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

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RESOLUTION NO. eRe -�2,_ A RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RECOMMENDING THE ESTABLISHMENT OF AN ECONOMIC DEVELOPMENT TARGET AREA (Hill and Colfax) WHEREAS, the South Bend Economic Development Commission (the "Commission ") exists and operates pursuant to the provisions of Indiana Code § 36 -7 -12, et seq.; and WHEREAS, under the authority granted by Indiana Code § 36 -7 -12, et seq. and in furtherance of economic development in the City of South Bend (the "City "), the Commission has investigated, studied and surveyed the need for additional job opportunities within the City and has formed recommendations concerning the economic development possibilities within the City; and WHEREAS, based upon such investigations 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 because of a 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 property or use of property; and WHEREAS, the property known as the corner of Hill and Colfax (the "Property ") has been vacant for many years, numerous investors have reviewed the Property for investment and development purposes and each has dismissed the Property as not appropriate for investment and development; and WHEREAS, the Commission now desires to recommend to the South Bend Common Council the designation of the comer of Hill and Colfax as an EDTA. NOW, THEREFORE, BE IT RESOLVED by the South Bend Economic Development Commission that: 1. A favorable recommendation is made to the South Bend Common Council for the establishment of the corner of Hill and Colfax as an Economic Development Target Area, such area comprising the parcel numbers 18 -5005 -0128, 18 -5005 -0129 and 18 -5005 -0130 in accordance with Indiana Code § 6- 1.1- 12.1 -7. ADOPTED at a Regular Meeting of the South Bend Economic Development Commission held on February 7, 2014, at the County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.