09-12-88 Council Meeting Minutes

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North along the East line of Kendall Street ,a distance of 29.90 feet for a point of beginning; thence continuing North on the said East line of Kendall Street a distance of 25.00 feet; thence No. 89 °40'37" E. a distance of 41.80 feet to the point of curvature of a curve concave to the Northwest and having a central angel of 77 °11129" and a radius of 233.09 feet; thence Northeasterly along said curve an arc distance of 314.03 feet to the South line of Broadway Street projected West; thence N. 89 °22`40" E. along said South line a distance of 34.50 feet to its intersection with a curve concave to the Northwest and having a central angle of 20 °12158" and a radius of 360.95 feet; thence Southwesterly along said last described curve an arc distance of 127.36 feet to the point of compound curvature with a curve concave to the Northwest and having a central angle of 20 °12100" and a radius of 258.09 feet; thence Southwesterly along said last described curve an arc distance of 91.21 feet to its intersection with a curve concave to the Northwest and having a central angle of 9 °29'12" and a radius of 716.78 feet; thence Northeasterly along said last described curve an arc distance of 118.68 feet to the point of compound curvature with a curve concave to the Northwest and having a central angle of 35 °45148" and a radius of 270.30 feet; thence Northeasterly along said last described curve an arc distance of 168.72 feet to the aforesaid South line of Broadway Street projected West; thence N. 89 °22140" E. along said South line a distance of 27.40 feet to its intersection with a curve concave to the Northwest and having a central angle of 28 °36'51" and a radius of 295.30 feet; thence Southwesterly along said last described curve an arc distance of 147.48 feet to its intersection with a line having a bearing of N. 67 °22140" E.7 thence N. 67 °22140" E. along said line a distance of 183.62 feet to the point of curvature of a curve concave to the Northwest and having a central angle of 10 °09121" and having a radius of 347.70 feet; Northwesterly along said last described curve an arc distance of 61.63 feet to the aforesaid South line of Broadway Street projected West; thence N. 89 °22140" E. along said South line a distance of 67.07 feet; thence S. 67 °22140" W. a distance of 294.02 feet to the point of curvature of a curve concave to the Northwest and having a central angle of 27 °17157" and a radius of 658.57 feet; thence Southwesterly along said last described curve an arc distance of 313.92 feet to the point of tangency of said curve; thence S. 89 °40137" W. a distance of 53.02 feet to the point of beginning. All of the foregoing being situated in the City of South Bend, County of St. Joseph, State of Indiana. be designated as an Economic Revitalization Area under the provisions of Indiana code 6 -1.1- 12.1 -1 et se g.; and South Bend Municipal Code section 2 -76, et sue., 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 see., and South Bend Municipal Code section 2 -76, et seg., 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 sec., and qualifies under the provisions of South Bend Municipal Code Section 2 -76, et sees., for tax abatement. SECTION II. The Common Council hereby determines and finds the following: A.That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; B.That the estimate of the number of individuals who will be employed or whose employment will be retained can reasonably be expected to result from the proposed described redevelopment or rehabilitation; C.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 rehabilitations; D.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; E.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 the benefits identified in the Statement of Benefits set forth in 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.