5041-23 CONFIRMING - Multiple Properties 10-Year Real Property Tax Abatement

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Legal Description: Lot 11 Ex 21.5 Ft W Side Smith &Jacksons Sub. Key Number: 71-08-02-459-006.000-026 Commonly Known As: 421 Leland Avenue Legal Description: Lot 10 Smith &Jacksons Sub Key Number: 71-08-02-459-007.000-026 Commonly Known As: 419 Leland Avenue Legal Description: Lot 9 Smith &Jacksons Sub Key Number: 71-08-02-459-008.000-026 Legal Description: Lots 1 2 3 & 4 Smith &Jacksons Sub Key Number: 71-08-02-185-017.000-026 Commonly Known As: 901 Blaine Avenue Legal Description: Lot 115 Muessels 2nd Key Number: 71-08-02-185-016.000-026 Commonly Known As: 905 Blaine Avenue Legal Description: Lot 116 Muessels 2nd 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, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such • designation is for multi-family residential development real property tax abatement only and shall expire on December 31, 2026. SECTION II. The Common Council hereby determines that the property owner is qualified for and is granted real property tax deduction for up to a period of ten (10) years as shown by the schedule outlined below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17 and further determines that the petition, the Memorandum of Agreement between the Petitioner and the City of South Bend, and the Statement of Benefits comply with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq. Year 1 - 100% Year 2 - 100% Year 3 - 100% Year 4 - 95% Year 5 - 95% Year 6 - 90% Year? - 90% Year 8 - 85% Year 9 - 80% Year 10 - 75% SECTION III. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor.