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REGULAR MEETING JANUARY 26, 2004 <br /> E. The deduction will not be allowed unless the dwelling is rehabilitated to meet local <br /> code standards for habitability. <br /> F. The deduction will not be allowed unless the dwelling rehabilitation is completed <br /> within five (5) calendar years from the date of the adoption of this Resolution by the <br /> Common Council. <br /> SECTION IV. The Common Council hereby determines and finds that the proposed <br /> described redevelopment can be reasonably expected to yield benefits identified in the Statement of <br /> Benefits and the petition for real property tax abatement consideration and that the Statement of <br /> Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction <br /> granted under Indiana Code 6-1.1-12.1-3. <br /> SECTION V. The Common Council hereby accepts the report and recommendation of the <br /> Community and Economic Development Committee that the area herein described be designated as <br /> a Residentially Distressed Area and hereby adopts a Resolution designating this area as a <br /> Residentially Distressed Area for purposes of real property tax abatement. <br /> SECTION VI. The designation as a Residentially Distressed Area shall be limited to five(5) <br /> calendar years from the date of the adoption of this Resolution by the Common Council. <br /> SECTION VII. The Common Council hereby determines that the property owner is qualified <br /> for and is granted property tax deduction for a period of five (5) years. <br /> SECTION VIII. The Common Council directs the City Clerk to cause notice of the adoption <br /> of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana <br /> Code 5-3-1 and Indiana Code 6-1.1-12.1-2.5,said publication providing notice of the public hearing <br /> before the Common Council on the proposed confirming of said declaration. <br /> SECTION IX. Pursuant to Indiana Code 6-1.1-12.1-2,the rehabilitation must meet all local <br /> code standards for habitability as a specific condition of having such property be designated as a <br /> residentially distressed area. <br /> SECTION X. This Resolution shall be in full force and effect from and after its adoption by <br /> the Common Council and approval by the Mayor. <br /> s/Karen L. White <br /> Member of the Common Council <br /> Councilmember Kelly, reported that the Community and Economic Development Committee <br /> conducted a Public Hearing on this bill this afternoon and voted to send it to the full Council with <br /> a favorable recommendation. <br /> Scott Johnston, 5802 Miami, South Bend, Indiana, made the presentation for this bill. <br /> Mr. Johnston noted that the home is single family, between 2,200 and 3,200 sq. ft. with prices <br /> ranging from $160,000 to $275,000. The home will have three to four bedrooms with a den, <br /> basement, great room and attached garage. Mr. Johnston further noted that this project will help <br /> further develop the City's south side by bringing new families to the area. <br /> A Public Hearing was held on the Resolution at this time. <br /> There being no one present wishing to speak to the Council either in favor of or in opposition to this <br /> Resolution, Councilmember Pfeifer made a motion to adopt this Resolution. Councilmember <br /> Puzzello seconded the motion which carried and the Resolution was adopted by a roll call vote of <br /> eight (8) ayes. <br /> -21- <br />