Bill No. 23-19 Res. Tax Abatement 724 & 726 Harrison

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SECTION III. The Common Council also hereby determines and finds the following: A. That the description of the proposed redevelopment meets the applicable standards for such development; B. That the estimate of the value of the redevelopment is reasonable for projects of this nature; C. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment; D. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code 6-1.1-12.1-3; E. That the deduction will not be allowed unless the dwelling is rehabilitated to meet local code standards for habitability; and F. That the deduction will not be allowed unless the dwelling rehabilitation is completed by December 31, 2025. SECTION IV. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as a Residentially Distressed Area for the purposes of tax abatement. Such designation is for real property tax abatement only. SECTION V. The designation as a Residentially Distressed Area shall expire on December 31, 2025. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted a real property tax deduction for a period of five (5) years as shown by the schedule outlined below pursuant to Indiana Code 6-1.1-12.1-17, and further determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12.1 et seq. Year 1 - 100% Year 2 - 100% Year 3 - 95% Year 4 - 95% Year 5 - 90% SECTION VII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. Sharon McBride, Council President South Bend Common Council