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and benefit and said Declaratory Resolution is now hereby ratified, confirmed and <br />approved. <br />BE IT FURTHER RESOLVED, after careful consideration of the evidence <br />submitted to the Commission, the Commission hereby adopts and confirms the following <br />Findings of Fact for the Northeast Neighborhood Development Area: <br />i. Based upon evidence submitted to the Commission, the <br />Commission finds and determines that there is a substantial presence in the <br />area designated as the Northeast Neighborhood Development Area <br />( "Area ") of excessive vacant land, abandoned or vacant buildings, old <br />buildings, excessive vacancies, substandard structures, deteriorating <br />infrastructure and lack of infrastructure sufficient to support <br />redevelopment of the Area. <br />ii. The Commission further finds that the Area is blighted and <br />constitutes a menace to the social and economic interest of the City of <br />South Bend and its inhabitants, and it will be of public utility and benefit <br />to acquire land within such Area and to redevelop it under the Act. <br />iii. The assessed value of the real property of the Area when added to <br />the assessed value of the real property located in all redevelopment areas <br />does not exceed twenty percent (20 %) of the total assessed value of the <br />real property located in the City of South Bend. <br />iv. The Northeast Neighborhood Development Area Plan ( "Plan ") for <br />the Area will result in the demolition and/or selective demolition and reuse <br />of blighted structures. Alleviating this blight and its blighting influence is <br />projected to be a catalyst to ongoing and future development in the area. <br />V. The Plan for the Area delineates five (5) Sub -Areas to be known as <br />(i) the Eddy Street Commercial Redevelopment Sub -Area (ii) the <br />Georgiana- Talbot Residential Redevelopment Sub -Area; (iii) the <br />Homeownership Preservation Sub -Area; (iv.) The St. Joseph Regional <br />Medical Center Redevelopment Sub -Area; and (v) the Madison Center <br />Campus Housing and Commercial Redevelopment Sub -Area. <br />vi. The Plan for the Area cannot be achieved without the designation <br />of the Area as a redevelopment area because of stagnated or depressed <br />levels of private investment within the Area and because of the existence <br />of blighted conditions as defined at Ind. Code § 36- 7 -1 -3. <br />vii. The Plan for the Area will allow for the master - planned <br />L� Page -5- <br />