Supporting Financial Incentives 211-213 West Washington (Chase Tower)

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RESOLUTION � � �� `� Substitute Bill No. 11-57 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA,SUPPORTING FINANCIAL INCENTIVES CONSISTENT WITH CITYPLAN WHICH WILL ATTRACT AND LEVERAGE PRIVATE INVESTORS TO PROVIDE EQUITY INVESTMENT FOR THE`ECONOMIC REAABILITATION OF'THE TALLEST BUILDING TN DOWNTOWN SOUTH BEND LOCATED AT 211-213'-WEST WASHINGTON AND WHICH REFLECT SUSTAINABLE'RENOVATIONS WHICH INCORPORATE COMPREHENSIVE LEED-CERTIFED TECFINOLGIES ��ex� the Common Council of the City of South Bend, Indiana; notes that the building located at 211-213 West Washington was constructed in 1971, consists of 25-stories and is located in the heart of downtown South Bend; and G�exe�ec the Council further notes that the property is currently subject to an"Agreed Order for Immediate Appointment of Receiver" in the St. Joseph Circuit Court; and ��erer� the South Bend Common Council believes that this structure is vital to the overall viability as an integral part of the economic engine because of its key location in the county seat of St. Joseph County, Indiana; and ��J�e�,� City Plan was adopted by the South Bend Common Council with the adoption of Resolution No. 3657-06 in 2006 which specifically stressed within its "Implementation Action Plan",the need to: Expand Economic Opportunities Ensure Quality Design and Physical Development Conduct Planning and Analysis ��ere�, the Common Council further believes that time is of the essence, and that the City Administration and the Redevelopment Commission should develop with the Council an incentive package which will attract private investors to provide equity investment :for the economic rehabilitation of the building located at 211-213 West Washington, which is consistent with the goals and objectives set forth in this Resolution. CJ�o..i, C-�iEe�g�axe, 6e iC��i�e�d, 6� tEe �o�x�xasc �ou,�eal g�t�(e � o�C-�°� �snd, �nda�ea, as follows: Section I. The South Bend Common Council believes that the City Administration and the Redevelopment Commission should immediately begin to collaborate with the Common Council in developing an incentive package which will attract private investors to provide equity investment for the economic rehabilitation of the building commonly known as the Chase Tower located at 211-213 West Washington in downtown South Bend. Section IL The South Bend Common Council further believes that such an incentive package should not provide any funding or other incentives which would provide for an unfair market advantage which would be inconsistent with any current legal and binding agreements which provide incentives to maintain their presence in downtown South Bend.