No. 0750 ratifying/confirming Res. No. 745, redeclaring the SBCDA to be blighted and amending the development area

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_ �s52ir— }� Exhibit A to Resolution No. 739 South Bend Central Development Area Findings of Fact. June 14, 1985 ThE' South Bend Redevelopment Commission has conducted a study of the South Bend Central Development Area (Area) and has found that the • Area is blighted to an extent that cannot be corrected by regulatory processes or by the ordinary operations of private enterprise without resort to the Indiana Redevelopment Law, IC 36- 7 -14 -1, et. seq. Blight is found in the Area based on the following facts: A. In the portion of the Area previously designated the Central. Downtown Urban Renewal Area: 1. Six percent (6 %) of the land is currently vacant. (This does not include land used for streets and alleys.) 2. Fourteen percent (14 %) of the land is currently underutilized or has buildings on it that are underutilized. (This does not include land used for streets and alleys.) 3. There is currently 462,499 square feet of Class A office space with a vacancy rate of three percent (3 %), 465,089 square feet of Class B office space with a vacancy rate of twenty -four percent (24 %) • and 40,500 square feet of Class C office space with a vacancy rate of forty percent (40 %). This is an overall vacancy rate of nearly fifteen percent (15 %). 4. The number of retail. establishments has decreased from sixty -six (66) in 1977 to twenty -seven (27) at the present time. Of the 350,293 square feet of retail space, 229,873 square feet, nearly sixty -six percent (66%), is vacant. 5. The number of restaurants has decreased from fifteeni(15) in 1977 to nine (9) at the present time. Of the 39,067 square feet of restaurant space nearly nine percent (9 %) is vacant. 6. Thirty -five percent (35 %) of the store fronts are currently vacant. B. In the portion of the Area previously designated as the Bast Bank Development Area: is l.. Twenty -nine percent (29 %) of the land is currently vacant. (This does not include land used for streets and alleys.) 2. There are sixty -one (61) commercial structures. Four of these structures have been acquired by the Department of Redevelopment and are scheduled for demolition. These buildings contain 53,280 square feet and are on parcels totalling 92,448 square feet. when cleared, this will mean an additional . four percent (4 %) of the area will. be vacant, making a total. of thirty - three percent (33 %) of vacant land, exclusive of streets and alleys. 3. An additional ten structures are vacant and not scheduled for Redevelopment acquisition. These buildings contain 114,090 square feet of space. Six other structures are underutilized or partially vacant. These buildings contain 304,104 square feet of space. 4. Of the sixty -one (61) commercial. structures, approximately eighty -two percent (82 %) require cosmetic and /or structural repairs.