No. 0801 redeclaring the Studebaker Corridor Development Area to be blighted for the purposes of compliance with the Tax Reform Act of 1986

Home Browse Search

4. To the extent that qualified redevelopment bonds under Section 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 Section 144(c), and no use of the property within the area shall be allowed which use would be prohibited by Section 144(c). 5. The assessed value of real property in the Area when added to the assessed value of the real property located in all redevelopment areas does not exceed twenty percent (20 %) of the total assessed value of the real property located in the City of South Bend. 6. The Commission hereby readopts the Development Plan as previously amended and directs the Secretary to file a certified copy of the Development Plan, as amended, with the minutes of this meeting. 7. All other findings, determinations, and conclusions in Resolution No. 762 shall remain as stated therein. 8. This Resolution, together with supporting data, shall be submitted to the Area Plan Commission of St. Joseph County and the Common Council of the City of South Bend, as provided OPA by I.C. 36- 7- 14 -16, for the approval of the Resolution and the Development Plan, as previously amended and if approved by both bodies, the Resolution and the amended Development Plan shall be submitted to public hearing and remonstrance as provided by I.C. 36- 7- 14 -17, after public notice in accordance with I.C. 36- 7 -14 -17 and I.C. 5 -3 -1. 9. All orders or resolutions in conflict herewith are hereby rescinded, revoked and repealed insofar as such exists. 10. This Resolution does not affect any rights or liabilities accrued, penalties incurred, offense committed, or proceedings begun before the effective date of this Resolution. Those rights, liabilities, penalties and proceedings continue and shall be imposed and enforced under superceded resolutions as if this Resolution had not been enacted. 11. The United States of America is hereby assured of full compliance by the South Bend Redevelopment Commission with regulations of the Department of Housing and Urban Ark Development effectuating Title VI of the Civil Rights Act of 1964, as amended. Adopted at the Regular Meeting of the South Bend Redevelopment Commission held on April 24, 1987 at the office of