5144-25 Amending and Reconfirming Resolution - Real Property Tax Abatement for 505 South Michigan Street

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SUBSTITUTE BILL NO. 25-39 RESOLUTION NO. 5144-25 A RESOLUTION AMENDING DECLARATORY RESOLUTION NO. 4972-22 AND MODIFYING AND RECONFIRMING THE ADOPTION OF DECLARATORY RESOLUTION NO. 4972-22 DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 505 South Michigan Street, South Bend, Indiana 46601 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF AN EIGHT-YEAR (8) MIXED-USE DEVELOPMENT REAL PROPERTY TAX ABATEMENT FOR The Monreaux LLC WHEREAS, on July 20, 2022, the Department of Community Investment filed with the Office of the City Clerk a Declaratory Resolution for Real Property Tax Abatement and a Confirming Resolution for Real Property Tax Abatement for consideration by the Common Council of the City of South Bend, Indiana, to designate certain areas within the City as an Economic Revitalization Areas for the purpose of tax abatement; and WHEREAS, the Meeting Agenda for the August 8, 2022, Common Council Meeting included 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 ECONOMIC REVITALIZATION AREA FOR PURPOSES OF AN EIGHT (8) YEAR MIXED-USE REAL PROPERTY TAX ABATEMENT FOR THE MONREAUX, LLC;"and WHEREAS, on August 8, 2022, the Common Council considered Bill No. 22-38 as a Declaratory Resolution for Real Property Tax Abatement that designated the area commonly known as 505 S. Michigan Street, South Bend, Indiana, and which is more particularly described as follows: (1) 132 Ft E End Lot 19Martins Add (2)N 44' Lot 20 Martins Add (3) S 1- 3 Lot 20 Martins Add (4) Lot 21 & N 1/2 Vac Alley S & Adj Martins Add and which has Key Numbers 71-08-12-306-010.000-026, 71-08-12-306-011.000-026, 71-08-12- 306-012.000-026, and 71-08-12-306-013.000-026 as an Economic Revitalization Area under the 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%