Designating 1302 High St. as Urban Development Area for Purposes of Tax Abatement Consideration

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Products Company to use for alley purposes , all that part of the alley way aforesaid which is on the real estate above described . Also the West one-half(i) of a 14 foot vacated alley way extending North and South along the East boundary of the above described real estate subject to a grant of easement to the City of South Bend , Indiana , dated June 18, 1968 , and recorded January 2 , 1969 , in Deed Record 709 pages 402-403 . 2 . The property is "owned by Thaddeus M. Jones . 3 . Environmental Technology, Inc . , ai Indiana Corproation with its principal office at South Bend , Indiana, is the lessee of the property, pursuant to a written lease which will expire on September 2 , 1985 , but subject to a renewal option to the lessee through September 2 , 1990. The lessee intends to use the property for engineering , product development , and manu- facture of electronic products . 4 . The last assessment of the value of improvements on the property prior to rehabilitation for redevelopment occured in 1978 and is in the amount of $14,440 .00. 5 . Tax abatement consideration is sought for the pro- perty because : A . Conditions exist on the area in question which cannot be corrected by regula- tory process or by the ordinary operation of private enterprise , without resorting to tax abatement . B . The area in question has been bypassed or underutilized due to economic cir- cumstances which have deterred normal development . C. The area in question has become unde- sirable for , or impossible of, normal develop- ment and occupancy because of a lack of development , cessation of growth , deteriora- tion of improvements or character of occupancy, age, obsolescence substandard buildings or otehr factors which have impaired values or prevent a normal development of pro- perty or use of property. 6 . A map designating the area for consideration is attached hereto , made a part hereof, and denominated as "Exhibit A, " and photographs of the property taken less than two weeks prior to the filing of this petition are attached hereto , made a part hereof, and denominated as "Exhibit B. " -2-