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REGULAR MEETING MAY 11, 1998 <br />SECTION I. The Common Council hereby determines and finds that <br />the petition for real property tax abatement and the Statement of <br />Benefits form meet the requirements of Indiana Code 6 -1.1 -12.1 et <br />sea., for tax abatement. <br />SECTION II. The Common Council hereby determines and finds that <br />the area meets one of the following conditions as formally <br />established in Ordinance no. 8845 -97, which was passed on <br />December 8, 1997: <br />A. The area is comprised of parcels that are either <br />unimproved or contain only one (1) or two (2) family <br />dwellings designed for up to four (4) families, including <br />accessory buildings for those dwellings; or <br />B. Any dwellings in the area are not permanently occupied <br />and are: <br />i. the subject of an order issued under IC 36 -7 -9; or <br />ii.evidencing significant building deficiencies; or <br />C. Parcels of property in the area: <br />i. have been sold and not redeemed under IC 6- 1.1 -24 <br />and IC 6- 1.1 -25; or <br />ii.are owned by a unit of local government; or <br />D. A significant number of dwelling units within the area <br />are not permanently occupied or a significant number of <br />parcels in the area are vacant land; or <br />E. A significant number of dwelling units within the area <br />are: <br />i. the subject of an order issued under IC 36 -7 -9; or <br />ii.evidencing significant building deficiencies; or <br />F. The area has experienced a net loss in the number of <br />dwelling units, as documented by census information, local <br />building and demolition permits, or certificates of <br />occupancy, or the areas are owned by Indiana or the United <br />States; or <br />G. The area (plus any areas previously designated under <br />this subsection) will not exceed ten percent (10 %) of the <br />total area within the Council's jurisdiction. <br />SECTION III. The Common Council also hereby determines and finds <br />the following: <br />A. That the description of the proposed redevelopment meets <br />the applicable standards for such development. <br />B. That the estimate of the value of the redevelopment is <br />reasonable for projects of this nature; <br />C. That the other benefits about which information was <br />requested are benefits that can be reasonably expected to <br />result from the proposed described redevelopment; and <br />D. That the totality of benefits is sufficient to justify <br />the requested deduction, all of which satisfy the <br />requirements of Indiana Code 6- 1.1- 12.1 -3. <br />E. The deduction will not be allowed unless the dwelling is <br />rehabilitated to meet local code standards for habitability. <br />F. The deduction will not be allowed unless the dwelling <br />rehabilitation is completed within five (5) calendar years <br />from the date of the adoption of this Resolution by the <br />Common Council. <br />SECTION IV. The Common Council hereby determines and finds that <br />the proposed described redevelopment can be reasonably expected <br />to yield benefits identified in the Statement of Benefits and the <br />petition for real property tax abatement consideration and that <br />the Statement of Benefits form prescribed by the State Board of <br />Accounts are sufficient to justify the deduction granted under <br />Indiana Code 6 -1.1- 12.1 -3. <br />SECTION V. The Common Council hereby accepts the report and <br />recommendation of the Community and Economic Development <br />Committee that the area herein described be designated as a <br />Residentially Distressed Area and hereby adopts a Resolution <br />