No. 0690 redeclaring the Central Downtown Urban Renewal Area to be blighted, expanding the boundaries of the area, establishing an allocation area for purposes of TIF, reapproving the urban renewal plan and amendments thereto

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8401905 Allocation Area No. 1, to reimburse the City for expenditures made by it for local public improvements (which include buildings, parking facilities, and other items described in I.C. 36- 7- 14- 25.1(a)) in Amended Allocation Area No. 1, or for rentals paid by it for a building or parking facility in Amended Allocation Area No. 1 under any lease entered into under I.C. 36 -1 -10. When money in the Special Fund shall be sufficient to pay when due all principal and interest on bonds described in Section 7(a), (c) and (d) above, and is not needed for the other purposes described in Section 7(b) and (d) above, any money in the Special Fund in excess of such amount shall be paid to the respective taxing units entitled thereto in the manner provided in paragraph 6(a) hereof, and thereafter the allocation and distribution provided for in paragraph 6 hereof shall be discontinued, and taxes on property in Amended Allocation Area No. 1 shall thereafter be distributed without regard to the provisions of Section 39 of the Act. 8.) Property taxes referred to herein shall mean taxes imposed under I.C. 6 -1.1 on real property and taxes imposed under I.C. 6 -1.1 on depreciable personal property that has a useful life in excess of eight (8) years, as determined by the state board of tax commissioners. 9.) The Department has acquired land and proposes to acquire land and the interests therein within the Expanded Area and under the conditions set out in the Urban Renewal Plan as hereby amended. 10.) That it is hereby found and determined that the objectives of the Urban Renewal Plan as amended cannot be achieved through more extensive rehabilitation of the Expanded Area. 11.) That the amended page and the pages amending the Urban Renewal Plan are hereby in all respects approved and the Secretary is hereby directed to file a certified copy of each said page with the minutes of this meeting. 12.) That the United States of America and the Secretary of the Department of Housing and Urban Development be, and they hereby are, assured of full compliance by the City of South Bend Department of Redevelopment with regulations of the Department of Housing and Urban Development effectuating Title VI of the Civil Rights Act of 1964. -5-