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South Bend Regular Mee 6. NEW BUS a. Con elopment Conmdssion - June 14, 1985 (Cont.) In suffmary, Mr. Jannotta noted the inclusion of the proposed expansion areas into each development and the merger of the three development areas are appropriate and will facilitate the overall management, planning and development of these areas to the benefit of the City as a whole. Mr. Nimtz thanked Mr. Jannotta and Mr. Nelson for their report. The Chair entered the study from Jannotta & Associates into the record. Mrs Kolata read the findings of evidence of blight in the following Findings of Fact dated June 14, 1985: The South Bend Redevelopment Commission has conducted a study of the South Bend Central Development Area (Area) and has found that the Area is blighted to an extent that cannot be corrected by regulatory processes or by the ordinary operations of private enterprise without resort to the Indiana Redevelopment Law IC 36- 7 -14 -1, et'. seq. Blight is found in the Area based on the following facts: 9M In the portion of the Area previously designated as the Central Downtown Urban Renewal Area: 1. Six percent (6 %) of the land is currently vacant. (This does not include land used for streets and alleys.) 2. Fourteen percent (14 %) of the land is currently underutilized or has buildings on it that are underutilized. (This does not include land used for streets and alleys.) 3. There is currently 462,499 square feet of Class A office space with a vacancy rate of three percent (3 %), 465,089 square feet of Class B office space with a vacancy rate of twenty -four percent (24 %) and 40,500 square feet of Class C office space with a vacancy rate of forty percent (40 %). This is an overall vacancy rate of nearly fifteen percent (15 %). -14- FINDINGS OF FACT WERE READ INTO THE RECORD