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South Bend edevelopment Commission <br />Reschedule Fegular Meeting - December 21, 1985 <br />6. NEW BUS NESS (Cont.) <br />a. Continued... <br />8. A of 10:00 a.m. December 21, 1984, no written <br />remonstrances were received. <br />Mr. Nimtz recognized and received the various <br />do nts and ordered them entered into the <br />Mrs Kolata explained that the basic change in the <br />Rum Village Industrial Park is to allow for taxes <br />generated from personal property to be captured as <br />part of the tax increment. Up until this time the <br />onl increment that was being captured was from <br />the real property, and State law has recently <br />changed to allow cities to use personal property <br />as part of the tax increment. <br />Mrs. Kolata read the following Finding of Fact <br />regarding the evidence of blight in the Rum <br />Vill ge Industrial Park: <br />The Rum Village Industrial Park has been zoned <br />"E Heavy Industrial for many years. Railroad <br />service is available to the area and State Highway <br />23 aiid U.S. 31 serve the industrial park. The <br />area is within the City limits and sewer and water <br />are available. With these attributes, the area <br />would normally be considered ideal for heavy <br />indu try. However soil conditions are most <br />unde irable for industrial development. Soil <br />borir.gs have shown an unstable muck surface <br />ranging from two to six feet throughout the area. <br />The cost estimate to demuck, fill, and tamp one <br />acre one foot in depth is $10,200. To remove and <br />refill one acre three feet in depth would be <br />$30,600. The extremely high cost of site <br />preparation makes it impossible for industrial <br />development of this area to take place as long as <br />alternate industrial sites exist which need only <br />normaL preparation. The average value for heavy <br />industrial sites in this area is in the <br />$4,001)-$5,000 per acre range. Prime industrial <br />land in the Airport Industrial Park is available <br />for uAder $25,000 per acre for rail sites which <br />are s rued with water and City sewer and have <br />paved streets, curbs, etc. <br />y the New Energy Corporation of Indiana <br />cted an ethanol plant within the Rum <br />-5- <br />