25-37 Resolution to Approve the Plan Commission Order Adopting the Declaratory Resolution to Amend the River West Development Area and Establish the Lincoln and Kennedy Park Residential Housing Development Program Expansion Area

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and meets other purposes of Sections 2.5, 41, 43 and 55 of the Act, including without limitation benefiting public health, safety, and welfare, increasing the economic well-being of the City and the State of Indiana(the "State"), providing adequate residential housing in the City, and serving to protect and increase property values in the City and the State. 2. The Plan and the Residential Amendments cannot be achieved by regulatory processes or by the ordinary operation of private enterprise without resort to the powers allowed under Sections 2.5, 41 and 43 of the Act because of lack of local public improvements, existence of conditions that lower the value of the land below that of nearby land, multiple ownership of land, and other similar conditions. 3. The public health and welfare will be benefited by accomplishment of the Plan, as amended and restated herein, and the Residential Amendments. 4. It will be of public utility and benefit to further amend the Declaratory Resolution and the Plan, as amended and restated herein, for the Area as provided in the Residential Amendments and to continue to develop the Area, including the Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area, as provided under the Act. 5. Accomplishment of the Plan for the Area, as amended and restated herein, and the Residential Amendments will be a public utility and benefit as measured by the provision of adequate housing, the attraction or retention of permanent jobs, an increase in the property tax base, improved diversity of the economic base and other similar public benefits. 6. The Lincoln and Kennedy Park Residential Program Expansion Area is hereby added to the Area and is designated as an "economic development area" under Section 41 of the Act. 7. The Lincoln and Kennedy Park Residential Housing Development Program Area is hereby designated as an"Allocation Area"pursuant to Sections 39 and 56 of the Act to be known as the "Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area," for purposes of the allocation and distribution of property taxes on real property in said allocation area for the purposes and in the manner provided by said Section, with the related allocation fund for said allocation area to be known as the"Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area Allocation Fund." The base assessment date for the Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area shall be January 1, 2025. The Commission hereby specifically finds and determines,based upon its review of the proposed Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area and its reasonable expectations relating to expected growth of assessed value in the Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area following the completion of local public improvements as set forth in the Plan as amended by the Residential Amendments,that the adoption of the allocation provision as provided herein will result in new property taxes in the Lincoln and Kennedy Park Residential Housing Development Program Area Allocation Area that would not have been generated but for the adoption of the allocation provision. Any property taxes subsequently levied by or for the benefit of any public body entitled to a distribution of property taxes on taxable - 3 -