Amending Chapter 2 Adding an Additional Economic Development Target Area

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ORDINANCE NO. '7s , s ORDINANCE AMENDING CHAPTER 2 OF THE SOUTH BEND MUNICIPAL CODE BY ADDING AN ADDITIONAL ECONOMIC DEVELOPMENT TARGET AREA TO ARTICLE 13 TO WIT: 328 NORTH MICHIGAN STATEMENT OF PURPOSE AND INTENT: The Indiana Economic Development and Pollution Control Act, Indiana Code 36-7-12-1, et seq. (the "Act") , provides that certain medical facilities may be financed through the issuance of economic development revenue bonds pursuant to the Act only in the event the Common Council of the political subdivision that intends to issue the bonds finds that the proposed facility is to be located in an Economic Development Target Area, as defined in the Act, the proposed facility will not have an adverse competitive impact on other facilities of the same kind already operating in the same market area and the proposed facility will contribute significantly to the creation of permanent new job opportunities to the community; and At the present time there are insufficient employment opportunities and insufficient diversification of business and commerce in and near the City of South Bend, Indiana (the "City") ; and Tripods Partnership, an Indiana partnership, proposes to construct and equip a medical facility at 328 North Michigan Street in the City (the "Project") ; and The 1983 Indiana General Assembly amended I.C. 36-7-12 to provide at I.C. 36-7-12-38 for the designation of economic development target areas by the Common Council upon favorable recommendation of the Economic Development Commission. Be it ordered by the Common Council of the City of South Bend as follows: Section I. The Project area has suffered from a lack of development, cessation of growth, and other factors that have made it undesirable for normal development, impaired values, or prevented a normal developemnt or use of property. Section II. The South Bend Economic Development Commission has recommended favorably the designation of the Project area within the City of South Bend as an economic development target area. Section III. The real estate described below constitutes an Economic Development Target Area pursuant to the requirements of Indiana Code 36-7-12-38.