08/13/07 Council Meeting Minutes

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REGULAR MEETING AUGUST 13, 2007 this area as a Residentially Distressed Area for purposes of real property tax abatement. SECTION VI. The designation as a Residentially Distressed Area shall be limited to five (5) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VII. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of five (5) years. SECTION VIII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code 5-3-1 and Indiana Code 6-1.1-12.1-2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION IX. Pursuant to Indiana Code 6-1.1-12.1-2, the rehabilitation must meet all local code standards for habitability as a specific condition of having such property designated as a residentially distressed area. SECTION X. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. s/Timothy A. Rouse Member of the Common Council Councilmember Dieter, Chairperson, Community and Economic Development Committee, reported that this committee held a Public Hearing on this bill this afternoon and voted to send it to the full Council with a favorable recommendation. Ms. Manette Tepe, 227 S. Main Street, Suite 300, South Bend, Indiana, made the presentation for this bill. Ms. Tepe advised that Colfax Place Associates intends to convert a 28,059 sq. ft. office building to condominiums. 24,783 sq. ft. will be used for the condominiums (2"d through the 7th floors.) A maximum of twelve (12) units will be constructed. 3,276 sq. ft. will be used for commercial space. The condos will range in size from 1544 sq. ft. to 3800 sq. ft. They will contain from two to three or more bedrooms, depending on buyer's preference, and two to three bathrooms with a living room and kitchen. On site parking will be provided. The price of the condos will range from $259,000 fora 1544 sq. ft. unit on the second floor to $850,000 fora 3800 sq. ft. unit on the top floor of the building. The total cost of the project is estimated at $4,100,000. A Public Hearing was held on the Resolution at this time. There being no one present wishing to speak to the Council either in favor of or in opposition to this Resolution, Councilmember Dieter made a motion to adopt this substitute Resolution. Councilmember Varner seconded the motion which carried and the Resolution was adopted by a roll call vote of nine (9) ayes. BILL NO. 07-96 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 2722 TUCKER DRIVE, SOUTH BEND, INDIANA AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR STEEL WAREHOUSE COMPANY LLC 21