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South Bend 4edevelopment Commission <br />Regular Meeting - October 23, 1987 <br />6. NEW BUSINESS (Cont.) <br />a. Continued... <br />Mrs. Kolata explained that Resolution No. <br />816 amends the declaratory resolution for <br />the Studebaker Corridor Development Area, <br />charging the personal property tax <br />increment financing provisions within the <br />area. Previously, the state law allowed <br />tax increment to be collected from <br />personal property with a useful life of <br />greater than eight years. The State <br />legislature amended that law to allow a <br />comTission to take a percentage of all <br />personal property tax increment. This <br />resolution confirms action taken by the <br />Co mission previously setting that <br />percentage at 25 %. <br />Mrs. Kolata read into the record the <br />Evid nce of Blight for the Studebaker <br />Corridor Development Area: <br />1. orty -nine percent (49 %) of the <br />tal building floor area in the <br />Err- <br />udebaker Plant Complex is vacant <br />underutilized. <br />2. ixty -four percent (64 %) of the <br />total building floor area in the <br />orth section (i.e., north of Sample <br />treet) of the Studebaker Plant <br />omplex is vacant or underutilized. <br />3. The condition of buildings in the <br />Studebaker Plant Complex is <br />deteriorating. Almost half (46 %) of <br />these buildings have an exterior <br />condition that is "poor" or "very <br />�oor" overall condition. <br />4. hirty -two percent (32 %) of the land <br />d buildings in the areas <br />Sub Areas A and B) adjacent to the <br />in plant complex are vacant or <br />derutilized. This is especially <br />prevalent in Sub Area A (i.e., <br />Franklin and Lafayette Streets) <br />here forty -five percent (45 %) of <br />he land and buildings area vacant <br />or underutilized. <br />-10- <br />