION AREA NO. 1 <br />WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the <br />governing body of the Department of Redevelopment of the City of South Bend, Indiana (the "City ") <br />and the City of South Bend, Indiana, Redevelopment District, exists and operates under the <br />provisions of Indiana Code § 36 -7 -14, as amended (the "Act'); and <br />WHEREAS, on December 2, 2005, the Commission adopted Resolution No. 2199 (the <br />"Declaratory Resolution ") declaring the Douglas Road Economic Development Area (the "Area ") to <br />be an economic development area within the meaning of the Act and designated the Area as the <br />Douglas Road Economic Development Area Allocation Area No. 1 ( "Allocation Area No. 1 ") for <br />purposes of tax increment financing pursuant to the Act; and <br />WHEREAS, on December 20, 2005, the Area Plan Commission of St. Joseph County ( "Plan <br />Commission ") issued its written order approving the Declaratory Resolution by the adoption of Plan <br />Commission Resolution 165 -05, in accordance with Indiana Code § 36- 7- 14-16; and <br />WHEREAS, on January 23, 2006, the Common Council of the City approved the order of the <br />Plan Commission through the adoption of Common Council Resolution No. 3556 -06; and <br />WHEREAS, on February 17, 2006, the Commission held a duly noticed public hearing, in <br />accordance with Indiana Code § 36-7 -14-17 and Indiana Code § 5 -3 -1; and <br />WHEREAS, following said hearing, the Commission adopted Resolution No. 2199 <br />confirming the Declaratory Resolution; and <br />WHEREAS, the Declaratory Resolution created the Douglas Road Economic Development <br />Area Allocation Area No. 1 Fund ( "Allocation Area No. 1 Fund ") for the purpose of depositing into <br />such fund tax increment revenues allocated to the Commission and resulting solely from the increase <br />in the assessed value of real property and improvements thereon located in Allocation Area No. 1 <br />pursuant to Indiana Code § 36- 7- 14- 39(b)(1) and from the proceeds from the sale or leasing of <br />property in the Area under Indiana Code § 36- 7- 14-22, all in accordance with Indiana Code § 36-7- <br />14-26; and <br />WHEREAS, the Commission desires to pay certain expenses incurred by it or the City for <br />local public improvements that are in or serving Allocation Area No. 1 from funds remaining in the <br />Allocation Area No. 1 Fund, in accordance Indiana Code § 36- 7- 14- 39(6)(2) and certain other <br />expenditures incurred by the Commission in accordance with Indiana Code § 36- 7- 14- 39(b)(2); and <br />