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within the TIF district are set aside for use in that TIF district. Thus, no new taxes or <br />increases in tax rates occur, rather TIF funds are generated when property values improve <br />due to the overall improvement of the TIF district. <br />Statutory Findings <br />The River East 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 East Development Area is an area in the territory under its jurisdiction <br />and is an area needing redevelopment; <br />2. The conditions described in state law (I.C. 36-7-1-3) cannot be corrected in the <br />River East Development Area by regulatory processes or the ordinary operations <br />of 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 <br />resolution or plan, or both, for the River East Development Area; and <br />4. The amendment is reasonable and appropriate when considered in relation to <br />the original resolution or plan for the River East Development Area and the <br />purposes of state law I.C. 36-7-14; and <br />S. 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 East Development Area <br />In connection with the accomplishment of this River East Development Plan, the South <br />Bend Redevelopment Commission shall include all added parcels with the boundaries set <br />forth above on the acquisition list attached as Appendix C and shall follow the procedures <br />set forth in state law (I.C. 36-7-14-19 or I. C. 36-7-14-19.5). <br />Estimated Costs of Acquisition and Economic Development <br />to the River East Development Area <br />Because the Commission does not intend to acquire property for the potential projects, the <br />Commission will not incur any costs of acquisition. However, the Commission will incur <br />certain costs in connection with the development of the potential projects. The estimated <br />cost of the potential projects is not expected to exceed an amount that can be raised based <br />on the amount of tax increment revenues generated in the Allocation Area. <br />Procedure for Amendment of the River East Development Area Plan <br />The River East Development Area Plan may be amended by resolution of the South Bend <br />Redevelopment Commission in accordance with state law (I.C. 36-7-14-17.5), which <br />currently has requirements for Council and public input and comment. Any change <br />affecting any property or contractual right may be made only in accordance with applicable <br />state and local laws. <br />M <br />