No. 3228 designating and declaring certain areas as redevelopment areas and adding certain territory from the South Bend Central Development Area for the purpose of amending the boundaries of the Northeast Neighborhood Development Area and the Northeast

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C 9. Such Expansion Area shall be designated as the "2014 Expansion Allocation Area." The Original Allocation Area shall hereafter be deemed to include the 2014 Expansion Allocation Area (the Original Allocation Area as amended by paragraph 8 and the 2014 Expansion Allocation Area are hereinafter referred to as the "Allocation Area"). 10. Any property taxes levied on property in the 2014 Expansion Allocation Area in 2014 for collection in 2015, and thereafter, except as otherwise provided in Section 39 of the Act, by or for the benefit of any public body entitled to a distribution of property taxes on taxable property in the 2014 Expansion Allocation Area shall be allocated and distributed as follows: (a) The proceeds of the taxes attributable to the lesser of: (i)the assessed value of the property for the assessment date with respect to which the allocation and distribution is made; or (ii) the net assessed value of all the property as finally determined for the assessment date immediately preceding the effective date of these allocation provisions (as adjusted under Section 39(h) of the Act), which assessment date is March 1, 2014; shall be allocated to, and when collected, paid into the funds of the respective taxing units. (b) The excess of the proceeds of the property taxes imposed for the assessment date with respect to which the allocation and distribution is made that are attributable to taxes imposed after being approved by the C voters in a referendum or a local public question conducted after April 30, 2010, not otherwise included in clause (a) shall be allocated to and, when collected, paid into the funds of the taxing unit for which the referendum or local public question was conducted. (c) Property tax proceeds in excess of those described in clause (a) and clause (b) shall be allocated to the Redevelopment District and, when collected, paid into the Allocation Fund (as defined below). (d) Proceeds distributed to the Redevelopment District pursuant to Paragraph 11(c) hereof, shall be deposited in the allocation fund previously created and designated "City of South Bend, Indiana, Department of Redevelopment, Northeast Neighborhood Development Plan, Allocation Area No. 1 Allocation Fund" (the "Allocation Fund"), and may be used only as provided in the Act, and more particularly to (i) pay the principal of and interest on any obligations payable solely from allocated tax proceeds which are incurred by the Redevelopment District for the purpose of financing or refinancing the redevelopment of the Area; (ii) establish, augment, or restore the debt service reserve for bonds payable solely or in part from allocated tax proceeds in Area; (iii) pay the principal of and interest on bonds payable from allocated tax proceeds in Area and from the special tax levied under Section 27 of the Act; (iv)pay the principal of and interest on bonds issued by the City to pay for local Cpublic improvements in or serving Area; (v)pay premiums on the - 4 - US.54690935.04