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REGULAR MEETING MAY 29, 2007 <br />jurisdiction. <br />SECTION III. The Common Council also hereby determines and finds the following: <br />A. That the description of the proposed redevelopment meets the applicable <br />standards for such development. <br />B. That the estimate of the value of the redevelopment is reasonable for <br />projects of this nature; <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 />SECTION IV. The Common Council hereby confirms its Declaratory Resolution <br />designating the area described herein as a Residentially Distressed Area for the purposes <br />of tax abatement. Such designation is for Real property tax abatement only and is limited <br />to five (5) calendar years from the date of adoption of the Declaratory Resolution by the <br />Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is <br />qualified for and is granted Real property tax deduction for a period of five (5) years, and <br />further determines that the petition complies with Chapter 2, Article 6, of the Municipal <br />Code of the City of South Bend and Indiana Code 6-1.1-12.1 et seq. <br />SECTION VL 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. David Matthews, Managing Principal, P.O. Box 338, Notre Dame, Indiana, made the <br />presentation on behalf of the owners, J. Patrick & Aimee G. Matthews. <br />Mr. Matthews advised that a redevelopment of the 2.786 acre McKinley Terrace <br />Community Club Swimming Pool, located at 3111 Corby Blvd., South Bend, Indiana, <br />into condo townhouses. The development will contain a private street with ten (10) <br />buildings consisting of three (3) units each, for a total of thirty (30) condo townhouses. <br />Current estimates are for each unit to be approximately 1,500 square feet, containing <br />three (30) bedrooms, two and one-half baths (2.5) and either a single or two-car attached <br />garage. The proposed buildings will cover 30% of the land, driveways and streets will <br />cover an additional 2% with green space and water retention covering the remaining <br />43%. The price of each home will be approximately $150,000 and the estimated value of <br />the construction not including land is $4,500,000. <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 six (6) ayes. <br />13 <br />