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No. 2351 confirming boundary changes to AEDA to add SEDA, LaSalle Square and Marycrest/Hurwich
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No. 2351 confirming boundary changes to AEDA to add SEDA, LaSalle Square and Marycrest/Hurwich
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8/13/2009 8:33:42 AM
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U <br />1'~ <br />• <br />MAP 1 ................................................ <br />MAP 2 ................................................ <br />MAP 3 ............................ <br />EXHIBIT A ................... <br />EXHIBIT B .................... <br />INTRODUCTION <br />.................................. Project Boundary <br />................................................... Zoning <br />.......................................................... Expansion Areas <br />........................... Project Boundary Legal Description <br />............................................. Property Acquisition List <br />The Airport Economic Development Area (Area) provides the City of South Bend with a unique <br />opportunity to improve its economic position in a Midwestern, regional and local context. By <br />opening up a large, new area for commercial and industrial development, the City will generate <br />new jobs, increase its tax base, diversify business opportunities and compete in a larger <br />marketplace while at the same time generating millions of dollars of new investment for North <br />Central Indiana. <br />The Area, which is zoned primarily for industrial purposes, is a prime site for new development <br />due to its ready access to an excellent transportation network that includes air (Michiana <br />Regional Airport), rail (the South Shore Railroad, located at the Michiana Regional Airport) and <br />highway (several major local arterials, the U.S. 31 bypass and the Indiana Toll Road, Exit 72). <br />All of these combine to permit ready access to local, regional and Midwest markets in all <br />directions. Added to this strong transportation network is the presence in the Area of the highly <br />successful Airport and Toll Road Industrial Parks, which provide a solid employment and tax <br />base for the region as well as an excellent economic development model. With these existing <br />industrial parks nearly out of developable space, the Airport project is the next logical step. <br />When completed, this major, multi-use, economic development project will offer an excellent <br />environment for business development that will spur the economy of South Bend as well as that <br />of North Central Indiana. <br />While the above mentioned factors combine to provide a strong impetus for development of this <br />Area, lack of interior roadway access and the absence of utility infrastructure have hindered <br />normal development of an otherwise excellent site. <br />It is the expectation of the Redevelopment Commission that the development of this Area will <br />produce a significant increase in the City's overall economic vitality. To achieve this, however, <br />the Redevelopment Commission and the City of South Bend must be able to provide the <br />necessary public improvements to make the site suitable for new development. This requires <br />public funds for capital improvements. The best method for funding these improvements <br />without adding to the tax burden is through tax incremental financing. This tool is currently <br />available only in redevelopment and economic development areas and will be of the utmost <br />importance in this project. By using the tax increment generated by new development, the City <br />will be in a position to provide the necessary capital improvements to spar the future growth and <br />development of this Area and the South Bend community as a whole. <br />[3DDB01 4805884v2 <br />A-1 <br />
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