No. 0632 amending Res. No. 626 declaring the East Bank Dev. Area to be blighted, approving a development plan/conditions under which relocation payments will be made

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-2- NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION, governing body of the Department as follows: SECTION I. The Declaratory Resolution No. 626 shall be amended by add- ing the following paragraphs thereto: 7. For purposes of the allocation provisions of the Redevelopment of Cities and Towns Act of 1953, as amended (Indiana Code 18 -7 -7) ( "Act "), the follow- ing areas of the blighted area described in this Resolution shall be constituted an "Allocation Area" for purposes of the Act and this Resolution: Beginning at the point of intersection of the North right -of -way line of Sorin Street with the East right -of -way line of Niles Avenue in said City; thence South along said East right -of -way line of Niles Avenue to the centerline of the first four- teen (14) foot alley lying North of Cedar Street and between Niles Avenue and Hill Street; thence East along said centerline, to the centerline of Hill Street, a sixty -six (66) foot right -of -way; thence South, along said Hill Street centerline, to the centerline of Jefferson Boulevard; an eighty -two and one -half (82.5) foot right -of -way; thence West, along said Jefferson Boulevard center- line to the center of the St. Joseph River; thence in a Northwesterly and Northeasterly direction along the centerline of said River to its intersection with the projected North right -of -way line of said Sorin Street; thence East, along said projection and along said North right -of -way line to the East right - of -way line of Niles Avenue which is the place of beginning. (See Attachment "A ") 8. Such allocation area shall be designated the "Fast Bank Development Allocation Area" ( "South Bend Allocation Area No. 2 "). 9. Any taxes levied on real property in said South Bend Allocation Area No. 2 in 1980, for collection in 1981, and thereafter, except as hereinafter provided, for the benefit of any taxing unit entitled to a distribu- tion thereof, shall be allocated and distributed as provided in the allocation and distribution provisions of the Act, and more particularly as follows: (a) the proceeds of such taxes attributable to the lesser of (i) the assessed value of all such property in said Allocation Area No. 2 for the assessment date with re- spect to which the allocation and dis- tribution is made or (ii) the assessed value of all such property as finally determined for the assessment date immediately preceeding the effective date of these allocation provisions, which assessment date is March 1, 1980, shall be allocated to, and when collected shall be paid into the funds of the re- spective taxing units entitled to a dis- tribution of such taxes;