No. 3218 determining that the tax increment for Erskine Village to be collected in the Year 2015 may be allocated to the respective taxing units and other related matters

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RESOLUTION NO. 3218 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING THAT THE TAX INCREMENT FOR ERSKINE VILLAGE TO BE COLLECTED IN THE YEAR 2015 MAY BE ALLOCATED TO THE RESPECTIVE TAXING UNITS AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the governing body of the South Bend, Indiana, Department of Redevelopment (the "Department') and of the Redevelopment District of the City of South Bend, Indiana (the "Redevelopment District'), exists and operates under the provisions of IC 36 -7 -14, as amended from time to time (the "Act'); and WHEREAS, the Commission has previously adopted resolutions, which have been amended from time to time, declaring the South Side Development Area to be a redevelopment area within the meaning of the Act (the "Area ") and designated territory within such Area as Allocation Area No. 3 (the "Allocation Area ") under Section 39 of the Act; and WHEREAS, the Commission, in accordance with the Act, has previously established an allocation fund for the Allocation Area (the "Allocation Fund "); and WHEREAS, Section 39 of the Act requires the Commission to determine the amount, if any, by which the assessed value of the taxable property in the Allocation Area for the most recent assessment date minus the base assessed value, when multiplied by the estimated tax rate of the allocation area, will exceed the amount of assessed value needed to produce the property taxes necessary to make, when due, principal and interest payments on bonds, plus the amount necessary for other purposes described in Section 39; and WHEREAS, if the amount of excess assessed value determined by the Commission is expected to generate more than two hundred percent (200 %) of the amount of allocated tax proceeds necessary to make, when due, principal and interest payments on bonds plus the amount necessary for other purposes described in Section 39, the Commission shall submit to the Common Council its determination of the excess assessed value that the Commission proposes to release to the respective taxing units for confirmation or modification of such finding by the Common Council and thereafter to provide notice to the St. Joseph County Auditor, the Common Council, and the fiscal officers for each taxing unit located wholly or partly within the respective Allocation Areas before July 15 of each year written notice of the following: (i) the amount, if any, of excess assessed value that the Common Council has determined may be allocated to the respective taxing units in the manner prescribed in Section 39; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The Commission hereby determines that for tax year payable 2015, all of the assessed value in the Allocation Area is excess assessed value and may be allocated to the