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REGULAR MEETING OCTOBER 11, 2010 <br /> <br /> <br /> <br />projects of this nature; <br /> <br />C. That the other benefits about which information was requested are benefits <br />that can be reasonably expected to result from the proposed described <br />redevelopment; and <br />D. That the totality of benefits is sufficient to justify the requested deduction, <br />all of which satisfy the requirements of Indiana Code 6-1.1-12.1-3. <br />E. The deduction will not be allowed unless the dwelling is rehabilitated to <br />meet local code standards for habitability. <br />F. The deduction will not be allowed unless the dwelling rehabilitation is <br />completed within five (5) calendar years from the date of the adoption of <br />this Resolution by the Common Council. <br /> <br />SECTION IV. The Common Council hereby determines and finds that the proposed <br />described redevelopment can be reasonably expected to yield benefits identified in the <br />Statement of Benefits and the petition for real property tax abatement consideration and <br />that the Statement of Benefits form prescribed by the State Board of Accounts are <br />sufficient to justify the deduction granted under Indiana Code 6-1.1-12.1-3. <br /> <br />SECTION V. The Common Council hereby accepts the report and recommendation of <br />the Community and Economic Development Committee that the area herein described be <br />designated as a Residentially Distressed Area and hereby adopts a Resolution designating <br />this area as a Residentially Distressed Area for purposes of real property tax abatement. <br /> <br />SECTION VI. The designation as a Residentially Distressed Area shall be limited to five <br />(5) calendar years from the date of the adoption of this Resolution by the Common <br />Council. <br /> <br />SECTION VII. The Common Council hereby determines that the property owner is <br />qualified for and is granted property tax deduction for a period of five (5) years. <br /> <br />SECTION VIII. The Common Council directs the City Clerk to cause notice of the <br />adoption of this Declaratory Resolution for Real Property Tax Abatement to be published <br />pursuant to Indiana Code 5-3-1 and Indiana Code 6-1.1-12.1-2.5, said publication <br />providing notice of the public hearing before the Common Council on the proposed <br />confirming of said declaration. <br /> <br />SECTION IX. Pursuant to Indiana Code 6-1.1-12.1-2, the rehabilitation must meet all <br />local code standards for habitability as a specific condition of having such property <br />designated as a residentially distressed area. <br /> <br />SECTION X. This Resolution shall be in full force and effect from and after its adoption <br />by the Common Council and approval by the Mayor. <br /> <br /> <br /> s/Derek D. Dieter <br /> Member of the Common Council <br /> <br />Councilmember Rouse, Chairperson, Community and Economic Development <br />Committee, reported that this committee met on this bill this afternoon and voted to send <br />it to the full Council with no recommendation due to the lack of a quorum. <br /> <br />Mr. Markus Krusche, 306 Bond Hall, University of Notre Dame, Notre Dame, Indiana, <br />made the presentation for this bill. <br /> <br />Mr. Krusche advised that they intend to construct an approximate 2,400 square foot, <br />single-family home as their primary residence. The home will have two stories with a <br />brick exterior. It will have three bedrooms, two and one-half bathrooms, a great room, a <br />study, a dining room, a small backyard patio and an unfinished basement. The cost of the <br />home is approximately $450,000. He stated that taxed to be abated during the five year <br />abatement period are estimated at $1,893.00 and total taxes to be paid during the five <br /> 12 <br /> <br />