5029-23 Designating Area 516 South Michigan St., SB., 2-Year Vacant Building Tax Abatement

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D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed redevelopment or rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. 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. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits, Sections 1 through 3 of the Petition for Real Property Tax Abatement Consideration, and the Memorandum of Agreement between the Petitioner and the City of South Bend and that the Statement of Benefits form completed by the petitioner, said form being prescribed by the State Board of Accounts, is sufficient to justify the deduction granted under Indiana Code 6-1.1-12.1-3. SECTION IV. The Common Council hereby accepts the report and recommendation of the Community Investment Committee that the area herein described be designated as an Economic Revitalization Area and hereby adopts a Resolution designating this area as an Economic Revitalization Area for purposes of real property tax abatement. SECTION V. The designation as an Economic Revitalization Areas shall expire on December 31, 2026. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted vacant building property tax deduction for a period of two (2)years outlined below as well as shown by the attachment pursuant to Indiana Code 6-1.1-12.1-17. Year 1 - 100% Year 2 - 50% SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for a Vacant Building 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 VIII. 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, ouncil President South Bend Common Council Attest: /L."(Z4 -4( /9j/kz.P_,J Dawn M. Jones, City Clerk Office of the City Clerk Presented by me, the undersigned Clerk of the City of South Bend, to the Mayor of the City of South Bend, Indiana, on the /ate' day of , 2023, at o'clock ® .m.