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

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thereby designating the STIF District, approving the STIF District Development Plan as modified by the State Board of Finance and determining to create said STIF District for purposes of utilizing sales tax increment financing. The City of South Bend is eligible to utilize the benefits of Ind. Code § 36-7-26 which dedicates STIF funds for use in the redevelopment and economic development of an economic development project district designated by the South Bend Redevelopment Commission. In accordance with Ind. Code § 36-7-26-20, the determination of the Commission to create an economic development project district, after approval by the State Board of Finance, must be approved by ordinance of the legislative body of the City. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, as follows: SECTION I. Resolution No. 1990 adopted by the South Bend Redevelopment Commission on August 22, 2003 ratifying and confu-rning its declaratory Resolution No. 1955 and the STIF Development Plan, as modified by the State Board of Finance, and determining to create the South Side Economic Development Project District is hereby approved. SECTION II. An economic development project district to be known as the "South Side Economic Development Project District" ("BYTE District") shall be and hereby is established in accordance with Ind. Code § 36-26-1 and the boundaries for the STIF District are established as set forth below: South Side Economic Development Project District A parcel land being a part of Section 30, and a part of Section 29, and a part of Section 25, all in Township 37 North, Range 2 East and Range 3 East, City of South Bend, Centre Township, Penn Township and Portage Township, St. Joseph County, Indiana and being more particularly described as follows: Beginning at the intersection of the North right-of--way line of Ireland Road and the East right-of--way line of Middleboro Street extended North; thence South to the South right-of--way line of Ireland Road; thence Westerly and Southwesterly to the East right-of--way line of Ironwood Road; thence South along said East right- of-way line of Ironwood Road to the North right-of--way line of the U.S. 20 Bypass (St. Joseph Valley Parkway); thence West to the Westright-of--way line of Ironwood Road; thence North along said West right-of--way line to the Southerly right-of--way line of Ireland Road; thence Northwesterly and Westerly along said South right-of- way line of Ireland Road to the Northwest corner of Lot 8 Scottsdale Addition A; thence South along the West line of Scottsdale Addition A to the Northright-of--way line of said U.S. 20 Bypass; thence East along said North right-of--way line to the Page -2-