Designating the Stuedbaker Corridor Development Areato be Blighted for Purposes of Compliance with Tax Reform Act 1986

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Section 4. The Common Council hereby finds that the Area continues to be a menace to the social and economic interest of the . City and its inhabitants, and it will continue to be of public utility and benefit to continue to acquire and redevelop the Area under the Act. Section 5. The Common Council hereby finds and determines that the objectives of the Development Plan cannot be achieved through more extensive rehabilitation of the area. Section 6. The Common Council hereby finds and determines that the Area consists of two hundred twenty ( 220) acres and is contiguous and compact. Section 7. To the extent that qualified redevelopment bonds under Section 144(c) of the Internal Revenue Code of 1986 are issued to pay for all or a part of the redevelopment within the area, the use of proceeds of such bond issues shall be limited as required ,by Section 144(c) , and no use of the property within the area shall be allowed which use would be prohibited by Section 144(c) . Section 8. The Common Council hereby finds and determines that the Commission' s Resolution No. 801 and the Development Plan are in all respects approved and adopted and directs the City Clerk to file certified copies thereof with the minutes of this meeting. Section 9. The Common Council reapproves and reconfirms all other findings, determinations, and conclusions in the Commission's Resolution No. 762, as approved by previous resolution of the . Common Council, which includes but is not limited to the approval of the designation and establishment of the Studebaker Corridor Allocation Area (South Bend Allocation Area No. 6) , pursuant to Section 39 of the Act. Section 10. The Common Council hereby assures the United. States of America of full compliance by the City with the provisions of Title VI of the Civil Rights Act of 1964, as amended, and the regulations of the Department of Housing and Urban Development effectuating that title. Section 11. This resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. ' '1•er •f the South Be/Common Common Council . R3ES lied In Clerk's Office 'PRESENTED .5-- 6 " 89 3 MAY 2 01987 NOT APPROVED 7 GAMMON mx*TED Jr-4241-1/ IR E CRY CLERK, SO. BEND, IF