No. 2350 amending the Northeast Neighborhood Development Area Development Plan to establish a housing program

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2. The Northeast Neighborhood Development Area was • established as a redevelopment area (IC 36-7-14-15) and met the provisions of blight as defined by IC 36-7-14-15 (c). 3. The Development Plan and all associated resolutions of declaration for the Northeast Neighborhood Development Area are available and on file with the City of South Bend Department of Community and Economic Development. 4. As of the drafting of this Development Plan Amendment, there have been two boundary additions, one boundary contraction and fourteen (14) properties have been added to the Acquisition Plan by the South Bend Redevelopment Commission. 2. Northeast Neighborhood TIF Allocation Area #1 Declaration a. In an effort to establish financial resources to facilitate the necessary redevelopment activities detailed in the Development Plan, Section VI Al of the Development Plan details that the creation of a Tax Increment Finance Area be established as one of • the fund generation mechanisms within the development area. b. As a function of the designation of the Northeast Neighborhood Development Area as a redevelopment area by the South Bend Redevelopment Commission, the entire boundary area of the development area was established as a Tax Increment Finance (TIF) Allocation Area # 1. As a function of the expansion and contraction of the boundaries of the Northeast Neighborhood Development Area, the boundaries of the TIF Allocation Area #1 remain coterminous with the boundaries of the development area. 3. Northeast Neighborhood Development Area Housing Program and Allocation Area #2 Declaration a. Intent The intent of the Northeast Neighborhood Development Area Housing Program and Allocation Area #2 Declaration is to establish a Residential Tax Increment Finance Allocation Area and a Housing Program, as permitted by IC 36-7-14-45 • 4