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A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH <br />BEND, INDIANA, ACCEPTING AND CONFIRMING A RESOLUTION OF <br />THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING <br />THAT THE TAX INCREMENT FOR ERSKINE VILLAGE TO BE <br />COLLECTED IN THE YEAR 2017 MAY BE ALLOCATED TO THE <br />RESPECTIVE TAXING UNITS AND OTHER RELATED MATTERS <br />STATEMENT OF PURPOSE AND INTENT <br />WHEREAS, the South Bend Redevelopment Commission (the "Commission "), the <br />governing body of the South Bend, Indiana, Department of Redevelopment (the "Department ") <br />and of the Redevelopment District of the City of South Bend, Indiana (the 'Redevelopment <br />District "), exists and operates under the provisions of IC 36 -7 -14, as amended from time to time <br />(the "Act "); and <br />WHEREAS, the Commission has previously adopted resolutions, which have been <br />amended from time to time, declaring the South Side Development Area to be a redevelopment <br />area within the meaning of the Ace (the "Area ") and designated territory within such Area as <br />Allocation Area No. 3 (the "Allocation Area ") under Section 39 of the Act; and <br />WHEREAS, the Commission, in accordance with the Act, has previously established an <br />allocation fund for the Allocation Area (the "Allocation Fund "); and <br />WHEREAS, Section 39 of the Act requires the Commission to determine the amount, if <br />any, by which the assessed value of the taxable property in the Allocation Area for the most <br />recent assessment date minus the base assessed value, when multiplied by the estimated tax rate <br />of the allocation area, will exceed the amount of assessed value needed to produce the property <br />taxes necessary to make, when due, principal and interest payments on bonds, plus the amount <br />necessary for other purposes described in Section 30; and <br />WHEREAS, if the amount of excess assessed value determined by the Commission is <br />expected to generate more than two hundred percent (200 %) of the amount of allocated tax <br />proceeds necessary to make, when due, principal and interest payments on bonds plus the amount <br />necessary for other purposes described in Section 39, the Commission shall submit to the <br />Common Council its determination of the excess assessed value that the Commission proposes <br />to release to the respective taxing units for confirmation or modification of such finding by the <br />Common Council and thereafter to provide notice to the St. Joseph County Auditor, the Common <br />