No. 3227 designating and declaring a certain area as a redevelopment area for the ppurpose of amending the boundaries of the South Side Development Area and its allocation area and to amend the Development Plan for the South Side Development Area

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the estimated tax of the 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 described in Paragraph 9(d) plus the amount necessary for the other purposes described in Paragraph 9(d); and (b) provide a written notice to the County Auditor, the Common Council and the officers who are authorized to fix budgets, tax rates, and tax levies under Indiana Code 6-1.1-17-5 for each of the other taxing units that are wholly or partially located within the Area. The notice must state the amount, if any, of the amount of excess assessed value that the Commission has determined may be allocated to the respective taxing units in the manner prescribed in Paragraph 9(a) or state that the Commission has determined that there is no excess assessed value that be allocated to the overlapping taxing units. The Commission may not authorize the payment to the respective taxing units if to do so would endanger the interests of the holders of bonds described in Paragraph 9(d) or lessors under Section 25.2 of the Act. 11. "Property Taxes" referred to herein shall mean taxes imposed under IC 6- 1.1 on real property only. 12. The allocation provisions of Section 39 of the Act and as set forth above shall, with respect to the 2014 Expansion Allocation Area, expire on a date which may not be more than twenty-five (25) years after the date on which the first obligation is incurred to pay principal and interest on bonds or lease rentals on leases payable from tax increment revenues. 13. The Commission finds that designating and declaring the Expansion Area as an allocation area will result in new property taxes in the Area that would not have been generated but for including the Expansion Area in the Allocation Area because the Community Center property has been vacant for a number of years and has been on the tax sale list since at least 2005, indicating the inability of private enterprise to develop the property to its fullest use without resort to the powers under the Act. 14. The Secretary is directed to file a certified copy of the Plan Amendment and this Resolution with the minutes of this meeting. 15. The officers of the Commission are hereby directed to make any and all required filings with the Department of Local Government Finance, the St. Joseph County Auditor, and the St. Joseph County Recorder in connection with 2014 Expansion Allocation Area. 16. This Resolution, together with supporting data, shall be submitted to the St. Joseph County Area Plan Commission and Common Council of the City, as provided by Section 16 of the Act, for the approval of the Resolution and the Plan Amendment, and if approved by both bodies, the Resolution and the Plan Amendment shall be submitted to public - 5 - US.54700214.03