01-27-03 Council Meeting Minutes

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REGULAR MEETING JANUARY 27, 2003 Benefits and the petition for real property tax abatement consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Indiana Code 6-1.1-12.1-3. SECTION V. The Common Council hereby accepts the report and recommendation of the Community and Economic Development Committee that the area herein described be designated as a Residentially Distressed Area and hereby adopts a Resolution designating this area as a Residentially Distressed Area for purposes of real property tax abatement. SECTION VI. The designation as a Residentially Distressed Area shall be limited to five (5) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VII. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of five (5) years. SECTION VIII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code 5-3-1 and Indiana Code 6-1.1-12.1-2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION IX. Pursuant to Indiana Code 6-1.1-12.1-2, the rehabilitation must meet all local code standards for habitability as a specific condition of having such property be designated as a residentially distressed area. SECTION X. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. s/Karen L. White Member of the Common Council Councilmember Kelly reported that the Community and Economic Development Committee conducted a Public Hearing on this bill this afternoon and voted to send it to the full Council with a favorable recommendation. Mr. Jim Rans, 16789 Brick Road, South Bend, Indiana, made the presentation for this bill. Mr. Rans advised that on April 27, 1998, the Council granted a five (5) year residential real property tax abatement to Topsfield Road Development Corporation. The abatement assisted the developer in selling and developing twenty nine (29) lots in the Deer Run at Topsfield Subdivision. The abatement is due to expire in April of this year and the petitioner is now seeking abatement on the sixteen (16) remaining lots. The Deer Run at Topsfield Subdivision is located on the northeast corner of Ironwood and Inwood Roads on South Bend's south side. The project started out with forty-nine (49) lots, of which thirty-three (33) have now been built upon. The sixteen (16) remaining lots will feature home sites with a minimum of two thirds of an acre and homes will be a minimum of two thousand nine hundred (2,900) square feet each. The average price for each home is estimated at four hundred thousand dollars ($400,000.00) making the total project approximately six million four hundred thousand dollars ($6,400,000.00). ■