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Sout Regt 5. W h Bend Redevelopment Commission .lar Meeting - May 10, 1985 OLD BUSINESS ias no old business. There New Business approval requested for Resolution a. CoTmission No. 737 designating the South Bend Central Development Area, declaring the South Bend Ce tral Development Area to be blighted, ,a 2=oving a development plan and conditions under which relocation is will be made and establishing an allocation area for purposes of Tax Incremental Financing. Mr. Hunt explained that Resolution No. 737 represents a merger of the three existing Redevelopment areas, East Bank, Monroe Park, and Central Downtown Urban Renewal Area. Si ace 1968 those three areas have been de Tared separate Redevelopment projects. M Hunt stated that this is the first step in t process that would merge those three areas into one Redevelopment area and also expand the areas. The staff recommends that the merger be approved for several reasons. First, all three areas are interrelated both physically and functionally, for example traffic patterns, sale of land, goals and objectives In order to address our needs in 1990 and beyond, in Redevelopment's revitalization ani physical redevelopment efforts in the core o the City, we will need a comprehensive plan that views all three areas as one functional area. Secondly, from an internal management standpoint it is more efficient to have one project area as opposed to three separate project areas in terms of record keeping, filing, accounting and financial aspects. Thirdly, it will allow Redevelopment to merge the corresponding tax increment financing allocation areas. There currently are four separate allocation areas. For those reason; the staff would recommend to the Coninission that the merger and expansion be approved. -3- M ze THERE WAS NO OLD BUSINESS