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WHEREAS, the Council held a public hearing for the purposes of hearing all <br />remonstrances and objections from interested persons; and <br />WHEREAS, the Council has determined that the qualifications for an economic <br />revitalization area have been met. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br />South Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby confirms its Declaratory Resolution <br />designating the area described herein as an Economic Revitalization Area for the <br />purposes of tax abatement. Such designation is for Real property tax abatement only and <br />is limited to two (2) calendar years from the date of adoption of the Declaratory <br />Resolution by the Common Council. <br />SECTION II. The Common Council hereby determines that the annual amount for <br />which similar buildings in the county were leased or rented or offered for lease or <br />rent during the period the eligible vacant building was unoccupied is approximately <br />in the amount of $70,616. <br />SECTION III. The Common Council hereby determines that the property owner is <br />qualified for and is granted Real property tax deduction for a period of two (2) years, and <br />further determines that the petition, the Memorandum of Agreement between the <br />Petitioner and the City of South Bend, and the Statement of Benefits comply with <br />Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code <br />6-1.1-12 et seq. <br />SECTION IV. This Resolution shall be in full -force and effect from and after its <br />adoption by the Common Council and approved by the Mayor. <br />Member of the Common Council <br /> <br />NOT APPR04'EE~ <br />~DOPT~ „ , , . <br />~€I~~ E[t ~1~'~~~fi~ce <br />APR 2 3 2008 <br />dG(it~ VOt~RG'E <br />Ci'?"! CLEF~K, ~,7. B~~D, ltd. <br />