5096-24 Designating Resolution - Real Property Tax Abatement 123 North Dr. Martin Luther King Jr. Boulevard

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BILL NO. 24-33 RESOLUTION NO. 5096-24 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 123 N. Dr. Martin Luther King Jr. Boulevard, South Bend, Indiana 46601 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A NINE-YEAR (9) REAL PROPERTY TAX ABATEMENT FOR AFP 111 Corp. WHEREAS, a petition for real property tax abatement consideration has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana, requesting that the area described as: Key Number: 71-08-12-112-002.000-026 Local Parcel Number: 018-3091-347401 Commonly Known As: 123 N. Dr. Marting Luther King Jr. Boulevard Legal Description: River Bend Addn To City Of So Bend Sec 12-37-2e Also Known As Block 3 & Pt Of Block 4 be designated as an Economic Revitalization Area under the provisions of Indiana Code 6-1.1- 12.1 et seq. and South Bend Municipal Code Sections 2-76 et seq.; and WHEREAS, the petitioner has agreed to and has accepted responsibility to report any changes in the Key Number and legal description to the Department of Community Investment and to the Office of the City Clerk; and WHEREAS, the Department of Community Investment has concluded an investigation and prepared a report with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6-1.1-12.1 et seq. and South Bend Municipal Code Sections 2-76 et seq., and has further prepared maps and plats showing the boundaries and such other information regarding the area in question as required by law; and WHEREAS, the Community Investment Committee of the Common Council has reviewed said report and recommended to the Common Council that the area qualifies as an Economic Revitalization Area. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby determines and finds that the Petition for Real Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of Indiana Code 6-1.1-12.1 et seq. for tax abatement. SECTION II. The Common Council hereby determines and finds the following: A. That the description of the proposed redevelopment or rehabilitation meets the applicable standards for such development; B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature;