No. 1154 modifying/confirming Resolution No. 1151 designating the SEDA, delaring the SEDA to be blighted, approving a dev. plan/conditions under which relocation payments will be made, establishing an allocation area for purposes of TIF

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While soil conditions are less than optimum for urban development purposes, the location near the U.S. 31 Expressway, rail lines, "E" - Heavy Industrial zoning and land for expansion are all major pluses that will serve as the foundation for future development. The prime deterrant for private sector investment and development remains the existing soil conditions and the cost of development per acre. Several other lesser barriers exist: the pockets of incompatible land uses, the need to upgrade the existing road and street system and the potential for water and soil contamination. Nonetheless, this sub -area offers one of the few locations within the city for industries in need of rail services and heavy industrial facilities and sites. In the initial stages of the planning schedule, the goals for the Rum Village Industrial Park should be extremely modest. The goals are modest because existing products, i.e., competing sites for industrial development must be absorbed by the private market place. These sites include the Airport and Toll Road Industrial Parks, the Studebaker Corridor, and, perhaps, sites located around the proposed IVY Tech campus in the Southeast Neighborhood. Many of these competing sites only allow light industrial so it will be important to have heavy industrial land available. The goals listed below are more opportunistic and reactive than will be found in the balance of this plan. RUM VILLAGE INDUSTRIAL PARK SUB -AREA GOALS • Develop the area on a project -by- project basis within the framework of a comprehensive site plan. The projects will be of a heavier industrial nature or those needing access to rail spurs. • Improve the condition of Olive Street as appropriate to the heavy industrial uses and concentration of truck terminals and truck servicing businesses. • Plan for the adaptive re -use of the Olive Street well field area with a mix of private and public uses. • Eliminate the incompatible residential land uses along Olive Street by purchasing and clearing the sites as the opportunities become available. • Acquire properties suitable for potential development on a limited and low cost basis when the opportunity presents itself either through direct purchase or the property tax sale process. -31- 5/21/93