Establishing an Economic Development Target Area (Former Chase Tower & Adjacent Parking Lot)

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BILL NO. toy l Y ORDINANCE NO. , , L3 3 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 (Former Chase Tower 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 former Chase Tower and adjacent parking lot, located generally at 211 Washington 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, the Property, including its façade, plumbing, HVAC system, parking structure concrete, and elevators, has deteriorated and become obsolete to an extent that it cannot support normal development and occupancy. Further, the Property is vacant, and its assessed value reflects that it is obsolete. Based upon all of the above facts, the Commission at a regular meeting held on October 5, 2015, approved Resolution No. 2015-03, a true copy of which is attached hereto and incorporated herein as Exhibit A. The Resolution designates the Property and its adjacent parking lot, collectively comprised of current parcel numbers 018-1008-0321 and 018-1012-047701 (which parcel numbers are subject to change as a result of an anticipated subdivision of the Property), as an Economic Development Target Area, 1