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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 /> Statutory Findings <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 /> 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 /> Acquisition of Real Property in the River West Development Area <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 /> Estimated Costs of Acquisition and Economic Development to the River West <br /> Development Area <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 /> Procedure for Amendment of the River West Development Area Plan <br /> 6 <br />