09-23-91 Council Meeting Minutes

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242 Whereas, a petition for real property tax abatement has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana, requesting that the area commonly known as 3620 W. McGill, South Bend, Indiana, and which is more particularly described as follows: Commencing at the Northeast corner of said Section 28; thence South 9V48'05" West along the North line of said Quarter Section, 1305.00 feet; thence South 00 °00123" West along the centerline of Kenmore Street, 363.70 feet; thence South 09 °59'37" East along said centerline, 486.87 feet to the centerline intersection of Kenmore street and McGill Street; thence South 80°00123" West along the centerline of McGill Street, 303.50 feet; thence North 89 °59'37" West along said centerline, 270.66 feet to the Point of Beginning; thence South 00 °00'00" West, 401.41 feet; thence North 89 °50'37" West, 523.60 feet; thence North 00 °02141" East, 401.40 feet; thence South 89 °59'37" West, 523.23 feet to the Point of Beginning, and containing 4.823 acres more or less and is subject to all easements, restrictions, and or limitations of record. and which has Key Number 25 1010 038519, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1 et seq., and South Bend Municipal Code Sections 2 -76 et seq. and; WHEREAS, the Department of Economic Development 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 -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 Human resources and Economic Development 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 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 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; C. That the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment of rehabilitation: D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed redevelopment or rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. That the totality of benefits is sufficient to justify the deduction, all of which satisfy the requirements 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 benefits identified in the Statement of Benefits set forth as sections I through II of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Section 6 -1.1- 12.1 -3 of the Indiana Code. Section IV. The Common Council hereby accepts the report and recommendation of the 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 Economic Revitalization Area for purposed of real property tax abatement. Section V. The designation as an Economic Revitalization area shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. Section VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of Ten (10) years. Section VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be