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REGULAR MEETING <br />SEPTEMBER 24, 2007 <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 />BILL NO. 07-122 A RESOLUTION CONFIRMING THE <br />ADOPTION OF A DECLARATORY <br />RESOLUTION DESIGNATING CERTAIN <br />AREAS WITHIN THE CITY OF SOUTH BEND, <br />INDIANA, COMMONLY KNOWN AS VACANT <br />LAND IN THE AIRPORT DEVELOPMENT <br />AREA AS AN ECONOMIC REVITALIZATION <br />AREA FOR PURPOSES OF A SEVEN (7) YEAR <br />REAL PROPERTY TAX ABATEMENT FOR <br />OLIVE CLEVELAND PARTNERS LLC <br />BILL NO. 07-80 A RESOLUTION CONFIRMING THE <br />ADOPTION OF A DECLARATORY <br />RESOLUTION DESIGNATING CERTAIN <br />AREAS WITHIN THE CITY OF SOUTH BEND, <br />INDIANA, COMMONLY KNOWN AS 202 <br />SOUTH MICHIGAN STREET FLOORS 1,2,4,5,9 <br />AND 11 TO 14 AS AN ECONOMIC <br />REVITALIZATION AREA FOR PURPOSES OF <br />A NINE-YEAR REAL PROPERTY TAX <br />ABATEMENT FOR KEY SB, LLC, THE <br />HINMAN COMPANY <br />Councilmember Varner made a motion to continue Bill Nos. 07-122 and 07-80 until the <br />October 8, 2007, meeting of the Council. Councilmember White seconded the motion <br />which carried by a voice vote of seven (7) ayes. <br />14 <br />