No. 0889 declaring an area in the COSB as an EDA and approving a development plan for said area

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INTRODUCTION The Brick /Olive Economic Development Area ( "Area ") gives the City of South Bend an opportunity to provide prime commercial land for new and expanding firms. The area, consisting of approximately 98 acres, has been zoned "D ", Light Industrial, for many years. However, it has only been since 1983 that there has been any development in the Area. Lack of roadway access and utilities have deterred normal development and occupancy for land that otherwise is an excellent location for development. With the completion of the U.S. 31 Bypass beyond the Indiana Toll Road, the opportunity for expansion in this Area has been given a strong impetus. This Area is situated adjacent to the Bypass and Toll Road, and permits ready access to markets and traffic in all directions. It is the expectation of the Redevelopment Commission that this Area will attract significant new development to the City, create new employment opportunities and increase as well as diversify the local tax base. 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 ready for 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 the necessary capital improvements to spur the future growth and development of this Area and the South Bend community as a whole. I. DESCRIPTION OF PROJECT a. Boundaries of the Brick /Olive Economic Development Area A tract of land in the north half of Section 19, Township 38 North, Range 2 East, St. Joseph County, Indiana, said tract being more particularly described as follows: Commencing at the northwest corner of the East half of the Northwest quarter of said Section 19; thence S 00 52' 04" E along the West line of said East half, said line being also the centerline of Olive Road, 30.00 feet; thence N 89.55' 36" E, 30.00 feet to the true place of beginning; thence N 89 55' 38" E, parallel with the north line of the Northwest quarter of said Section 19, 217.89 feet; thence S 66 01' 40" E, 146.39 feet; thence S 88 47' 24" E, 1090.41 feet; thence S 85 17' 41" E, 561.96 feet to the West right -of -way line of U.S. 31 as described in Deed Record Book 745, Page 296; thence S 00 17' 00" E along said West right -of -way line, 1770.00 feet; thence S 02 19' 23" W along said West right -of -way line, 329.34 feet to -1- 9/8/89