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No. 1955 designating/declaring the SSED projectdistrict, approving the SSED project district development plan and determining to create an economic dev project district for purposes of sales TIF
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No. 1955 designating/declaring the SSED projectdistrict, approving the SSED project district development plan and determining to create an economic dev project district for purposes of sales TIF
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the Common Council is required to approve by ordinance the designation <br />of the project district. <br />After all of the aforementioned steps have been completed, the district is <br />established and the STIF funding mechanism is officially created. As this <br />is the first economic development project district that will be created within <br />the State of Indiana, the process will be defined and redefined as the <br />resolution and plan move through the process. <br />D. Permitted Use of Funds <br />Each of the four cities designated within the Indiana Code are allowed to <br />use the funds generated within the area for only specific uses. In South <br />Bend, the City may only use the generated funds for the following uses: <br />• Road, interchange, and right -of -way improvements <br />• Acquisition costs of a commercial retail facility and for real property <br />acquisition costs in furtherance of the road, interchange, and <br />right -of -way improvements <br />• Demolition of commercial property and any related expenses <br />incurred before or after the demolition of the commercial property <br />• For physical improvements or alterations o f property that enhance <br />the commercial viability of the district <br />E. Additional Information <br />For additional information about the Economic Development Project <br />District requirements, please refer to Indiana Code 36 -7 -26. <br />III. PROJECT DISTRICT DESCRIPTION <br />The decision to create and designate the South Side Economic <br />Development Project District came in response to the anticipated <br />development and redevelopment opportunities that are presenting <br />themselves for many project sites on the south side. The South Side <br />Development Area, a redevelopment project area, was designated in <br />December 2002 to facilitate the planning and management of a larger <br />ILI 11 <br />
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