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

Home Browse Search

provisions of Indiana Code 6-1.1-12.1 et seq., and South Bend Municipal Code Sections 2-76 et seq.; and WHEREAS, the Common Council further considered Bill No. 22-38 as a Declaratory Resolution for Real Property Tax Abatement that established that the Economic Revitalization Area shall be limited to three(3)calendar years from the date of the adoption of Bill No. 22-38 by the Common Council; and WHEREAS, the Common Council further considered Bill No. 22-38 as a Declaratory Resolution for Real Property Tax Abatement that asserts that the Common Council determines that the property owner is qualified for and is granted property tax deduction for a period of eight (8)years as shown by the schedule outlined below pursuant to Indiana Code 6-1.1-12.1-17. Year 1 - 100% Year 2 - 95% Year 3 - 90% Year 4 - 85% Year 5 - 80% Year 6 - 75% Year 7 - 70% Year 8 - 65% WHEREAS, the Common Council further considered Bill No. 22-38 as a Declaratory Resolution for Real Property Tax Abatement that directs the City Clerk to cause notice of the adoption of Bill No. 22-38 as a Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code 5-3-1 and Indiana Code 6-1.1-12.1-2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration; and WHEREAS,on August 8,2022,the Community Investment Committee debated the merits of Bill No. 22-38 as a Declaratory Resolution for Real Property Tax Abatement, held a public hearing for the bill,and reported the bill to the Common Council with a favorable recommendation; and WHEREAS, the minutes of the Community Investment Committee meeting held on August 8, 2022,provide that the Community Investment Committee considered Bill No. 22-38 as a"Resolution Designating Tax Abatement for 505 S. Michigan St., South Bend, Indiana;"and WHEREAS, on August 8, 2022, the Common Council debated the merits of Bill No. 22- 38 as a Declaratory Resolution for Real Property Tax Abatement,held a public hearing for the bill, and voted in favor of adopting Bill No. 22-38; and WHEREAS,the minutes of the Common Council meeting held on August 8,2022,provide that the Common Council considered Bill No. 22-38 with the title, "A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,INDIANA,DESIGNATING A TAX ABATEMENT FOR CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 505 S MICHIGAN ST., SOUTH BEND, IN 46601 AS AN