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South Bead Redevelopment Commission <br />Special Meeting —June I, 2007 <br />2. NEW BUSINESS (CONY.) <br />B. Northeast Neighborhood Development Area <br />(1) Commission approval requested for <br />Resolution No. 2344 establishing a housing <br />program and designating and declaring a <br />housing allocation area in the Northeast <br />Neighborhood Development Area and <br />amending the Northeast Neighborhood <br />Development ment A.rea Development Flan. <br />Mr. Schalliol made a presentation on the <br />Housing Program. and Housing Allocation <br />Area. Mr. Schalhol noted that the Northeast <br />Neighborhood Development Area is a 620 <br />acre redevelopment area, designated in 2003 <br />and contains one allocation area. <br />Redevelopment areas are designated to <br />eliminate blighting factors and create new <br />growth opportunities. The designation of tax <br />increment finance allocation areas is allowed <br />in a redevelopment area. Recent legislation <br />in I.C. 36-7-14-46 allows for the designation <br />of a residential allocation area which allows <br />for the collection of new and improved single <br />and love density residential increment, in <br />addition to commercial and industrial <br />increment, and some forms of multifamily <br />increment. <br />It is our desire to carve out a portion of the <br />N"A TIF are to be a housing allocation <br />area, thereby dividing the NN DA into two <br />separate 'T1F areas, Allocation Area 91. and <br />2. Within Allocation Area 2, there would <br />be four planning areas. <br />The law stipulates that a Housing Program <br />Plan be created and adopted detailing goals <br />and objectives of the proposed area and must <br />1 <br />