Amending section 2-151 Designate Additional areas as an economic development target area

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• 4 • • • Ordinance No. FR 416- 9,0 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AMENDING SECTION 2-151 OF THE SOUTH BEND MUNICIPAL CODE TO DESIGNATE ADDITIONAL AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, AS AN ECONOMIC DEVELOPMENT TARGET AREA WHEREAS, I.C. 6-1. 1-12 . 1, as amended, provides for the designation of specific geographic areas in the City of South Bend to be economic development target areas; and WHEREAS, a favorable recommendation has been made by the South Bend Economic Development Commission (Commission) to designate a certain geographic territory within the City of South Bend, Indiana, as an economic development target area; and WHEREAS, upon investigation, it has found that the geographic territory within the City of South Bend, Indiana, described below (Area) qualifies as an economic development target area because it has become undesirable or impossible for normal development and occupancy because of lack of development, cessation of growth, deterioration of improvements, and because of the adverse character of occupancy, age, obsolescence, substandard buildings, and other factors which have impaired values and which prevent a normal development of the property or property use; and WHEREAS, the designation of the Area will not result in more than 15% of the total geographic territory of the City having been designated economic development target areas; and WHEREAS, it is found that designation of the Area as an economic development target area is of economic benefit to the City of South Bend, Indiana and its citizens. NOW, THEREFORE, be it ordained by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The South Bend Common Council hereby finds that the Area has become undesirable or impossible for normal development and occupancy because of lack of development, cessation of growth, deterioration of improvements or character of occupancy, age, obsolescence, substandard buildings, or other factors that have impaired values or prevent a normal development of the property or use of the property. It is also hereby found that the Area is suffering from an abnormally high vacancy rate, which vacancy rate is accelerating, and which threatens the viability of the retail sector of the City's economy. It has further found that said occupancy rate has been accelerating and, based upon economic trends occurring throughout the nation, poses a significant threat to the City' s economy. It has further found that the structures in the Area have been allowed to deteriorate and are in need of substantial upgrading to enable the Area to return to economic viability, and that incentives are necessary and appropriate to return the area to a healthy development trend. SECTION II. The addition of the Area to the designation of an economic development target area will result in less than 15% of the total geographic territory of the City of South Bend, Indiana, to be in economic development target areas. SECTION III. Section 2-151 of the South Bend Municipal Code