No. 2350 amending the Northeast Neighborhood Development Area Development Plan to establish a housing program

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,,. t • public body entitled to a distribution of property taxes on taxable property in Allocation Area No. 2 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, other than personal 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, 2007; (b) Property tax proceeds in excess of those described in Paragraph 7(a) shall be allocated to the Redevelopment District and, when collected, paid into an allocation fund for Allocation Area No. 2, such fund hereinafter created by this Resolution. (c) The proceeds distributed to the Redevelopment District pursuant to Paragraph 7(b) hereof, shall be deposited in an allocation fund designated "City of South Bend, Indiana, Department of Redevelopment, Northeast Neighborhood Development Area, Allocation Area #2 Allocation Fund" (the "Allocation Fund"), and may be used only for the following as provided for in the Act: (1) for purposes related to the accomplishment of the Housing Program, including the following. (A) to construct, rehabilitate, or repair residential units within Allocation Area No. 2; (B) to construct, reconstruct, or repair any infrastructure (including streets, sidewalks, and sewers) within or serving Allocation Area No. 2; (C) to acquire real property and interests in real property within Allocation Area No. 2; (D) to demolish real property within Allocation Area No. 2; (E) to provide financial assistance to enable individuals and families to purchase or lease residential units within Allocation Area No. 2, but only to those individuals and families whose income is at or below the county's median income for individuals and families, respectively; (F) to provide financial assistance to neighborhood development corporations to permit them to provide financial assistance for the purposes described in (E); and (G) to provide each taxpayer in Allocation Area No. 2 a credit for property tax replacement as determined in Section 48(c) and (d) of the Act, but only if the City Common Council establishes the credit by ordinance adopted in the year before the year in which the credit is provided; or (2) to accomplish the following for property that is residential in nature (A) pay the principal of and interest on any • obligations payable solely from allocated tax proceeds which are BDDBOI 4811822x3 - 3 -