11-23-87 Council Meeting Minutes

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W E RESOLUTION NO. 1548 -87 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 3502 W. MCGILL AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF REAL PROPERTY TAX ABATEMENT. WHEREAS, a petition for real property tax abatement consideration has been filed with the Common Council of the City of South Bend, requesting that the area commonly known as 3502 W. McGill, South Bend, Indiana, and which is more particularly described as follows: A part of the northeast quarter of section 28, township 38 north, range 2 east, City of South Bend, St. Joseph County, Indiana, described as follows: Commencing at the northeast corner of said section 28; thence south 89 degrees 48105" west (the bearing of the south line of the southeast quarter of section 28 is assumed north 90 degrees 00100" west) a distance of 1305 feet along the north boundary of said northeast quarter to the centerline intersection of Cleveland Road and Kenmore Street; thence south 00 degrees 00123" west a distance of 363.70 feet to a cross cut in the pavement thence south 09 degrees 59137" east a distance of 531.87 feet to a cross cut in the centerline of Kenmore Street; thence south 80 degrees 00123" west a distance of 40.00 feet to a 1/2" iron rebar; and being the point of beginning; thence south 09 degrees 59137" east along the west boundary of the Kenmore Street right -of -way a distance of 193.65 feet to a 1/2" iron rebar; thence southerly along said west boundary 213.72 feet along an arc to the right having a radius of 1869.86 feet and subtended by a long chord having a bearing of south 06 degrees 43'10" east and a length of 213.60 feet to a 1/2" iron rebar; thence north 89 degrees 59 1137" west a distance of 244.44 feet to a 1/2" iron rebar; thence north 00 degrees 00123" east a distance of 382.35 feet to the south boundary of the McGill Street right of way a 1/2" iron rebar; thence easterly along said south boundary of McGill Street right of way 90.16 feet along an arc to the left having a radius of 1944.86 feet and subtended by a long chord having a bearing of north 81 degrees 20.03" east and a length of 90.15 feet to a 1/2" iron rebar; then continuing along said boundary north 80 degrees 00123" east a distance of 86.41 feet to a 1/2" rebar; thence south 54 degrees 59134" east a distance of 14.14 feet to the point of beginning and containing 2.000 acres more or less, and is subject to easements, restrictions and or limitations of record. 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 section 2 -76; 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 the Indiana Code 6 -1.1- 12.1 -1, et seq. and South Bend Municipal Code Section 2 -76, 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. That the Common Council hereby determines and finds that the estimate of the number of individuals that will be employed or whose employment will be retained and the estimate of value of the redevelopment or rehabilitation and any other benefits about which the body designating the economic revitalization area requires information are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation. SECTION II. That the Common Council hereby determines and finds the following: (A) If the proposed redevelopment or rehabilitation does not occur, the approximate current year tax rate for the City would be 15.0781; (B) If the proposed redevelopment or rehabilitation does occur and no deduction is granted, the approximate current year tax rate for the City would be 15.0767. (C) If the proposed redevelopment or rehabilitation occurs, the deduction is granted, and a deduction percentage of fifty percent (50 %) is assumed, the approximate current year tax rate for the City would be 15.0774. SECTION III. That 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 sections 1 through 3 of the Petition for Real Property Tax Abatement Consideration and that the statement of benefits is sufficient to justify the deduction granted under Section 6 -1.1- 12.1 -3 of the Indiana Code.