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REGULAR MEETING FEBRUARY 26, 2007 <br />SECTION V. The designation as an Economic Revitalization Area shall be limited to <br />two (2) calendar years from the date of the adoption of this Resolution by the Common <br />Council. <br />SECTION VL The Common Council hereby determines that the property owner is <br />qualified for and is granted property tax deduction for a period (6) six years. <br />SECTION VII. 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 />SECTION VIII. This Resolution shall be in full force and effect from and after its <br />adoption by the Common Council and approval by the Mayor. <br />s/Timothy A. Rouse <br />Member of the Common Council <br />Mr. Herbert L. Wilson, 2510 Twixwood Lane, South Bend, Indiana, made the <br />presentation for this bill. <br />Mr. Wilson advised that MHM Realty proposes to rehabilitate the property located at 129 <br />North Michigan Street which has been vacant for more than six (6) years. The project <br />will convert 8,100 square feet of the first floor space to a restaurant, jazz club, and <br />banquet/private meeting space. The mezzanine area will remain office space. The <br />basement will be used for a prep kitchen, inventory storage, and employee changing <br />rooms. Extensive upgrades to the roof, HVAC, electrical, and plumbing systems will <br />occur. The rehabilitation costs for the project are estimated at $586,087. It is estimated <br />that the total project will create four (4) new, permanent, full-time jobs and twenty-eight <br />(28) part-time, permanent jobs within the first year representing a new annual payroll of <br />$489,232. <br />There being no one present wishing to speak to the Council either in favor of or in <br />opposition to this Resolution, Councilmember Dieter made a motion to adopt this <br />Resolution. Councilmember Kelly seconded the motion which carried by a roll call vote <br />of eight (8) ayes. <br />BILLS, FIRST READING <br />There were no bills for first reading at this time. <br />UNFINISHED BUSINESS <br />REPORTS FROM AREA PLAN COMMISSION: <br />It is noted that the council is in receipt of a recommendation from the Area Plan <br />Commission of St. Joseph County, for the following ordinance based on their Public <br />Hearing held on February 20, 2007: <br />BILL NO. 4-07 AN ORDINANCE AMENDING <br />THE ZONING ORDINANCE FOR <br />PROPERTY LOCATED AT 3811 <br />16 <br />