24-41 Resolution Approving an Order of the South Bend Plan Commission Approving Certain Declaratory Resolutions and Amended and Restated Development Plans Adopted by the South Bend Redevelopment Commission

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