Resolution No. 3644 (City of South Bend ED Area Lincoln & Kennedy Park) - Signed

Home Browse Search

-4 - property in said Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area shall be allocated and distributed as follows: Except as otherwise provided in said Sections 39 and 56, the proceeds of taxes attributable to the lesser of the assessed value of the property for the assessment date with respect to which the allocation and distribution is made for the Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area, or the base assessed value, shall be allocated to and when collected paid into the funds of the respective taxing units. Except as otherwise provided in said Sections 39 and 56, property tax proceeds in excess of those described in the previous sentence shall be allocated to the District and when collected paid into the allocation fund for said Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area that may be used by the District to do one (1) or more of the things specified in Section 56(c) of the Act, as the same may be amended from time to time. Said allocation funds may not be used for operating expenses of the Commission. This allocation provision shall expire with respect to the Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area on the later of twenty (20) years from the date of issuance of debt secured by the allocated property taxes from the Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area, or at such time as no bonds payable from allocated property taxes are outstanding. Except as otherwise provided in the Act, before June 15 of each year, the Commission shall take the actions set forth in Section 56(d) of the Act with respect to the Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area. 8.The Commission hereby finds that the further amendments of the Declaratory Resolution and the Plan, as amended and restated herein, including to designate the Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area, conforms to the comprehensive plan for the City. 9.The map and plat of the Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area showing its boundaries, the location of the various parcels of property, streets and alleys, and other features affecting the acquisition, clearance, replatting, replanning, rezoning, redevelopment or economic development of the Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area, and the parts of the Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area that are to be devoted to public ways, levees, sewerage, parks, playgrounds and other public purposes under the Plan, are hereby approved and adopted as the map and plat for the Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area. 10.The Residential Amendments are reasonable and appropriate when considered in relation to the Declaratory Resolution and the Plan, as amended and restated herein, and the purposes of the Act. 11.The findings and determinations set forth in the Declaratory Resolution and the Plan, as amended and restated herein, are hereby reaffirmed.