HomeMy WebLinkAbout5030-23 Designating Area 516 South Michigan St., SB., 2-Year Real Property Tax Abatement RESOLUTION
No. 5030-23
Passed by the Common Council of the City of South Bend, Indiana
June 12, 20 23
Attest: � L . yCity Clerk
awn M. Jones
Attest ' 'l �/ President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
June 13, 23
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C- / City Clerk
Dawn M. Jones
Approved and signed by me 4)tom 14/ 20 2
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Mayor
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BILL NO. 23-33
RESOLUTION NO. 5030-23
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
516 South Michigan Street, South Bend, IN 46601
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A
SIX-YEAR (6) REAL PROPERTY TAX ABATEMENT FOR
Herstoric Properties, LLC
WHEREAS, a petition for real property tax abatement consideration has been filed with
the City Clerk for consideration by the Common Council of the City of South Bend, Indiana,
requesting that the area described as:
Key Number: 71-08-12-307-003.000-026
Commonly Known As: 516 S. Michigan Street, South Bend, IN 46601
Legal Description: S 1/2 Lot 9 Martins Add
be designated as an Economic Revitalization Area under the provisions of Indiana Code 6-1.1-
12.1 et seq. and South Bend Municipal Code Sections 2-76 et seq.; and
WHEREAS,petitioner has agreed to and has accepted responsibility to report any changes
in the Key Number and legal description to the Department of Community Investment and to the
Office of the City Clerk; and
WHEREAS,the Department of Community Investment has concluded an investigation and
prepared a report with information sufficient for the Common Council to determine that the area
qualifies as an Economic Revitalization Area under Indiana Code 6-1.1-12.1 et seq. and South
Bend Municipal Code Sections 2-76 et seq. and has further prepared maps and plats showing the
boundaries and such other information regarding the area in question as required by law; and
WHEREAS,the Community Investment Committee of the Common Council has reviewed
said report and recommended to the Common Council that the area qualifies as an Economic
Revitalization Area.
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 Petition for Real Property
Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the
requirements of Indiana Code 6-1.1-12.1 et seq. for tax abatement.
SECTION II. The Common Council hereby determines and finds the following:
A. That the description of the proposed redevelopment or rehabilitation meets the
applicable standards for such development;
B. That the estimate of the value of the redevelopment or rehabilitation is reasonable
for projects of this nature;
C. That the estimate of the number of individuals who will be employed or whose
employment will be retained by the Petitioner can reasonably be expected to result from the
proposed described redevelopment or rehabilitation;
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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 property tax deduction for a period of six(6)years as shown by the schedule outlined
below as well as shown by the attachment pursuant to Indiana Code 6-1.1-12.1-17.
Year 1 - 100%
Year 2 - 90%
Year 3 - 80%
Year 4 - 70%
Year 5 - 60%
Year 6 - 50%
SECTION VII. 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 VIII. This Resolution shall be in full force and effect from and after its adoption by the
Common Council and approval by the Mayor.
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Sharon McBride, ouncil President
South Bend Common Council
Attest:
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 /3 day of i��� , 2023, at 2
o'clock p .m.
Xtee/fD (22( • 914(_/24)
Dawn M. Jones, City Clerk
Office of the City Clerk
Approved and signed by me on the i 6 f'4 day of J v,"t ,2023,at II o'clock
c .m.
Jtillit
es Mueller, Mayor
City of South Bend
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