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08-28-14 Redevelopment Commisssion Meeting
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authorize the payment to the respective taxing units if to do so would <br /> endanger the interests of the holders of bonds described in Paragraph <br /> 11(d) or lessors under Section 25.2 of the Act. <br /> 12. "Property Taxes" referred to herein shall mean taxes imposed under IC 6- <br /> 1.1 on real property only. <br /> 13. The allocation provisions of Section 39 of the Act and as set forth above <br /> shall, with respect to the 2014 Expansion Allocation Area, expire on a date which may not be <br /> more than twenty-five (25) years after the date on which the first obligation is incurred to pay <br /> principal and interest on bonds or lease rentals on leases payable from tax increment revenues. <br /> 14. The Commission finds that designating and declaring the Expansion Area <br /> as an allocation area will result in new property taxes in the Area that would not have been <br /> generated but for including the Expansion Area in the Allocation Area because of the lack of <br /> local public improvements which has resulted in less than desirable private capital investment in <br /> the Expansion Area as evidenced by the amount of vacant or underutilized properties in the <br /> Expansion Area, lack of diversification of commercial and business investment and declining <br /> assessed value of a significant number of properties located in the Expansion Area. The <br /> Expansion Area has approximately thirty-five (35) vacant lots totaling 3.55 acres and one (1) <br /> abandoned property. <br /> 15. The Secretary of the Commission is directed to file a certified copy of the <br /> Y pY <br /> Plan Amendment with the minutes of this meeting. <br /> 16. The officers of the Commission are hereby directed to make any and all <br /> required filings and recordings with the Indiana Department of Local Government Finance, the <br /> St. Joseph County Auditor and the St. Joseph County Recorder in connection with the actions of <br /> the Commission contained in this Resolution regarding the Allocation Area, as amended hereby. <br /> 17. This Resolution, together with supporting data, shall be submitted to the <br /> Area Plan Commission and the Common Council of the City, as provided by Sections 16 of the <br /> Act, for the approval of this Resolution and the Plan Amendment, and if approved by both <br /> bodies, this Resolution and the Plan Amendment shall be submitted to public hearing and <br /> remonstrance as provided by Sections 17 of the Act, after public notice in accordance with <br /> Sections 17 and 17.5 of the Act and Indiana Code 5-3-1 and after all required filings with <br /> governmental agencies and officers have been made pursuant to Sections 17(b) and 17(c) of the <br /> Act. <br /> 18. All orders or resolutions in conflict herewith are hereby rescinded, <br /> revoked and repealed in so far as such exist. <br /> 19. This Resolution does not affect any rights or liabilities accrued, penalties <br /> incurred, offenses committed, or (except as otherwise provided herein) proceedings begun before <br /> the effective date of this Resolution. <br /> - 6 - <br /> US.54690935.04 <br />
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