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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Council and thereafter to provide notice to the St. Joseph County Auditor, the Common Council, and the fiscal officers for each taxing unit located wholly or partly within the respective Allocation Areas before July 15 of each year written notice of the following: the amount, if any, of excess assessed value that the Common Council has determined may be allocated to the respective taxing units in the manner prescribed in Section 39; and WHEREAS, the Commission, in accordance with the Act, has determined that for tax year payable 2015, all of the assessed value in the Allocation Area is excess assessed value and may be allocated to the respective taxing units in the manner prescribed in Section 39 of the Act because the Commission has found that the amount 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, the Commission, in accordance with the Act, has submitted its determination to the Common Council for confirmation or modification; and WHEREAS, the Common Council finds that the determination made by the Commission is appropriate and should be confirmed. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: Section 1. Confirmation of Commission's Determination. The Common Council confirms the determination made by the Commission that for tax year payable 2016, all of the assessed value in the Allocation Area is excess assessed value and may be allocated to the respective taxing units in the manner prescribed in Section 39 of the Act pursuant to the findings made by the Commission that the amount 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. Section 2. Duration of Determination.