07-30-90 Council Meeting Minutes

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0 RESOLUTION NO. 1801 -90 A RESOLUTION OF THE SOUTH BEND DESIGNATI'. OF SOUTH BEND INDIAN MICHIGAN AN ECONOMIC OF A 10 YEAR REAL PR WEED'S OF INDIANA, I WHEREAS, a petition for real property tax abatemen Clerk for consideration by the Common Council of t requesting that the area commonly known as 220 S. and which is more particularly described as follow �OMMON COUNCIL OF THE CITY OF 4G CERTAIN AREAS WITHIN THE CITY k, COMMONLY KNOWN AS 220 S. REVITALIZATION AREA FOR PURPOSE )PERTY TAX ABATEMENT FOR: DOC JC. : has been filed with the City ie City of South Bend, Indiana dichigan, South Bend, Indiana, s: PARCEL I: Lot Numbered Fifty -five (55) as shown o the Original Plat of the Town (now City) of South Bend, St. Joseph County, State of Indiana, the dimensions of said lot being 66 feet fronting on Michigan Street and 165 feet running back from Michigan Street to the East end of said lot. PARCEL II: The North one -half of Lot Numbered Fif y -four (54) as shown on the Original Plat of Town (now City) of South Bend, St. Joseph County, State of Indiana, the dimensions of said parcel being 33 fe t fronting on Michigan Street and 165 feet running back from Michigan Street to the East end of said parcel. be designated as an Economic Revitalization Area u Code 6 -1.1- 12.1 -1 et seq. and South Bend Municipal WHEREAS, the Department of Economic Development ha prepared a report with information sufficient for that the area qualifies as an Economic Revitalizat 6 -1.1- 12.1 -1, et seq., and South Bend Municipal Co further prepared maps and plats showing the bounda regarding the area in question as required by law; ider the provisions of Indiana Code Section 2 -76 et se g., and; concluded an investigation and she Common Council to determine Lon Area under Indiana Code le section 2 -76, et seq., and ha ries and such other information and WHEREAS, the Human Resources and Economic Development Committee of the Common Council has reviewed said report and recommended tp the Common Council that the area qualifies as an Economic Revitalization Areal 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 B nefits for Real Property Tax Abatement and the Statement of Benefits form compl ted by the Petitioner meet the requirements of I.C. 6 -1.1- 12.1 -1 et seq., and qualifies under the provisions of South Bend Municipal Code Section 2 -76 et seq., for tax abatement. SECTION II. The Common Council hereby determines and finds the following: A. That the estimate of the value of the redevelc reasonable for projects of this nature; B. That the estimate of the value of the redevelc reasonable for projects of this nature; C. That the estimate of the annual salaires of th employed or whose employment will be retained can from the proposed redevelopment or rehabilitation; D. That the other benefits about which informatic can be reasonably expected to result from the prop rehabilitation; and or rehabilitation is or rehabilitation is individuals who will be reasonably expected to result was requested are benefits th ed described redevelopment or E. That the totality of benefits is sufficient to justify the deduction, all of which satisfy the requirments of I.C. 6 -1.1- 12.1 -3. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield the benefits identified in the Statement of Benefits set forth as section I through II of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits form prescribed by the Stat Board of Accounts are sufficien to justify the deduction granted under Section 6 -1.1- 12.1 -3 of the Indiana Code. SECTION IV. The Common Council hereby accepts threport and recommendation of t Human Resources and Economic Development Committee that the area herein described be designated an Economic Revitalization Area and hereby adopts a resolution designating this area as an EconomicRevitalization Area for purpose of real property tax abatment. SECTION V. The designation as an Economic two (2) calender years from the date of the Common Council. SECTION VI. The Common Council hereby determines qualified for and is granted property tax deducti SECTION VII. The Common Council directs the Cit adoption of this Declaratory Resolution for Real published, said publication providing notice of Common Counci on the proposed confirming of said ation Area shall be limited to of this Resolution by the at the property owner is for a period of ten (10) years to cause notice of the ty Tax Abatement to be lic hearing before the ation.