No. 0919 designating/declaring the AEDA, approving an economic development plan and establishing an allocation area for purposes of TIF

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provide for the allocation and distribution, as provided in the Act, of the proceeds of taxes levied on property situated in an allocation area, and the Commission deems it advisable to create an allocation area within and coterminous with the Area; and WHEREAS, the Economic Development Plan for the Area conforms to other development and redevelopment plans for the City; NOW THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The Commission hereby finds and determines that the Area is an Economic Development Area in that the economic development plan for the Area: (a) promotes significant opportunities for the gainful employment of the citizens of the City; (b) retains or expands a significant business enterprise existing in the boundaries of the City; and (c) meets the other purposes of Sections 2.5, 41 and 43 of the Act. 2. The Commission hereby finds and determines that the Economic Development Plan for the Area cannot be achieved by regulatory processes or by the ordinary operations of private enterprise without resort to the powers allowed under Sections 2.5, 41 and 43 of the Act because of: (a) lack of local public improvement; and (b) multiple ownership of land. 3. The Commission hereby finds and determines that the public health and welfare will be benefited by accomplishment of the Economic Development Plan for the Area. 4. The Commission hereby finds and determines that the accomplishment of the Economic Development Plan for the Area will be of public utility and benefit as measured by: (a) the attraction or retention of permanent jobs; (b) an increase in the property tax base; and (c) improved diversity of the economic base. 5. The Commission hereby finds and determines that the Economic Development Plan for the Area conforms to other development and redevelopment plans for the City. -7-