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REGULAR MEETING <br />AUGUST 24, 1998 <br />Tract of land beginning 132.91' W of NW corner of Madison <br />and Niles and being part of lots 13,15,116, and part of NIS <br />vac alley Cottrells 2nd to Lowell cont. 145ac +- <br />and which has Key Number 18 5022 076306 be designated as an <br />Economic Revitalization Area under the provisions of Indiana Code <br />6- 1.1- 12.1 -1 et. seq. and South Bend Municipal Code Sections 2 -76 <br />Et Seq. <br />Whereas, the Department of Economic Development has <br />concluded an investigation and prepared a report with information <br />sufficient for the Common Council to determine that the area <br />qualifies as an Economic Revitalization Area under Indiana Code <br />6 -1.1- 12.1 -1, et seq., and South Bend Municipal Code Sections 2- <br />76, et seq., and has further prepared maps and plats showing the <br />boundaries and such other information regarding the area in <br />question as required by.law; and <br />Whereas, the Human Resources and Economic Development <br />Committee of the Common Council has reviewed said report and <br />recommended to the Common Council that the area qualifies as an <br />Economic Revitalization Area. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the <br />City of South Bend, Indiana, as follows: <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 completed by the Petitioner meet the requirements <br />of Indiana Code 6 -1.1- 12.1 -1 et seq., and qualifies under the <br />relevant provisions of South Bend Municipal Code Sections 2 -76 et <br />seq., for tax abatement. <br />SECTION II. The Common Council hereby determines and finds the <br />following: <br />A. That the description of the proposed redevelopment or <br />rehabilitation meets the applicable standards for such <br />development. <br />B. That the estimate of the value of the redevelopment or <br />rehabilitation is reasonable for projects of this nature; <br />C. That the estimate of the number of individuals who will <br />be employed or whose employment will be retained by the <br />Petitioner can reasonably be expected to result from the <br />proposed described redevelopment or rehabilitation; <br />D. That the estimate of the annual salaries of those <br />individuals who will be employed or whose employment <br />will be retained by the Petitioner can be reasonably <br />expected to result from the proposed redevelopment or <br />rehabilitation: <br />E. 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 or <br />rehabilitation; and <br />F. 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 />SECTION III. The Common Council hereby determines and finds that <br />the proposed described redevelopment or rehabilitation can be <br />reasonably expected to yield benefits identified in the Statement <br />of Benefits set forth as Sections I through II of the Petition <br />for Real Property Tax Abatement Consideration and that the <br />Statement of Benefits form prescribed by the State Board of <br />Accounts are sufficient to justify the deduction granted under <br />I_,- <br />