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REGULAR MEETING <br />MARCH 10, 2003 <br />CITY OF SOUTH BEND, INDIANA, COMMONLY <br />KNOWN AS 432 S. LAFAYETTE STREET TO BE <br />AN ECONOMIC REVITALIZATION AREA FOR <br />PURPOSES OF A TEN (10) YEAR REAL <br />PROPERTY TAX ABATEMENT FOR RESCUE, <br />INC. AND HOPE HOUSING L.P. <br />WHEREAS, the Common Council of the City of South Bend, Indiana, has adopted a Declaratory <br />Resolution designating certain areas within the City as Economic Revitalization Areas for the <br />purpose of tax abatement consideration; and <br />WHEREAS, a Declaratory Resolution designated the area commonly known as 432 S. Lafayette <br />Street, South Bend, Indiana, and which is more particularly described as follows: <br />A Part of the Southwest Quarter of Section 12, Township 37 North, <br />Range 2 East, Portage Township, City of South Bend, St. Joseph <br />County, Indiana, and more particularly described as; Lots 52, 53 and <br />54 of Samuel Martin's Addition <br />and which has Key Number 18- 3015 -0556, as an Economic Revitalization Area; and <br />WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the <br />Council has been published pursuant to Indiana Code 6- 1.1- 12.1 -2.5; and <br />WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and <br />objections from interested persons; and <br />WHEREAS, the Council has determined that the qualifications for an economic revitalization area <br />have been met. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, <br />Indiana, as follows: <br />SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area <br />described herein as an Economic Revitalization Area for the purposes of tax abatement. Such <br />designation is for real property tax abatement only and is limited to two (2) calendar years from the <br />date of adoption of the Declaratory Resolution by the Common Council. <br />SECTION II. The Common Council hereby determines that the property owner is qualified for and <br />is granted real property tax deduction for a period of ten (10) years. <br />SECTION III. 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 />■ <br />