8526-94 Amending Section 2-151 Designate Additional Areas Economic Development Target Areas

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• • BILL NO. ORDINANCE NO, SJSa G- AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AMENDING SECTION 2-151 OF THE SOUTH BEND MUNICIPAL CODE TO DESIGNATE ADDITIONAL AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, AS AN ECONOMIC DEVELOPMENT TARGET AREA, AND AMENDING SECTION 2-76.1 TO ADD ADDITIONAL AREAS TO THE TAX ABATEMENT IMPACT AREA (TAIA) STATEMENT OF PURPOSE AND INTENT I.C. 6-1..1-12.1, as amended provides for the designation of specific geographic areas in the City of South Bend to be economic development target areas. The South Bend Economic Devlopment Commission (Commission) has favorably recom- mended to the Common Council of the City of South Bend, the designation of certain geographic territory within the City of South Bend,Indiana,as an economic development target area. The Common Council, upon investigation, has found that the geographic territory within the City of South Bend,Indiana, descirbed below (Area) qualifies as an economic development target area because it has become undesirable or impossible for normal development and occupancy because of lack of development, cessation of growth, deterioration of improvements, and because of the adverse character of occupancy,age,obsolescence, substandards buildings,andother factors which have impaired values and which prevent a normal development of the property use. The Common Council has also determined the designation of the Area will not result in more than 15% of the total geographic territory of the City having been designated economic development target areas and that designation of the Area as an economic development target area is of economic benefit to the City of South Bend,Indiana,and its citizens. NOW, THEREFORE, be it ordained by the Common Council of the City of South Bend, Indiana, as follows: Section I. The South Bend Common Council hereby finds that the Area has become undesirable or impossible for normal development and occupancy because of lack of development, cessation of growth, deterioration of improvements or character of occupancy, age, obsolescence, substandard buildings,or other factors that have impaired values or prevent a normal development of the property or use of the property. It is also hereby found that the Area is suffering from an abnorally high vacancy rate is accelerating,and which threatens the viability of the reatail sector of the City's economy. It has further found that said occupancy rate has been accelerating and,based upon economic trends occuring throughout the nation, oses a significant threat the the City's economy. It has further founf that the structures in the Area have been allowed to deteriorate and are in need of substantial upgrading to enable the Area to return to economic viability, and that incentives are necessary and appropriate to return the Area to a healthy development trend. Section II. The addition of the Area the designation of an economic development target area will result in less than 15% of the total geographic territory of the City of South Bend, Indiana, to be in economic development target areas. Section III. Chapter 2, Article 13 (a), Section 2-151 of the South Bend Municipal Code is amended by the addition of the following area within the City of South Bend, Indiana, to the and of its current legal description of the geogrphic areas within the City of South Bend, Indiana, Constituting economic development target area commonly described as "South Bend Central Development Area": Beginning at the intersection of the South right-of-way line of Monroe Street and the West right-of-way line on Main Street; Thence North along said West right-of-way line to the South right-of-way line of Wayne Street; Thence West along said South right-of-way line to its intersec- tion with the projected centerline of the first fourteen-foot alley West of Lafayette Boulevard; Thence North along said centerline of the said alley and its projection, also known as St. James Court,to its intersection with the North right-of-way line of LaSalle Street; Thence North extended in the center line of the North-South alley to the center line of the first East-West alley;Thence East .