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Legal Description: Lot 16 Oakside 1st Add 24/25 Cons W/0647 per <br /> owners req <br /> be designated as an Economic Revitalization Area under the provisions of Indiana Code 6-1.1- <br /> 12.1 et seq., and South Bend Municipal Code Sections 2-76 et seq.; and <br /> WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing <br /> before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; and <br /> WHEREAS, the Council held a public hearing for the purposes of hearing all <br /> remonstrances and objections from interested persons; and <br /> WHEREAS, the Council has determined that the qualifications for an economic <br /> revitalization area have been met; and <br /> WHEREAS, the Council adopted Declaratory Resolution No. 5162-26 on February 9, <br /> 2026. <br /> NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South <br /> Bend, Indiana, as follows: <br /> SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the <br /> area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such <br /> designation is for retail development real property tax abatement only and shall expire on <br /> December 31, 2028. <br /> SECTION II. The Common Council hereby determines that the property owner is qualified for <br /> and is granted real property tax deduction for up to a period of six (6) years as shown by the <br /> schedule outlined below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17 and <br /> further determines that the petition, the Memorandum of Agreement between the Petitioner and <br /> the City of South Bend, and the Statement of Benefits comply with Chapter 2, Article 6, of the <br /> Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq. <br /> Year 1 - 100% <br /> Year 2 -95% <br /> Year 3 - 90% <br /> Year 4- 85% <br /> Year 5 - 80% <br /> Year 6- 70% <br /> SECTION III. This Resolution shall be in full force and effect from and after its adoption by the <br /> Common Council and approved by the Mayor. <br /> Canneth J. Lee, Council President <br /> South Bend Common Council <br />