05-13-02 Council Meeting Minutes

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REGULAR MEETING MAY 13, 2002 thence N. 89 °- 54' -19" E., 922.75 ft. more or less; thence N. 00 °- 01'-16" W., 1482.61 ft. more or less to the Proposed South Line of Sample Street; thence N. 89'-52'-12"W. along said Proposed South Line, 1029.96 ft. to the Point of Beginning. Containing 70.95 acres more or less. and which has Key Number 18- 80752841, as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana code 6- 1.1- 12.1 -2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization 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. The Common Council pursuant to section 2 -84 of the South Bend Municipal Code finds the five (5) year designation is appropriate and rational period for this abatement in light of the following: A. The project far exceeds the minimum requirement of 100,000 sft. for tax abatement eligibility. B. The project has an enormous cost associated with it of over $46 million, including land, building and equipment. C. The project site is located in an area which otherwise would not see normal growth or development, and the project is expected to be a catalyst for future development in the area. D. The project will result in a significant number of new jobs, the total number of which is projected to reach 874 by the time the project is completed. E. The project is supported by and is receiving financial assistance from the Indiana Department of Commerce, the City of South Bend, and the Urban Enterprise Association. F. The project site falls within all of the designated areas including, the Tax Abatement Impact Area, the Economic Development Target Area, the Sample -Ewing Development Area and the Urban Enterprise Zone. SECTION II. The Common Council hereby determines that the property owner is qualified for and is granted Real property tax deduction for a period of ten (10) 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 et. se g. -10- 1 1