Establishing an Economic Development Target Area (JMS Builing & Adjacent Parking Lot)

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BILL NO. 1:1-13- ORDINANCE NO. [ O 3— 7 -J S, 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 (JMS Building and Adjacent Parking Lot) 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 JMS Building and adjacent parking lot, located generally at 108 South Main Street, South Bend, Indiana (the "Property ") 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 prevented a normal development or use of property. More specifically, 75% of the Property's space is vacant and the assessed value reflects that it is obsolete. The Property was added to the National Register of Historic Places on June 5, 1985, with reference number 85001216. Built in 1910, it was considered the first "modern" office building of South Bend and was named for its developer, John Mohler Studebaker, former President of the Studebaker Bros. Manufacturing Co., and the last survivor of the company's founding brothers. Based upon all of the above facts, the Commission at a regular meeting held on May 13, 2015 approved Resolution #2015 -02, a true copy of which is attached hereto and incorporated herein as Exhibit "A." The Resolution designates the Property and its