RM 10-27-89 - Laserfiche WebLink

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South Bend. Regular Mee 6. NEW BUS b. Com Res Mrs No. Exp , for reds acr des Cent exc. use elopment commission - October 27, 1989 (Cont.) Kolata offered Substitute Resolution 893. The changes made are: 1) nsion Area No. 2 does not include the water Area and the legal description Expansion Area No. 2 is modified. It ces Expansion Area No. 2 from 80 s down to 60.22 acres. 2) the legal ription for the Expanded South Bend ral Development Area is revised to ude the Edgewater Area. 3) the land plan excludes the two areas in the water neighborhood. Mr. Piasecki made a motion to consider SubEtitute Resolution No. 893. Mr. Doncho seconded the motion and it was unar ly approved. Upon a motion by Ms. Auburn, seconded by Mr. Dondho and unanimously carried, the Comission approved Substitute Resolution No. 893 expanding the boundaries of the South Bend Central Development Area, expanding the allocation area for purposes of tax increment financing, and myending the South Bend Central Development Area Development Plan. Mrs. Kolata noted that under the reguLations for the Rental Rehab Program, 10% of the loan is forgiven per year for ten years if the property owner meets the following conditions: 1) the borrower remaLns the title holder; 2) the property is k pt in good repair; 3) the owner main ins adequate fire and liability cove-age on the property; 4) taxes are kept paid to date; 5) the property is main fined as rental Property, aff' tively marketed for fair housing. -16- COMMISSION WILL CONSIDER SUBSTTIUTE RESOLUTION NO. 893 *-#NMISSICN APPROVED RESO=CN NO. 893 EXPANDING BOUNDARIES OF E SOUTH BEND CENTRAL DEVELOPMENT EXPANDING THE ALLOCATION AREA PURPOSES OF TAX INCREMENT FENANCING AND AMENDING UE S • BEND CENTRAL DEVELOPMENT AREA DEVELOPMENT