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08-28-14 Redevelopment Commisssion Meeting
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the estimated tax of the Area will exceed the amount of assessed <br /> value needed to produce the property taxes necessary to make, <br /> when due, principal and interest payments on bonds described in <br /> Paragraph 9(d) plus the amount necessary for the other purposes <br /> described in Paragraph 9(d); and <br /> (b) provide a written notice to the County Auditor, the Common <br /> Council and the officers who are authorized to fix budgets, tax <br /> rates, and tax levies under Indiana Code 6-1.1-17-5 for each of the <br /> other taxing units that are wholly or partially located within the <br /> Area. The notice must state the amount, if any, of the amount of <br /> excess assessed value that the Commission has determined may be <br /> allocated to the respective taxing units in the manner prescribed in <br /> Paragraph 9(a) or state that the Commission has determined that <br /> there is no excess assessed value that be allocated to the <br /> overlapping taxing units. The Commission may not authorize the <br /> payment to the respective taxing units if to do so would endanger <br /> the interests of the holders of bonds described in Paragraph 9(d) or <br /> lessors under Section 25.2 of the Act. <br /> 11. "Property Taxes" referred to herein shall mean taxes imposed under IC 6- <br /> 1.1 on real property only. <br /> 12. 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 /> 13. 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 the Community <br /> Center property has been vacant for a number of years and has been on the tax sale list since at <br /> k,. <br /> least 2005, indicating the inability of private enterprise to develop the property to its fullest use <br /> without resort to the powers under the Act. <br /> 14. The Secretary is directed to file a certified copy of the Plan Amendment <br /> and this Resolution with the minutes of this meeting. <br /> 15. The officers of the Commission are hereby directed to make any and all <br /> required filings with the Department of Local Government Finance, the St. Joseph County <br /> Auditor, and the St. Joseph County Recorder in connection with 2014 Expansion Allocation <br /> Area. <br /> 16. This Resolution, together with supporting data, shall be submitted to the <br /> St. Joseph County Area Plan Commission and Common Council of the City, as provided by <br /> Section 16 of the Act, for the approval of the Resolution and the Plan Amendment, and if <br /> approved by both bodies, the Resolution and the Plan Amendment shall be submitted to public <br /> - 5 - <br /> US.54700214.03 <br />
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