No. 0800 redeclaring the SBCDA to be blighted for purposes of compliance with the Tax Reform Act of 1986

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WHEREAS, the Department has once again conducted surveys and investigations and. thoroughly studied the Area; and WHEREAS, the Commission has previously caused to be prepared maps and plats of the Area which show the boundaries of the Area the location of the variuos parcels of property, streets, alleys and other features affecting the acquisition, clearance, replatting, replanning, rezoning, or redevelopment of the Area, indicating the parcels of property to be excluded from acquisition and the parts of the Area that are to be devoted to public ways, levees, sewerage, parks, playgrounds, and other public purposes under Development Plan. WHEREAS, the Tax Reform Act of 1986, includes certain requirements which must be met in order to qualify interest on obligations of redevelopment districts for exemption from federal income taxation; and WHEREAS, the Commission finds it desirable and necessary to further amend the Declaratory Resolution No. 737 in'order to redesignate the Area as blighted in order to conform with requirements of the Tax Reform Act of 1986. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION, GOVERNING BODY OF THE CITY OF SOUTH BEND DEPARTMENT OF REDEVELOPMENT, as follows: 1. Based on evidence now submitted to the Commission, the Commission finds and determines that there is a substantial presence in the Area of excessive vacant land on which structures were located, abandoned or vacant buildings, old buildings, excessive vacancies, substandard structures; and delinquency in payment of real property taxes. 2. The Area continues to be blighted and to constitute a menace to the social and economic interest of the City of South Bench and its inhabitants, and it will be of public utility and benefit to acquire land within such area and to redevelop it under the Act. 3. The Area consists of four hundred forty -seven (44.7) acres and is contiguous and compact. 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 SPA limited as required by Section 144(c), and no use of the property within the area shall be allowed which use would 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 (20x) of the total assessed value of the real property located in the City of South Bend.