02-24-03 Council Meeting Minutes

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REGULAR MEETING FEBRUARY 24, 2003 SECTION IV. The Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committee that the area herein described be designated an Economic Revitalization Area and hereby adopts a Resolution designating this area as an Economic Revitalization Area for purposes of real property tax abatement. SECTION V. The designation as an Economic Revitalization Area shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of ten (10) years. SECTION VII. 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 VIII. 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 King, Chairperson, Community and Economic Development Committee, reported that this committee held a Public Hearing on this bill this afternoon and sends it to the Council with a favorable recommendation. Mr. Bruce Yerry, 51591 Straton Court, Granger, Indiana, made the presentation for this bill. Mr. Yerry advised that Rescue, Inc. is the owner of the property at 432 South Lafayette Street. The site is the former Ries Furniture Store. In response to the growing number of homeless families in our community, Rescue, Inc. is responding with a complete renovation of the building as a new shelter for families, which will be called the Family Life Center. A portion of the building will be leased to Hope Housing L.P. which will own thirty -four (34) units of transitional housing. The housing will be owned by the limited partnership because the partnership will receive funding through the Low Income Housing Tax Credit Program. Hope Housing will be responsible for real property taxes on the portion of the building that they will own, and they are seeking a ten (10) year abatement on that portion. A Public Hearing was held on the Resolution at this time. There being no one present wishing to speak to the Council either in favor of or in opposition to this Resolution, Councilmember Pfeifer made a motion to adopt this Resolution. Councilmember Coleman seconded the motion which carried and the Resolution was adopted by a roll call vote of eight (8) ayes.