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17-76 Tax Abatement for River Park Corp.
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17-76 Tax Abatement for River Park Corp.
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11/21/2017 1:35:59 PM
Creation date
11/21/2017 1:35:53 PM
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
11/27/2017
Bill Number
17-76
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SECTION II. The Common Council hereby determines and finds the following: <br /> A. That the description of the proposed redevelopment or rehabilitation meets the <br /> applicable standards for such development; <br /> B. That the estimate of the value of the redevelopment or rehabilitation is reasonable <br /> for projects of this nature; <br /> C. That the estimate of the number of individuals who will be employed or whose <br /> employment will be retained by the Petitioner can reasonably be expected to result <br /> from the proposed described redevelopment or rehabilitation; <br /> D. That the estimate of the annual salaries of those individuals who will be employed <br /> or whose employment will be retained by the Petitioner can be reasonably expected <br /> to result from the proposed redevelopment or rehabilitation; <br /> E. That the other benefits about which information was requested are benefits that can <br /> be reasonably expected to result from the proposed described redevelopment or <br /> rehabilitation; and <br /> F. That the totality of benefits is sufficient to justify the requested deduction, all of <br /> which satisfy the requirements of Indiana Code § 6-1.1-12.1-3. <br /> SECTION III. The Common Council hereby determines and finds that the proposed described <br /> redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the <br /> Statement of Benefits, Sections 1 through 3 of the Petition for Real Property Tax Abatement <br /> Consideration and the Memorandum of Agreement between the Petitioner and the City of South <br /> Bend, and that the Statement of Benefits form completed by the petitioner, said form being <br /> prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under <br /> Indiana Code § 6-1.1-12.1-3. <br /> SECTION IV. The Common Council hereby accepts the report and recommendation of the <br /> Community Investment Committee that the area herein described be designated as an Economic <br /> Revitalization Area and hereby adopts a Resolution designating this area as an Economic <br /> Revitalization Area for purposes of real property tax abatement. <br /> SECTION V. The designation as an Economic Revitalization Area shall be limited to two (2) <br /> calendar years from the date of the adoption of this Resolution by the Common Council. <br /> SECTION VI. The Common Council hereby determines that the property owner is qualified for <br /> and is granted property tax deduction for a period of(6)six years as shown by the schedule outlined <br /> below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17. <br />
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