No. 0633 designating Monroe-Sample Dev. Area, declaring the Monroe-Sample Dev. Area to be blighted, approving a development plan/conditions under which relocation pmts. will be made

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.. 8111347 NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF SOUTH BEND REDEVELOPMENT COMMISSION, GOVERNING BODY OF THE CITY OF SOUTH BEND DEPARTMENT OF REDEVELOPMENT: I. That the Monroe Sample Development Area „ which is de- scribed in the first "WHEREAS" clause hereof, is blighted and constitutes a menace to the social and economic interest of the City of South Bend and its inhabitants and that it will be of public utility and benefit to acquire real estate in such area and redevelop the area under the provisions of the Act. 2. That the Department of Redevelopment proposes to acquire such real estate and the interests therein within the aforementioned boundaries as designated in the Development Plan and under the conditions set out therein. 3. That it is estimated that the cost of acquiring the properties in the area will be $1,025,000.00. 4. 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 following areas of the blighted area described in this Resolution shall be constituted an "Allocation Area" for purposes of the Act and this Resolution: 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, viz: Beginning at the intersection of the centerlines of Michigan Street and Monroe Street in said City; thence East, along said Monroe Street center- line, to the centerline of Lincolnway East; thence Southeasterly along said centerline to its inter -' section with the centerline of State Road 23; thence Southwesterly and Westerly along said center- line (being, in part, also known as the centerline of Sample Street) to its intersection with the center- line of Michigan Street; thence North along said center- line to the place of beginning. S. Such allocation area shall be designated the "Monroe Sample Development Allocation Area" ( "South Bend Allocation Area No. 311). 6. Any taxes levied on real property in said South Bend Allocation Area No. 3 in 1981, for collection in 1982, and there- after, except as hereinafter provided, for the benefit of any taxing unit entitled to a distribution 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 respect 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 im- mediately preceeding the effective date of these allocation provisions, which assessment date is March 1, 1981, shall be allocated to, and when collected shall be paid into the funds of the respective taxing units entitled to a distribution of such taxes; -2-