Confirming a Resolution of South Bend Redevelopment Commission Determining that the Tax Increment for Erskine Village to be Collected in Year 2016 may be Allocated

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RESOLUTION -L'( � 2- -1 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, ACCEPTING AND CONFIRMING A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING THAT THE TAX INCREMENT FOR ERSKINE VILLAGE TO BE COLLECTED IN THE YEAR 2016 MAY BE ALLOCATED TO THE RESPECTIVE TAXING UNITS AND OTHER RELATED MATTERS STATEMENT OF PURPOSE AND INTENT WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the governing body of the South Bend, Indiana, Department of Redevelopment (the "Department ") and of the Redevelopment District of the City of South Bend, Indiana (the "Redevelopment District "), exists and operates under the provisions of IC 36 -7 -14, as amended from time to time (the "Act "); and WHEREAS, the Commission has previously adopted resolutions, which have been amended from time to time, declaring the South Side Development Area to be a redevelopment area within the meaning of the Act (the "Area") and designated territory within such Area as Allocation Area No. 3 (the "Allocation Area") under Section 39 of the Act; and WHEREAS, the Commission, in accordance with the Act, has previously established an allocation fund for the Allocation Area (the "Allocation Fund "); and WHEREAS, Section 39 of the Act requires the Commission to determine the amount, if any, by which the assessed value of the taxable property in the Allocation Area for the most recent assessment date minus the base assessed value, when multiplied by the estimated tax rate of the allocation 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, plus the amount necessary for other purposes described in Section 39; and WHEREAS, if the amount of excess assessed value determined by the Commission is expected to generate more than two hundred percent (200 %) of the amount of allocated tax proceeds necessary to make, when due, principal and interest payments on bonds plus the amount necessary for other purposes described in Section 39, the Commission shall submit to the Common Council its determination of the excess assessed value that the Commission proposes to release to the respective taxing units for confirmation or modification of such finding by the Common