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No. 2350 amending the Northeast Neighborhood Development Area Development Plan to establish a housing program
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No. 2350 amending the Northeast Neighborhood Development Area Development Plan to establish a housing program
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(C) other similar conditions. <br />• In addition to the variety of physically blighting <br />factors in this area, in which the Housing <br />Program will be located, the area is replete with a <br />variety of similar blighting social a~ad economic <br />factors that continue to decline this area. <br />(4) The public health and welfare will be benefited by <br />accomplishment of the program. <br />The focused attention of this housing program with the <br />expected residential and commercial development will <br />eliminate the blighting influences in this area and serve <br />as a momentum factor in improving adjacent areas. <br />(5) The accomplishment of the program will be of public <br />utility and benefit as measured by: <br />(A) the provision of adequate housing for low and <br />moderate income persons; <br />The Triangle Residential Project is proposed to be <br />• amulti-economic and diverse housing program <br />area that will create new housing opportunities for <br />low and moderate income persons. <br />(B) an increase in the property tax base; or <br />The proposed residential and commercial <br />development will be of substantial increase <br />compared to the existing property tax base. But <br />for the increased property tax revenue projected to <br />be ge~aerated from both the residential and <br />commercial developments, redevelopment of this <br />area would be an economic impossibility. <br />(C) other similar public benefits. <br />The creation of the Eddy Street Commons <br />commercial area will serve as not only a <br />neighborhood focal point as well as a retail <br />destination location. The residential aspects of <br />this entire project will serve as a tremendous <br />opportunity to improve the housing stock of the <br />City of South Bend for a variety of income levels. <br />10 <br />
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