09-09-13 Common Council Meeting Mintues

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REGULAR MEETING SEPTEMBER 9, 2013 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 as set forth in Sections 1 through 3 of the Petition for Real Property Tax Abatement Consideration, 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, are 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 this 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 two (2) 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 (10) ten years as shown by the attachment pursuant to Indiana Code 6-1.1-12.1-17. 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. s/Derek D. Dieter Member of the Common Council Councilmember Gavin Ferlic, Chairperson, Community Investment Committee, reported that this committee held a Public Hearing on this bill this afternoon and voted to send it to the full Council with a favorable recommendation. th Mr. William Hollingsworth, 4000 W. 106 Street, Suite 125-146, Carmel, Indiana, made the presentation for this bill. Mr. Hollingsworth advised that they intend to redevelop the historic Hoffman Hotel located at 120 W. LaSalle Street. The 60,000 square foot building will be converted from an office building to affordable apartments to house artists. He stated that the estimated dollar value of the project if $4,000,000. Total taxed to be abated during the ten (10) year abatement period is estimated at $391,974. Total taxes to be paid during the ten (10) year abatement period is estimated at $1,156,031. Per the petition, the project will create zero permanent full-time and one permanent part-time job within the first year representing a new annual payroll of $35,000 and will maintain zero existing permanent full-time and zero existing part-time jobs. A Public Hearing was held on the Resolution at this time. There being no one present wishing to speak to the Council either in favor of or in opposition to this Resolution. Councilmember Dr. David Varner made a motion to adopt this Resolution. Councilmember Scott seconded the motion which was adopted by a roll call vote of nine (9) ayes. 11