No. 0834 expanding the boundaries of the SBRDA, redeclaring the area as expanded to be blighted, for purposes of TIF, and amending the plan and reapproving the plan as amended

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line to the south right- of -way line of Jeffer- son Boulevard; thence west along said south right -of -way line to the centerline of the St. Joseph River; thence southeasterly along said centerline to the easterly projection of the southerly right -of -way line of Monroe Street; thence southwesterly along said projection and the southerly right -of -way line of Monroe Street to the easterly right -of -way line of Lincolnway east (U.S. Highway #33); thence southeasterly along said easterly right- of -way line to the south right -of -way line of Sample Street; thence west along said south right -of -way line to the place of beginning. 2. The Area is blighted to an extent that cannot be corrected by regulatory processes or the ordinary operations of private enter- prise without resort to the Act and it is a menace to the social and economic interests of the City of South Bend and its inhabi- tants and it will be of public utility and benefit, and the public health and welfare will be benefited by the acquisition and redevelopment of the Area under the provisions of the Act. 3. The South Bend Central Allocation Area (South Bend Alloca- tion Area No. 1A) is hereby expanded to include Expansion Area No. 1 so that the boundaries of the Allocation Area and the Area are coterminous. Any taxes levied on property imposed under IC 6 -1.1 in the Allocation Area shall be allocated, distributed and used as provided in Resolution No. 737, as amended, and the Act. The base assessment date for Expansion Area No. 1, for purposes of the Act, is March 1, 1988. The Allocation Area shall be hereafter known as "South Bend Central Allocation Area (South Bend Central Allocation Area No. 1A)." 4. All of the Area will be acquired, except as indicated on the maps and plats referred to above and the estimated cost of acquiring that part of the Area to be acquired, as determined by taking the average of the two(2) separate appraisals made by the independent appraisers, as set out in Resolution No. 737, as pre- viously amended. 5. Based on evidence now submitted to the Commission, the Commission finds and determines that there is a substantial pre- sence in the Area of excessive vacant land on which structures were previously located, abandoned or vacant buildings, old buildings, excessive vacancies, substandard structures, and delinquency in 10payment of property taxes. 6. The Area consists of four hundred forty -nine (449) acres and is contiguous and compact. 7. To the extent that qualified redevelopment bonds under Sec- tion 144(c) of the Internal Revenue Code of 1986 are issued to pay for all or part of the redevelopment within the Area, the use of the proceeds of such bond issue shall be limited as required by -7-