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REGULAR MEETING <br />MARCH 27, 2000 <br />redevelopment; and <br />D. That the totality of benefits is sufficient to justify the requested deduction, all <br />of which satisfy the requirements of Indiana Code 6 -1.1- 12.1 -3. <br />E. The deduction will not be allowed unless the dwelling is rehabilitated to meet <br />local code standards for habitability. <br />F. The deduction will not be allowed unless the dwelling rehabilitation is <br />completed within five (5) calendar years from the date of the adoption of this <br />Resolution by the Common Council. <br />SECTION IV. The Common Council hereby determines and finds that the proposed <br />described redevelopment can be reasonably expected to yield benefits identified in the Statement of <br />Benefits and the petition for real property tax abatement consideration and that the Statement of <br />Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction <br />granted under Indiana Code 6 -1.1- 12.1 -3. <br />SECTION V. The Common Council hereby accepts the report and recommendation of the <br />Community and Economic Development Committee that the area herein described be designated as <br />a Residentially Distressed Area and hereby adopts a Resolution designating this area as a <br />Residentially Distressed Area for purposes of real property tax abatement. <br />SECTION VI. The designation as a Residentially Distressed Area shall be limited to five <br />(5) calendar years from the date of the adoption of this Resolution by the Common Council. <br />SECTION VII. The Common Council hereby determines that the property owner is qualified <br />for and is granted property tax deduction for a period of five (5) years. <br />SECTION VIII. The Common Council directs the City Clerk to cause notice of the adoption <br />of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana <br />Code 5 -3 -1 and Indiana Code 6 -1.1- 12.1 -2.5, said publication providing notice of the public hearing <br />before the Common Council on the proposed confirming of said declaration. <br />SECTION IX. Pursuant to Indiana Code 6 -1.1- 12.1 -2, the rehabilitation must meet all local <br />code standards for habitability as a specific condition of having such property be designated as a <br />residentially distressed area. <br />SECTION X. This Resolution shall be in full force and effect from and after its adoption by <br />the Common Council and approval by the Mayor. <br />s /Charlotte Pfeifer <br />Member of the Common Council <br />Councilmember Kelly reported that the Community and Economic Development Committee met <br />on this bill and recommends this Resolution to the Council favorably. <br />Mr. Bernie Feeney, Registered Land Surveyor, 715 South Michigan Street, South Bend, Indiana, <br />representing Place Realty, Inc., 2133 Foxboro Court, Mishawaka, Indiana, made the presentation for <br />this petition. <br />Mr. Feeney informed the Council that this tax abatement is requested for property located at the <br />northeast corner of Lilac and Darden Roads. It represents twenty (20) lots which will be offered for <br />sale by Place Realty. He noted that investments have already been made in infrastructure such as <br />streets, sanitary, and storm and drainage which will be turned over to the City. Sewer and water <br />already exist at the site. Mr. Feeney advised that the twenty (20) homes represent an investment of <br />$2.5 million dollars and it is anticipated that these properties will generate $7,300.00 dollars a year <br />in taxes. The property is currently unimproved and generates only one dollar ($1.00) a year in taxes <br />at the present time. Mr. Feeney further advised that there has been no activity in this vicinity since <br />the Cross Creek subdivision with the exception of Sandpiper Cove condominiums. In conclusion, <br />Mr. Feeney informed the Council that Mr. Andy Place was present to answer any questions the <br />Council may have. <br />