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

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RESOLUTION NO.2015-03 A RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RECOMMENDING THE ESTABLISHMENT OF AN ECONOMIC DEVELOPMENT TARGET AREA (Former Chase Tower 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, the property located at 211 Washington Street, South Bend, Indiana, commonly known as the former Chase Tower (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and occupancy; and WHEREAS,the Property is vacant; and WHEREAS,the assessed value of the Property reflects that it is obsolete; and WHEREAS,the Commission now desires to recommend that the South Bend Common Council designate the Property as an EDTA. NOW,THEREFORE,BE IT RESOLVED by the South Bend Economic Development Commission that: 1. The Commission favorably recommends the establishment of 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 in accordance with Indiana Code § 6- 1.1-12.1-7. 1