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Year 4 - 85%
<br /> Year 5 - 80%
<br /> Year 6 - 75%
<br /> Year? - 70%
<br /> Year 8 - 65%
<br /> WHEREAS, the Common Council further considered Bill No. 22-38 as a Declaratory
<br /> Resolution for Real Property Tax Abatement that directs the City Clerk to cause notice of the
<br /> adoption of Bill No. 22-38 as a Declaratory Resolution for Real Property Tax Abatement to be
<br /> published pursuant to Indiana Code 5-3-1 and Indiana Code 6-1.1-12.1-2.5, said publication
<br /> providing notice of the public hearing before the Common Council on the proposed confirming of
<br /> said declaration; and
<br /> WHEREAS,on August 8,2022,the Community Investment Committee debated the merits
<br /> of Bill No. 22-38 as a Declaratory Resolution for Real Property Tax Abatement, held a public
<br /> hearing for the bill,and reported the bill to the Common Council with a favorable recommendation;
<br /> and
<br /> WHEREAS, the minutes of the Community Investment Committee meeting held on
<br /> August 8, 2022,provide that the Community Investment Committee considered Bill No. 22-38 as
<br /> a"Resolution Designating Tax Abatement for 505 S. Michigan St., South Bend, Indiana;" and
<br /> WHEREAS, on August 8, 2022, the Common Council debated the merits of Bill No. 22-
<br /> 38 as a Declaratory Resolution for Real Property Tax Abatement,held a public hearing for the bill,
<br /> and voted in favor of adopting Bill No. 22-38; and
<br /> WHEREAS,the minutes of the Common Council meeting held on August 8,2022,provide
<br /> that the Common Council considered Bill No. 22-38 with the title, "A RESOLUTION OF THE
<br /> COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, DESIGNATING A TAX
<br /> ABATEMENT FOR CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA,
<br /> COMMONLY KNOWN AS 505 S MICHIGAN ST., SOUTH BEND, IN 46601 AS AN
<br /> ECONOMIC REVITALIZATION AREA FOR PURPOSES OF AN EIGHT (8)YEAR MIXED-
<br /> USE REAL PROPERTY TAX ABATEMENT FOR THE MONREAUX, LLC;" and
<br /> WHEREAS, Bill No. 22-38 was passed by a vote of eight (8) ayes and zero (0)nays; and
<br /> WHEREAS, upon adoption by the Common Council on August 8, 2022, Bill No. 22-38
<br /> was filed as Declaratory Resolution No. 4972-22; and
<br /> WHEREAS, upon proper notice, a public hearing was held, after which the Common
<br /> Council issued Confirming Resolution No. 4975-22 on August 22, 2022, confirming the adoption
<br /> of Declaratory Resolution No. 4972-22; and
<br /> WHEREAS, through the adoption of Declaratory Resolution No. 4792-22on August 8,
<br /> 2022, and the adoption of Confirming Resolution No. 4975-22 on August 22, 2022, the Common
<br /> Council intended to grant The Monreaux LLC, an Indiana Limited Liability Company, an eight-
<br /> year(8) mixed-use real property tax abatement; and
<br /> WHEREAS,through the adoption of Declaratory Resolution No.4792-22 and the adoption
<br /> of Confirming Resolution No. 4975-22, the Common Council intended to grant The Monreaux
<br /> LLC a three-year(3) designation period, which would have expired on August 8, 2025; and
<br /> WHEREAS, the Common Council now desires to amend Declaratory Resolution No.
<br /> 4792-22 to match the form of Declaratory Resolution filed by the Department of Community
<br /> Investment on July 20, 2022, to ensure that The Monreaux LLC receives the benefits of the real
<br /> property tax abatement as the Common Council intended; and
<br /> WHEREAS,the Common Council further desires to modify and reconfirm the adoption of
<br /> Declaratory Resolution No. 4972-22, as amended by this Resolution, designating certain areas an
<br /> Economic Revitalization Area for purposes of an eight-year (8) mixed-use real property tax
<br /> abatement; and
<br /> WHEREAS, completion of the project by end of the original designation period as the
<br /> Common Council intended through the adoption of Declaratory Resolution No.4972-22 on August
<br />
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