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NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment <br /> Commission as follows: <br /> 1. The Commission hereby determines that there is no excess assessed value that <br /> may be allocated to the respective taxing units in the manner prescribed in Section 39 of the Act <br /> because the Commission hereby finds that the sum of the balances in the respective Allocation <br /> Funds, when combined with future investment earnings on such balances and the resultant tax <br /> increment to be collected for tax year payable 2015, will be necessary to satisfy the obligations <br /> of the Commission over the term or terms of those obligations, and that therefore the Potential <br /> Captured Assessment for the respective Allocation Areas in 2015 shall be treated as Captured <br /> Assessment (as defined in the Regulations). In making this determination, the Commission has <br /> considered the effect that such determination will have on the property tax rate in the <br /> Redevelopment District. <br /> 2. This determination for 2015 shall not be construed to affect any future <br /> determination of the Commission with respect to the capture of Potential Captured Assessment <br /> in the years following 2015. <br /> 3. The form of the letter, attached hereto as Exhibit B, is hereby approved by the <br /> Commission and the President or Vice President of the Commission is hereby authorized and <br /> directed to immediately notify or cause to be notified the St. Joseph County Auditor, the <br /> Common Council and the officers who are authorized to fix budgets, tax rates, and tax levies <br /> under Indiana Code 6-1.1-17-5 for each of the other taxing units wholly or partly located within <br /> the Allocation Areas of the determinations made herein by the Commission, through the use of <br /> said letter in substantially the form presented at this meeting with such changes in form or <br /> substance as the President or Vice President of the Commission shall approve, upon the <br /> recommendation of legal counsel, such approval to be conclusively evidenced by the execution <br /> of said letter. <br /> 1 <br />