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1 r Iauthorize the payment to the respective taxing units if to do so would endanger the interests of the holders of bonds described in Paragraph 11(d) or lessors under Section 25.2 of the Act. i I 12. "Property Taxes"referred to herein shall mean taxes imposed under IC 6- 1 1.1 on real property only. 13. 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. 14. 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 the lack of local public improvements which has resulted in less than desirable private capital investment in the Expansion Area as evidenced by the amount of vacant or underutilized properties in the Expansion Area, lack of diversification of commercial and business investment and declining assessed value of a significant number of properties located in the Expansion Area. The Expansion Area has approximately thirty-five (35) vacant lots totaling 3.55 acres and one (I) abandoned property. 15. The Secretary of the Commission is directed to file a certified copy of the Plan Amendment with the minutes of this meeting. A" I 16. 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. 17. 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 Act, for the approval of this Resolution and the Plan Amendment, and if approved by both bodies, this Resolution and the Plan Amendment shall be submitted to public hearing and remonstrance as provided by Sections 17 of the Act, after public notice in accordance with Sections 17 and 17.5 of the Act and Indiana Code 5-3-1 and after all required filings with governmental agencies and officers have been made pursuant to Sections 17(b) and 17(c) of the Act. 18. All orders or resolutions in conflict herewith are hereby rescinded, revoked and repealed in so far as such exist. • 1 19. This Resolution does not affect any rights or liabilities accrued, penalties incurred, offenses committed, or(except as otherwise provided herein)proceedings begun before 1 the effective date of this Resolution. r e - 6 - US.54690935.04 k, G I