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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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Development Project District Development Plan" ( "Plan") attached hereto and incorporated <br />herein as Exhibit "A " conforms to other development and redevelopment plans for the City and <br />is reasonable and appropriate when considered in relation to Ind. Code 36 -7 -14 and Ind. Code <br />36 -7 -26. <br />7. The Commission hereby finds and declares that completion of the redevelopment <br />and economic development of the District in accordance with the Plan shall: <br />(1) Attract new business enterprises to the District or retain or expand existing <br />business enterprises in the District; <br />(2) Benefit the public health and welfare and be of public utility and benefit; <br />(3) Protect and increase state and local tax bases or revenues; and <br />(4) Result in a substantial increase in temporary and permanent employment <br />opportunities and private sector investment within the District. <br />8. The Commission hereby approves and adopts the "South Side Economic <br />Development Project District Development Plan" as the economic development plan for the <br />District subject to approval by the State Board of Finance, approval by ordinance of the Common <br />Council of the City of South Bend and thereafter, a confirmatory resolution of the Commission <br />ILafter a duly called meeting. <br />BE IT FURTHER RESOLVED O ED that the redevelopment of the South Side Economic <br />Development Project District shall be taken and accomplished in accordance with the South Side <br />Economic Development Project Development Plan. <br />BE IT FURTHER RESOLVED that all proceedings related to the redevelopment herein <br />described area shall be referred to as the South Side Economic Development Project District. <br />BE IT FURTHER RESOLVED BY THE SOUTH BEND REDEVELOPMENT <br />COMMISSION PURSUANT TO IND. CODE § 36- 7 -26 -1, ET SEQ., CONCERNING THE <br />ESTABLISHMENT OF AN ECONOMIC DEVELOPMENT PROJECT DISTRICT FOR <br />PURPOSES OF SALES TAX INCREMENT FINANCING, THAT: <br />A. As used in this Resolution, the following terms shall be defined as follows: <br />(1) "Adjustment factor" means the amount, stated as a percentage that the <br />State Board of Finance ( "Board ") determines under Ind. Code § 36- 7 -26 -22 <br />should be applied in determining the District's net increment not to exceed eighty <br />percent (80 %). <br />35 <br />
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