No. 0764 ratifying/confirming Res. No. 762, designating/declaring Studebaker Corridor dev. area to be blighted, approving a dev. plan/TIF

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RESOLUTION NO.764 �� 3 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT ;0 lac �- �"" COMMISSION RATIFYING AND CONFIRMING RESOLUTION NO. 762, DESIGNATING THE rF` STUDEBAKER CORRIDOR DEVELOPMENT AREA,:,..;� DECLARING THE STUDEBAKER CORRIDOR DEVELOPMENT- �.;;¢ AREA TO BE BLIGHTED, APPROVING A DEVELOPMENT -�• •• PLAN AND CONDITIONS UNDER WHICH RELOCATION PAYMENTS WILL BE MADE, AND ESTABLISHING AN ALLOCATION AREA FOR PURPOSES OF TAX INCREMENTAL FINANCING. WHEREAS, the City of South Bend, Indiana, Redevelopment Commission (Commission) at its regular meeting January 10, 1986, approved and adopted Resolution No. 762, designating the area described below as the Studebaker Corridor Development Area (Area), declaring the Studebaker Corridor Development Area to be blighted, approving the Studebaker Corridor Development Plan (Development Plan) and the South Bend Central Relocation Policy (Relocation Policy), which specifies conditions under which relocation payments will be made, and establishing an allocation area for purposes of tax incremental financing: A parcel of land being a part of the City of South Bend, Portage Township, St. Joseph County, Indiana and being more particularly described as follows: Beginning at the intersection of the centerline of Prairie Ave. and the northerly right -of -way line of the New York Central Railroad; thence, southeasterly along said line to the southeast corner of Lot #20 in the recorded plat of "Martin & Tutt's Addition to the City of South Bend "; as recorded in the records of said county; thence, southeasterly to the southwest corner of Lot #12 in said plat; thence, east along the line between Lots 12 & 13 in said plat to the centerline of a north -south alley lying between Main and Michigan Streets; thence, south along said centerline to the centerline of the first alley north of Tutt Street; thence, east along said line 35.00 ft. to the centerline of the first alley west of Michigan Street; thence, south to the centerline of Sample cr Street; thence, west along said centerline to the alley lying between Michigan and Main Streets; thence, south along said line to the centerline of Indiana Street; thence, west long said line to the centerline of Franklin Street; thence, north along said line to the centerline of the South Bend & St. Joseph Railroad; thence, west along said line to the centerline of Kendall Street; thence, north along said line to the centerline of Cotter Street; thence, west along said line to the centerline of Prairie Ave.; northeasterly along said line to the centerline of Chapin Street as shown on the recorded plat of "Inter Belt Industrial Park" as recorded in Book 21 of plats on Page 1 in the records of said county; thence, north along said line to the centerline of Prairie Ave. as shown on said plat; thence, east along said line 363.11 ft. to a point of curvature; thence around a 286.48 ft. radius curve to the left an arc distance of 302.26 ft. to a point of tangent; thence, northeasterly along said 0 centerline to the point of beginning. WHEREAS, the Commission submitted its Resolution No. 762 and the Development Plan to the Area Plan Commission of St. Joseph County for approval pursuant to the provisions of I.C.36- 7- 14 -16; and