No. 2348 designating boundary changes to AEDA to add SEDA, LaSalle Square and Marycrest/Hurwich

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• Marycrest/Harwich Area as the "Airport Economic Development Area, Allocation Area No. 1, Expansion Area No. 24" ("Allocation Area No. 1, Expansion Area No. 24"). 14. Any property taxes levied on property in Allocation Area No. 1, Expansion Area No. 23 and Allocation Area No. 1, Expansion Area No. 24 in 2007 for collection in 2008, and thereafter, except as otherwise provided in Section 9 of the Act, by or for the benefit of any public body entitled to a distribution of property taxes on taxable property in Allocation Area No. 1, Expansion Area No. 23 and Allocation Area No. 1, Expansion Area No. 24 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 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; and, to the extent not included in the; abo~c, the proceeds of taxes attributable to property that is assessed as residential property under the rules of the Department of Local Government Finance regardless of the assessment date for such residential property shall be allocated to. and when collected, paid into the funds of the respective taxing units; (b) Property tax proceeds collected in excess of those described in clause (a) shall be allocated to the Redevelopment District and, when collected, paid into an allocation fiend previously established for Allocation Area No. 1, such fund hereinafter continued by this Resolution; (c) The proceeds distributed to the Redevelopment District pursuant to Paragraph 14(b) hereof, shall be deposited in an allocation fiord previously established and designated as "City of South Bend, Indiana, Department of Redevelopment, Airport Economic Development Area, Allocation Area No. 1 Allocation Fund" (the "Allocation Fund"), and may be used only as provided for in the Act, and more particularly to (i) pay the principal of and interest on any obligations payable solely from allocated tax proceeds which are incurred by the Redevelopment District for the purpose of financing or refinancing the redevelopment of Allocation Area No. 1; (ii) establish, augment, or restore the debt service reserve for bonds payable solely or in part from allocated tax proceeds in Allocation Area No. 1; (iii) pay the principal of and interest on bonds payable from allocated tax proceeds in Allocation Area BDDBOI 4756224v4 - 6