01-27-03 Council Meeting Minutes

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REGULAR MEETING JANUARY 27, 2003 A. That the description of the proposed redevelopment meets the applicable standards for such development. B. That the estimate of the value of the redevelopment is reasonable for projects of this nature; C. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment; and D. 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. E. The deduction will not be allowed unless the dwelling is rehabilitated to meet local code standards for habitability. F. The deduction will not be allowed unless the dwelling rehabilitation is completed within five (5) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION IV. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as a Residentially Distressed Area for the purposes of tax abatement. Such designation is for Real property tax abatement only and is limited to five (5) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION V. The Common Council hereby determines that the property owner is qualified for and is granted Real property tax deduction for a period of five (5) years, and further determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12.1 et seq. SECTION VI. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor; and effective upon the completion of the annexation of said real estate into the corporate limits of South Bend, Indiana. s/Karen L. White Member of the Common Council Councilmember Coleman made a motion to entertain the substitute version of this Resolution as on file with the Clerk. Councilmember Kelly seconded the motion which carried by a voice vote of eight (8) ayes. Mr. Bernard Feeney, Registered Land Surveyor, 715 South Michigan Street, South Bend, Indiana, made the presentation for this bill on behalf of D & H Home Builders, Inc., the developers of the Royal Oak Estates Subdivision. Mr. Feeney noted that the property for which tax abatement is being requested is located on the south side of Johnson Road between Miami and Fellows Streets. This proposed action would cover thirty (30) lots located in Phase II of the subdivision. Phase II has had all of the infrastructure installed at this point. The final plat for this subdivision has been approved and the developer is waiting on the Declaratory Resolution to begin selling the homes.