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

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RESOLUTION NO. 2015-02 A RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RECOMMENDING THE ESTABLISHMENT OF AN ECONOMIC DEVELOPMENT TARGET AREA (JMS Building and adjacent parking lot) 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, through City staff members, 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 assessments and reports by the City staff, 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, on June 5, 1985, the property known as the JMS Building (the "Property ") was added to the National Register of Historic Places, with reference number 85001216; and WHEREAS, the Property, including its fagade, roof, internal systems, and infrastructure beneath the public way, has deteriorated and become obsolete to an extent that it cannot support normal development and occupancy; and WHEREAS, approximately 75 % of the Property's space is vacant; and WHEREAS, the assessed value of the Property reflects that it is obsolete; and WHEREAS, the Commission now desires to recommend to the South Bend Common Council (the "Council ") the designation of the Property as an EDTA.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 Property and its adjacent parking lot, collectively comprised of parcel 1 EXHIBIT A