9445-03 Approving the Redevelopment Commission's creation of the South Side Economic Development Project District

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ORDINANCE NO. ~ S d3 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA APPROVING THE SOUTH BEND REDEVELOPMENT COMMISSION'S CREATION OF THE SOUTH SIDE ECONOMIC DEVELOPMENT PROJECT DISTRICT AND THE SOUTH SIDE ECONOMIC DEVELOPMENT PROJECT DISTRICT DEVELOPMENT PLAN FOR THE PURPOSES OF UTILIZING SALES TAX INCREMENT FINANCING ("BYTE") STATEMENT OF INTENT AND PURPOSE Indiana Code § 36-7-26 establishes a mechanism for the creation of an economic development project district and to utilize sales tax increment financing within said district for the purposes of redeveloping and stimulating the economic development within those areas declared to be stagnant or deteriorating. Consistent with the procedures prescribed by Ind. Code § 36-7-26, the South Bend Redevelopment Commission ("Commission"), by its declaratory Resolution No. 1955 adopted March 21, 2003 ("Declaratory Resolution") has heretofore declared the area described more particularly in Section II of this Ordinance to be stagnant and deteriorating within the meaning of Ind. Code § 36-7-26 and has further determined that economic conditions in said area are beyond remedy and control by existing regulatory processes because of the substantial public financial commitments necessary to encourage significant increased in economic activities in said area, and economic development of said area can be accomplished only by a coordinated effort of local and state governments. The Commission has designated the area described in Section II of this Ordinance as the "South Side Economic Development Project District" and, in accordance with Ind. Code § 36-7-26- 16 has submitted its Declaratory Resolution No. 1955 determining to create the South Side Economic Development Project District ("BYTE District") together with the South Side Economic Development Project District Development Plan ("ST1F District Development Plan")and supporting data to the State Board of Finance for its approval. Consistent with Ind. Code § 36-7-26-16, the State Board of Finance at its meeting of July 21, 2003, has reviewed the Commission's Declaratory Resolution No.1955 and supporting data, and has approved the Commission's Declaratory Resolution No. 1955 and the STIF District Development Plan subject to certain modifications. By its Resolution No. 1990 adopted August 22, 2003 ("Confirming Resolution"), the Commission has heretofore ratified and confirmed its Declaratory Resolution No. 1955 and the STIF District Development Plan subject to the modifications requested by the State Board of Finance,