25-39 Amending and Reconfirming Resolution - Real Property Tax Abatement for 505 South Michigan Street (Substitute)

Home Browse Search

WHEREAS, completion of the project by end of the original designation period was not possible; and WHEARAS, the Petitioner has requested to extend the designation period confirmed by Confirming Resolution No.4975-22; and WHEREAS, the Common Council desires to reconfirm the designation of certain areas designated by Declaratory Resolution No. 4972-22 and confirmed by Confirming Resolution No. 4975-22 as an Economic Revitalization Area for purposes of an eight-year (8) mixed-use development real property tax abatement; and WHEREAS, the Common Council desires to extend the designation period confirmed by Confirming Resolution No. 4975-22; and NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby reconfirms Declaratory Resolution No. 4972-22 and Confirming Resolution No.4975-22 for purposes of an eight-year(8)mixed-use development real property tax abatement. SECTION III. The designation as an Economic Revitalization Area for purposes of an eight-year (8) mixed-use development real property tax abatement expires on December 31, 2028. SECTION IV. The Common Council hereby determines that the Petitioner is qualified and is granted property tax deduction for a period of eight(8)years as shown in Section II of Declaratory Resolution No. 4972-22 and further determines that the petition, the Statement of Benefits, and the Memorandum of Agreement between the Petitioner and the City of South Bend comply with Chapter 2, Article 6,of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq. SECTION V. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor. Canneth J. Lee, Council President South Bend Common Council Attest: Bianca L. Tirado,City Clerk Office of the City Clerk