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