4633-17 Reconfirming 111 South St. Joseph St. Joseph Street as an economic revitalization area for purposes of a two (2) year vacant building tax abatement

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year designation period granted in the Confirming Resolution, which will expire on May 26, 2017. WHEREAS, the Petitioner has requested an additional period of time to complete construction of the planned project. The project experienced unforeseen delays in the design stage which led to an overall delay in the construction timeline. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION 1. The Petitioner acknowledges that they will not have the project completed within the two year designation period granted in the Confirming Resolution due to the following: A. The future use of the former College Football Hall of Fame Building (CFHOF) is directly tied to the construction and subsequent opening of the hotel that will sit adjacent to building. The hotel project experienced unforeseen delays in the design stage, led primarily by the Department of Community Investment to look at the overall site plan and building elevation. With the hotel project now under construction, the Developer is better able to target potential uses for the former CFHOF and looks forward to creating an overall project that will be a tremendous asset for the City for years to come. The Common Council hereby finds that the extension of the designation is appropriate in light of the aforementioned reason noted above. SECTION II. The Common Council hereby reconfirms its Declaratory Resolution and its Confirming Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for real property tax abatement only and is limited to three (3) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION III. The Common Council hereby determines that the property owner is qualified for and is granted a vacant building property tax deduction for a period of two (2) years pursuant to Indiana Code 6-1.1-12.1-17 and further determines that the petition, The Memorandum of Agreement between the Petitioner and the City of South Bend, and the Statement of Benefits comply with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq. SECTION IV. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor. Filed in e Member of the CIn PRESENTED Not APPROVEii D,IN A.DOP76D �' )p U I ``A