No. 1545 making certain technical corrections to resolution No. 1349 and expanding the allocation area for purposes of TIF and amending the AEDA development plan

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INTRODUCTION it The Airport Economic Development Area ( "Area ") provides the City of South Bend with a unique opportunity to improve its economic position in a Midwestern, regional and local context. By opening up a large, new area for commercial and industrial development, the City will generate new jobs, increase its tax base, diversify business opportunities and compete in a larger marketplace while at the same time generating millions of dollars of new investment for North Central Indiana. The Area, which is zoned primarily for industrial purposes, is a prime site for new development due to its ready access to an excellent transportation network that includes air (Michiana Regional Airport), rail (the South Shore Railroad will likely relocate there) and highway (several major local arterials, the U.S. 31 bypass and the Indiana Toll Road Exit 72). All of these combine to permit ready access to local, regional and Midwest markets in all directions. Added to this strong transportation network is the presence in the Area of the highly successful Airport and Toll Road Industrial Parks, which provide a solid employment and tax base for the region as well as an excellent economic development model. With these existing industrial parks nearly out of developable space, the Airport project is the next logical step. When completed, this major, multi -use, economic development project will offer an excellent environment for business development that will spur the economy of South Bend as well as that of North Central Indiana. While the above mentioned factors combine to provide a strong impetus for development of this Area, lack of interior roadway access and the absence of utility infrastructure have hindered normal development of an otherwise excellent site. It is the expectation of the Redevelopment Commission that the development of this Area will produce a significant increase in the City's overall economic vitality. To achieve this, however, the Redevelopment Commission and the City of South Bend must be able to provide the necessary public improvements to make the site suitable for new development. This requires public funds for capital improvements. The best method for funding these improvements without adding to the tax burden is through tax incremental financing. This tool is currently available only in redevelopment and economic development areas and will be of the utmost importance in this project. By using the tax increment generated by new development, the City will be in a position to provide