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REGULAR MEETING MARCH 12, 2007 <br />North''/z Lot 14 S 28' of E 99' Lot 13 O P South Bend <br />and which has Key Number 18-1002-0073, as an Economic Revitalization Area, and <br />WHEREAS, notice of the adoption of a Declaratory Resolution and the public <br />hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; <br />and <br />WHEREAS, the Council held a public hearing for the purposes of hearing all <br />remonstrance's and objections from interested persons; and <br />WHEREAS, the Council has determined that the qualifications for an economic <br />revitalization area have been met. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br />South Bend, Indiana, as follows: <br />SECTION L The Common Council hereby confirms its Declaratory Resolution <br />designating the area described herein as an Economic Revitalization Area for the <br />purposes of tax abatement. Such designation is for Real property tax abatement only and <br />is limited to two (2) calendar years from the date of adoption of the Declaratory <br />Resolution by the Common Council. <br />SECTION IL The Common Council hereby determines that the property owner is <br />qualified for and is granted Real property tax deduction for a period of (6) six years, and <br />further determines that the petition, the Memorandum of Agreement between the <br />Petitioner and the City of South Bend, and the Statement of Benefits comply with <br />Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code <br />6-1.1-12 et sea. <br />SECTION III. This Resolution shall be in full force and effect from and after its <br />adoption by the Common Council and approved by the Mayor. <br />s/Timothy A. Rouse <br />Member of the Common Council <br />Mr. Herbert Wilson, 2610 Twixwood Lane, South Bend, Indiana, made the presentation <br />for this bill. <br />Mr. Wilson advised that that he proposes to rehabilitate the property located at 129 North <br />Michigan Street which has been vacant for more than (6) six years. The project will <br />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 />part-time, permanent jobs within the first year representing a new annual payroll of <br />$489,232. <br />A Public Hearing was held on the Resolution at this time. <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 Varner seconded the motion which carried and the <br />Resolution was adopted by a roll call vote of nine (9) ayes. <br />21 <br />