05-19-03 Council Meeting Minutes

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REGULAR MEETING MAY 27, 2003 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 ofthe 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 King, Chairperson, Community and Economic Development Committee, reported that this committee held a Public Hearing on this bill this afternoon and voted to send it to the full Council with a favorable recommendation. Mr. Tiberius Mihalache,117 South Main Street, Mishawaka, Indiana, made the presentation for this Resolution. Mr. Mihalache advised that he plans to build a new multi family, two (2) story quad plex with one (1) and two (2) bedroom units. The total living area will be three thousand eight hundred forty (3,840) square feet and the units will be one (1) and two (2) bedrooms each with a full bath. The gross size of the property is nine thousand five hundred eighty -five (9, 585) square feet and the net size of the building will be five thousand one hundred ninety -four (5,194) square feet with the first floor being one thousand nine hundred twenty (1,920) square feet. He noted that the new multi- family property will increase the value of the existing homes in the area. Also, the tax cash flow will benefit from this project. The total estimated dollar value of this project is two hundred thousand dollars ($200,000.00). 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 King 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. RESOLUTION NO. 3195 -03 A RESOLUTION OF THE COMMON COUNCIL OF THE t