Approving & Establishing an Economic Development Target Area (Hill and Colfax Streets)

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BILL NO. T -1 ORDINANCE NO. 0 M 7 - AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING A RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION AND ESTABLISHING AN ECONOMIC DEVELOPMENT TARGET AREA (Hill and Colfax Streets) STATEMENT OF PURPOSE AND INTENT Pursuant to its authority granted by Indiana Code Section 36 -7 -12 et seq., the South Bend Economic Development Commission (the "Commission "), in furtherance of economic development within the City of South Bend, Indiana (the "City "), has investigated, studied and surveyed the need for additional job opportunities within the City and has made recommendations concerning economic development possibilities within the City. Based on its investigatory action, studies and surveys, the Commission has determined that it is necessary to designate a specific geographic area within the City as an Economic Development Target Area ( "EDTA ") because such area has become undesirable or impossible for normal development and occupancy due to 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 prevented a normal development of property or use of property. The property known as the northwest corner of Hill and Colfax (the "Property ") has been vacant for many years, with many investors having reviewed the Property for investment and development purposes, and each having dismissed the Property as not appropriate for investment and development. Based upon all of the above facts, the Commission at a regular meeting held on February 7, 2014 approved Resolution #2014 -2, a true copy of which is attached 'hereto and incorporated herein as Exhibit "A." The Resolution designates the northwest corner of Hill and Colfax Streets, in South Bend Indiana as an Economic Development Target Area, which Resolution the South Bend Common Council, as fiscal body for the City, now approves by enacting this ordinance pursuant to Ind. Code Section 6- 1.1- 12.1 -7(a).