4741-18 Modifying and reconfirming resolution for Imagineering Enterprises (Real Property)

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BILL NO. 18-48 RESOLUTION NO. 4741-18 A RESOLUTION MODIFYING AND RECONFIRMING THE ADOPTION OF DECLARATORY RESOLUTION NO. 4594-16 DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 3722 Foundation Ct, South Bend, IN 46628 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A (6) SIX YEAR REAL PROPERTY TAX ABATEMENT FOR Imagineering Enterprises, Inc. WHEREAS, the Common Council of the City of South Bend has adopted declaratory resolutions designating certain areas within the City as Economic Revitalization Areas for the purpose of tax abatement consideration; and WHEREAS, Declaratory Resolution No. 4594-16 designated the area located at 3722 Foundation Ct., South Bend, IN 46601 and which is more particularly described as follows: LOT 2 EX 60' S END METRO ALEDO MINOR SUB 03-04 SPLIT TO 040032 TR 2-7-03 13026 and which currently has Key Numbers 025-1010-040018, as an Economic Revitalization Area; and WHEREAS, upon proper notice, a public hearing was held, after which the Common Council issued Confirming Resolution No. 4595-16, confirming the adoption of Declaratory Resolution No. 4594-16 on September 28, 2016; and WHEREAS, the Petitioner was granted a two-year designation period in Confirming Resolution No. 4595-16, which will expire on September 13, 2018; however, the project will not be completed until September 2019; and WHEREAS,the Petitioner has requested an additional one year to complete the project. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby determines and finds that the extension of the designation is appropriate and meets the requirements of Indiana Code § 6-1.1-12.1 et seq. SECTION II. The Common Council hereby reconfirms Declaratory Resolution No. 4694-16 and Confirming Resolution No. 4595-16 designating the area described herein as an Economic Revitalization Area for the purpose of a real property tax abatement. Such designation is limited to three (3) calendar years from the date of adoption of Declaratory Resolution No. 4594-16 by the Common Council. SECTION III. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of six (6) years as shown below and further determines that the petition, the Statement of Benefits and the Memorandum of Agreement between the Petitioner and the City of South Bend comply with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq. Year 1 — 100% Year 2— 85%