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<br /> <br />6 <br /> <br />area are set aside to use for improvements that are located in that TIF allocation area. Thus, no <br />new taxes or increases in tax rates occur, rather TIF funds are generated when property values <br />improve due to the overall improvement of the TIF allocation area. <br /> <br />Statutory Findings <br /> <br />The River West Development Area Plan meets the following required findings by the <br />Redevelopment Commission pursuant to state law (36-7-14-15(a)): <br /> <br />1. The River West Development Area is an area in the territory under its jurisdiction and <br />is an area needing redevelopment; <br />2. The conditions described in state law (I.C. 36-7-1-3) cannot be corrected in the River <br />West Development Area by regulatory processes or the ordinary operations of <br />private enterprise without resorting to state law (I.C. 36-7-14); <br />3. The public health and welfare will be benefitted by the amendment of the resolution <br />or plan, or both, for the River West Development Area; and <br />4. The amendment is reasonable and appropriate when considered in relation to the <br />original resolution or plan for the River West Development Area and the purposes of <br />state law (I.C. 36-7-14); and <br />5. The resolution or plan, with the proposed amendment, conforms to the <br />comprehensive plan for the City. <br /> <br />Acquisition of Real Property in the River West Development Area <br /> <br />In connection with the accomplishment of this River West Development Plan, the South Bend <br />Redevelopment Commission shall include all parcels with the boundaries set forth above on the <br />acquisition list attached as Appendix C and shall follow the procedures set forth in state law (I.C. <br />36-7-14-19 or I. C. 36-7-14-19.5). <br /> <br />Estimated Costs of Acquisition and Economic Development to the River West <br />Development Area <br /> <br />Because the Commission does not intend to acquire any property for the potential projects, the <br />Commission will not incur any costs of acquisition. However, the Commission will incur certain <br />costs in connection with the development of the potential projects. The estimated cost of the <br />potential projects is not to exceed an amount that can be raised based on the amount of the tax <br />increment revenues generated in the Allocation Area. <br /> <br />Procedure for Amendment of the River West Development Area Plan <br />