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

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B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; C. That the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment or rehabilitation; D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed redevelopment or rehabilitation; E. 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 F. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code 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 benefits identified in the Statement of Benefits, Sections 1 through 3 of the Petition for Real Property Tax Abatement Consideration and the Memorandum of Agreement between the Petitioner and the City of South Bend, and that the Statement of Benefits form completed by the petitioner, said form being prescribed by the State Board of Accounts, is sufficient to justify the deduction granted under Indiana Code 6-1.1-12.1-3." "SECTION IV. The Common Council hereby accepts the report and recommendation of the Community Investment Committee that the area herein described be designated as an Economic Revitalization Area and hereby adopts a Resolution designating the area as an Economic Revitalization Area for purposes of real property tax abatement." "SECTION V. The designation as an Economic Revitalization Area shall be limited to three (3) calendar years from the date of the adoption of this Resolution by the Common Council." "SECTION VI. The Common Council hereby 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 as well as the attachment 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%" "SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this 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." "SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor." SECTION II. The Common Council hereby reconfirms Declaratory Resolution No. 4972-22, as amended by this Resolution, 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.