09-23-13 Common Council Meeting Minutes

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REGULAR MEETING SEPTEMBER 23, 2013 BILL NO. 4286-13 A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 120 W. LASALLE STREET AS AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A (10) TEN-YEAR REAL PROPERTY TAX ABATEMENT FOR HOFFMAN HOTEL APARTMENTS HOUSING PARTNERS, L.P. WHEREAS, the Common Council of the City of South Bend, Indiana, has adopted a Declaratory Resolution designating certain areas within the City as Economic Revitalization Areas for the purpose of tax abatement consideration; and WHEREAS, a Declaratory Resolution designated the area commonly known as 120 W. LaSalle Street, South Bend, Indiana, and which is more particularly described as follows: East 87.7 feet Lot 12 Original Plat of South Bend and which has Key Number 71-08-12-107-002.000-026, as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrance’s and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for Real property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. The Common Council hereby determines that the property owner is qualified for and is granted Real 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 and further determines that the petition, the Memorandum of Agreement between the Petitioner and the City of South Bend, and the Statement of Benefits comply with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq. SECTION III. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor. s/Derek D. Dieter Member of the Common Council Mr. William Hollingsworth stated that they intend to redevelop the historic Hoffman Hotel located at 120 W. LaSalle Street. He stated that the 60,000 square foot building will be converted from an office building to affordable apartments to house artists. The estimated dollar value of the project is $4,000,000. Total taxes to be abated during the ten (10) year abatement period are estimated at $391,974. Total taxes to be paid during the ten (10) year abatement period are 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. 15