No. 2344 establishing a housing program and housing allocation area in the Northeast Neighborhood Development Area

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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 ~fblight as defined by IC 3C-7-i4-15 (c). 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 Comnnmity 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 b_y the South Bend Redevelopment Commission. 2. Northeast Neighh~rhood TIF Allocation Area # 1 Declaration In an effort to establish financial resources to facilitate the necessary redevelopment activities cLetailed in the Development Plan, Section V [ A 1 of the [development Plan details that the creation of a Tax Increment Finance Area be established as one of the fund gencra~ion mechanisms within the development area. b. As a function o1~ 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 f~n~ction 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 1. The intent of the Northeast Neighborhood Development Area Housing Program and Allocation Area #2 Declaration is to establish a Residential Tax hlcrement Finance Allocation Area and a Housing Program, as pernitted by IC 36-7-I4-45 • 4