No. 2001 expanding the boundaries of the SBCDA, expanding the allocation area for purposes of TIF and amending the SBCDA development plan

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DESCRIPTION Expansion Area No. 5 is currently in the West Washington -Cha in Development Area. The Expansion Area is being transferred to the South Bend Central Development Area in order to finance a planned development project in the area. The development project involves the construction of a new building for the Studebaker Museum. A bond will be issued for the South Bend Central Development Area that will finance among other projects the construction of the Studebaker Museum. The Museum is currently located in the Central Development Area. Although the present site was originally intended for construction of a new museum it has been determined that the new site next to the Center for History would be more beneficial to the Museum and also complement the Center for History. Locating the two museums next to each other will permit certain economies of scale in the form of shared staff and facilities. Also, being in close proximity to each other will permit the two museums to offer joint exhibits and programs. Finally, locating the two museums close together will complement and strengthen the attractiveness of each organization to their clients and customers allowing those customers to see a greater variety of exhibits in one visit. As a result, the City is considering other potential uses for the present site of the Museum that will further contribute to the goals and objectives of the Central Development Area Development Plan. It is anticipated that the Museum will have a beneficial impact on the surrounding neighborhood by bringing new investment to that area. Also, the additional influx of museum customers will contribute to increased interest in the area for investment in both commercial activities and housing. Expansion Area No. 5 only contains properties devoted to the Center for History and the properties to be acquired for the Studebaker Museum. Expansion Area No. 5 was already determined to be in a blighted area when it was incorporated into the West Washington- Chapin Development Area. That status remains unchanged. The Museum will be located on several parcels of land. The parcels are being acquired by the Museum in collaboration with the South Bend Heritage Foundation. At present it is intended that the land will be donated to the City. If necessary, the parcels will be added at a later date to the property acquisition list for the Central Development Area. Plans call for the Studebaker Museum building to have three floors including a basement. It will contain approximately 49,000 square feet and hold approximately 115 cars but only 70 will be on display. The estimated construction cost is $6.5 million. NEW BOUNDARIES FOR THE SBCDA Identified below are the legal descriptions for Expansion Area No. 5 and the expanded SBCDA. A map showing the expanded area is attached at the end of this Amendment. L