02/26/07 Council Meeting Minutes

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REGULAR MEETING FEBRUARY 26, 2007 SECTION III. The Common Council also hereby determines and finds the following: A. That the description of the proposed redevelopment meets the applicable standards for such development. B. That the estimate of the value of the redevelopment is reasonable for projects of this nature; C. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment; and D. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code 6-1.1-12.1-3. E. The deduction will not be allowed unless the dwelling is rehabilitated to meet local code standards for habitability. F. The deduction will not be allowed unless the dwelling rehabilitation is completed within five (5) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION IV. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as a Residentially Distressed Area for the purposes of tax abatement. Such designation is for Real property tax abatement only and is limited to five (5) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION V. The Common Council hereby determines that the property owner is qualified for and is granted Real property tax deduction for a period of five (5) years, and further determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12.1 et seq. SECTION VL This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. Mr. Richard Deahl, Attorney at Law, Barnes & Thornburg, 100 N. Michigan Street, Suite 600, South Bend, Indiana, made the presentation for this bill. Mr. Deahl advised that SFI/LDI Partnership plans to construct four (4) new, single-family villa/condominium units contained within the 1.889 acre subdivision known as Southfield Subdivision, Section 3. Each home will be approximately 1,500 to 2,000 square feet and will include two bedrooms, two baths, a den, open kitchen and living space and an attached garage. The construction will be wood frame with vinyl siding and exterior brick/stone accents. Additional options such as a fireplace, covered patio, and appliances may also be made available. The price of each villa/condominium will be between $160,000 and $240,000. The total price of the project is estimated at $700,000.00. There being no one present wishing to speak to the Council either in favor of or in opposition to this Resolution, Councilmember Varner made a motion to adopt this Resolution. Councilmember Dieter seconded the motion which carried by a roll call vote of eight (8) ayes. RESOLUTION NO. 3710-07 A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 4701 NIMTZ PARKWAY TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A (5) FIVE-YEAR PERSONAL PROPERTY TAX ABATEMENT FOR SCHAFER GEAR WORKS, INC.