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REGULAR MEETING MAY 8, 2006 <br />F. The area has experienced a net loss in the number of dwelling units, as <br />documented by census information, local building and demolition permits, or <br />certificates of occupancy, or the areas are owned by Indiana or the United States; <br />or <br />G. The area (plus any areas previously designated under this subsection) will <br />not exceed ten percent (10%) of the total area within the Councils jurisdiction. <br />= <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 this <br />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 VI. 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. Mike Cochran, 402 E. South Street, Construction Assistants, Habitat for Humanity of <br />St. Joseph County, made the presentation for this bill. <br />Mr. Cochran advised that Habitat for Humanity is preparing to build new homes on the <br />properties listed above. The homes will be between 1,120 square feet and 1,344 square <br />feet in size. They will have three or four bedrooms and one or one and three-quarter <br />bathrooms. Each home will be built on a crawl space. Habitat will use volunteer labor <br />and donated materials to build the homes which will be sold to qualified low income <br />families. The approximate cost of each home will be $65,000. The total estimated dollar <br />value of the project is $520,000.00 this project helps promote future improvements and <br />development in the area. Mr. Cochran further noted that Habitat for Humanity in the last <br />ten years has built 67 homes inside the limits of incorporated South Bend. Of those, 61, <br />or 91% are still owned and occupied by the original homeowners. Five of the houses, <br />7.5% have been sold and only one of the 67 homes built or 1.5% has been foreclosed. <br />Mr. Cochran stated that the data shows that there is great stability for the Partner families, <br />and that they are also taking the opportunity to build equity to sell their homes and to <br />advance themselves. <br />A Public Hearing was held on the Resolution at this time. <br />13 <br /> <br />