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REGULAR MEETING DECEMBER 8, 2003 <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. Bernard Feeney, Registered Land Surveyor, 715 South Michigan Street, South Bend, Indiana, <br />made the presentation for this bill on behalf of D &H Home Builders, the owners and developers of <br />the Royal Oak Estates Subdivision. <br />Mr. Feeney advised that this Resolution represents Section III which is the final phase of this <br />subdivision. Development is occurring along the west and southwest side of the project along the <br />east side of the Gilmer Park area. The Petitioner is requesting tax abatement on fifty -three (53) <br />residential lots which will have an average end value of one hundred eighty- thousand dollars <br />($180,000.00) per lot, representing a total value in excess of $9.5 million dollars. This phase <br />completes the development of approximately one hundred twenty nine (129) lots in this subdivision <br />by tying together not only the interior road pattern but also tying to the exterior road pattern <br />surrounding this property with stub streets which have been in existence since their creation with the <br />platting of Gilmer Park. Mr. Feeney noted that previous phases of this subdivision were also <br />granted abatement. <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 Coleman made a motion to adopt this Resolution. Councilmember <br />King seconded the motion which carried and the Resolution was adopted by a roll call vote of nine <br />(9) ayes. <br />-27- <br />