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REGULAR MEETING <br />OCTOBER 27, 2003 <br />F. The area has experienced a net loss in the number of dwelling units, as documented by <br />census information, local building and demolition permits, or certificates of occupancy, or <br />the areas are owned by Indiana or the United States; or <br />G. The area (plus any areas previously designated under this subsection) will not exceed <br />ten percent (10 %) of the total area within the Council's jurisdiction. <br />SECTION III. The Common Council also hereby determines and finds the following: <br />A. That the description of the proposed redevelopment meets the applicable standards for <br />such development. <br />B. That the estimate of the value of the redevelopment is reasonable for projects of this <br />nature; <br />C. That the other benefits about which information was requested are benefits that can be <br />reasonably expected to result from the proposed described redevelopment; and <br />D. That the totality of benefits is sufficient to justify the requested deduction, all of which <br />satisfy the requirements of Indiana Code 6- 1.1- 12.1 -3. <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 confirms its Declaratory Resolution designating the <br />area described herein as a Residentially Distressed Area for the purposes of tax abatement. Such <br />designation is for Real property tax abatement only and is limited to five (5) calendar years from the <br />date of adoption of the Declaratory Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is qualified for and <br />is granted Real property tax deduction for a period of five (5) years, and further determines that the <br />petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and <br />Indiana Code 6 -1.1 -12.1 et se . <br />SECTION VI. This Resolution shall be in full force and effect from and after its adoption by the <br />Common Council and approval by the Mayor. <br />s/Karen L. White <br />Member of the Common Council <br />Mr. Tim Murray, 51716 Dartmore Drive, Granger, Indiana, Vice President, Woodfield Downs, <br />Inc., owner of the subject properties, made the presentation for this bill. <br />Mr. Murray stated that this abatement is for the eight (8) remaining lots of a forty -six (46) lot <br />development. The average price of the homes on these lots will be approximately one hundred <br />forty- thousand ($140,000.00) dollars for a total of over $1.1 million in improvements. He further <br />stated that the purpose of this Resolution is to extend the tax abatement for five (5) years to <br />accomplish the build out of these lots. <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 Varner made a motion to adopt this Resolution. Councilmember <br />Coleman seconded the motion which carried and the Resolution was adopted by a roll call vote of <br />nine (9) ayes. <br />Iff1ll <br />f � <br />i <br />Fill <br />1 <br />