No. 3229 designating and declaring certain areas as economic development areas to amend the boundaries of the Airport Economic Development Area

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(}S bonds described in Paragraph 15(d) plus the amount necessary for the other purposes described in Paragraph 15(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 15(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 15(d) or lessors under Section 25.2 of the Act. 17. "Property Taxes" referred to herein shall mean taxes imposed - p Y posed under IC 6 1.1 on real property only. 18. 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. 19. 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 of(i) the lack of local public improvements or aging infrastructure improvements which hinder future re-use and further development of properties in the Expansion Area, (ii) reduced private capital investment in the Expansion Area as evidenced by the number of vacant and underutilized properties and properties in need of repair located in the Expansion Area, and (iii) lack of diversification of commercial and business investment and declining assessed value of a significant number of properties located in the Expansion Area. For the Lincolnway corridor, which is part of the Expansion Area, there are approximately four hundred ninety-seven (497) vacant and abandoned properties. For the Western corridor, which is part of the Expansion Area, there are approximately one hundred sixty-six (166) vacant and abandoned properties. 20. The Secretary of the Commission is directed to file a certified copy of the Plan Amendment with the minutes of this meeting. 21. The officers of the Commission are hereby directed to make any and all required filings and recordings with the Indiana Department of Local Government Finance, the St. Joseph County Auditor and the St. Joseph County Recorder in connection with the actions of the Commission contained in this Resolution regarding the Allocation Area, as amended hereby. 22. This Resolution, together with supporting data, shall be submitted to the Area Plan Commission and the Common Council of the City, as provided by Sections 16 of the - 8 US.54706909.04 :'