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South Bend Redevelopment Commission <br />Regular Meeting —March 21, 2003 <br />6. NEW BUSINESS (CONT.) <br />F. South Side Development Area <br />(1) Commission approval requested for <br />Resolution No. 1955 designating and <br />declaring the South Side Economic <br />Development Project District, approving <br />the South Side Economic Development <br />Project District Development Plan and <br />determining to create an Economic <br />Development Project District for purposes <br />of sales tax increment financing. <br />Mr. Schalliol reported that Declaratory <br />Resolution No. 1955 is for the designation <br />of the South Side Economic Development <br />Project District. Approval of Resolution <br />No. 1955 will also begin the establishment <br />of a Sales Tax Increment Finance District <br />ILwithin the designated area. As part of the <br />designation of the STIF district, the <br />Commission declares that completion of the <br />redevelopment and economic development <br />of the District is in accordance with the <br />Development Plan. To meet that <br />requirement there are four items which need <br />to be completed: <br />1) Attract new business enterprises to the <br />District or retain or expand existing <br />business enterprises in the District; <br />2) Benefit the public health and welfare and <br />be of public utility and benefit; <br />3) Protect and increase state and local tax <br />bases or revenues; and <br />4) Result in a substantial increase in <br />temporary and permanent employment <br />24 <br />