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South Bend edevelopment Commission <br />Rescheduled Regular Meeting - December 21, 1985 <br />6. NEW BUSINESS ( font . ) <br />a. uonrcinuea.. . <br />Village Industrial Park. This development only <br />occurred because of public sector participation in <br />site preparation costs. Through an Urban <br />Development Action Grant from the Department of <br />Housing and Urban Development, $1,781,000 was used <br />to remove the muck and replace it with stable soil <br />and an additional $407,525 was needed to move <br />ele tric power lines that crossed the site. <br />Without this public assistance the project would <br />not have been constructed. <br />The Rum Village Industrial Park contains <br />approximately 412 acres. Of this, approximately <br />77 acres are owned by New Energy Corporation of <br />Indiana. The remainder of the area is vacant <br />land. The cost of preparing the vacant land for <br />ind strial development, when added to the fair <br />mar et value of the land, far exceeds the fair <br />mar et value for that land. <br />It is therefore concluded that the Rum Village <br />Ind strial Park is a blighted area due to soil <br />conditions which cause exceedingly high site <br />pre ration costs that prevent normal development <br />of he property. <br />The South Bend Redevelopment Commission finds that <br />the Rum Village Industrial Park remains blighted <br />to an extent that cannot be corrected by <br />regalatory processes or the ordinary operation of <br />private enterprise without resort to the <br />Red velopment of Cities and Towns Act, and that it <br />wilL be of public benefit to the public health and <br />wel are to redevelop the Rum Village Industrial <br />Park. <br />Mr. Nimtz asked if anyone desired to be heard <br />concerning the Rum Village Industrial Park public <br />hearincf. No one asked to be heard. <br />a motion made by Ms. Auburn, seconded by Mr. <br />!cki and unanimously carried, the Finding of <br />and Resolution No. 722 were adopted. <br />b. Public Hearing on the East Bank Development <br />Area with respect to confindrig Resolution No. <br />719 and approval of Commission Resolution No. <br />FINDING OF FACTS AND <br />RESOLUTION NO. 722 RELATING <br />TO THE RUM VILLAGE INDUSTRIAL <br />PARK WERE ADOPTED <br />