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6 <br />use in that TIF district. Thus, no new taxes or increases in tax rates occur, rather TIF funds are <br />generated when property values improve due to the overall improvement of the TIF district. <br />Statutory Findings <br />The River West Development Area Plan meets the following required findings by the <br />Redevelopment Commission pursuant to state law (36-7-14-15(a)): <br />1.The River West Development Area is an area in the territory under its jurisdiction and <br />is an area needing redevelopment; <br />2.The conditions described in state law (I.C. 36-7-1-3) cannot be corrected in the River <br />West Development Area by regulatory processes or the ordinary operations of <br />private enterprise without resorting to state law (I.C. 36-7-14); <br />3.The public health and welfare will be benefitted by the amendment of the resolution <br />or plan, or both, for the River West Development Area; and <br />4.The amendment is reasonable and appropriate when considered in relation to the <br />original resolution or plan for the River West Development Area and the purposes of <br />state law (I.C. 36-7-14); and <br />5.The resolution or plan, with the proposed amendment, conforms to the <br />comprehensive plan for the City. <br />6. <br />Acquisition of Real Property in the River West Development Area <br />In connection with the accomplishment of this River West Development Plan, the South Bend <br />Redevelopment Commission shall include all added parcels with the boundaries set forth above <br />on the acquisition list attached as Appendix C and shall follow the procedures set forth in state <br />law (I.C. 36-7-14-19 or I. C. 36-7-14-19.5). <br />Estimated Costs of Acquisition and Economic Development <br />to the River West Development Area <br />Because the Commission does not intend to acquire property for the potential projects, the <br />Commission will not incur any costs of acquisition. However, the Commission will incur certain <br />costs in connection with the development of the potential projects. The estimated cost of the <br />potential projects is not expected to exceed an amount that can be raised based on the amount <br />of tax increment revenues generated in the Allocation Area. <br />Procedure for Amendment of the River West Development Area Plan <br />The River West Development Area Plan may be amended by resolution of the South Bend <br />Redevelopment Commission in accordance with state law (I.C. 36-7-14-17.5). ), which currently <br />has requirements for Council and public input and comment Any change affecting any property <br />or contractual right may be made only in accordance with applicable state and local laws.