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REGULAR MEETING OCTOBERT 28, 2013 <br /> <br /> <br />SECTION III. The Common Council also hereby determines and finds the following: <br /> <br />A. That the description of the proposed redevelopment meets the applicable standards <br />for such development. <br />B. That the estimate of the value of the redevelopment is reasonable for projects of this <br />nature; <br />C. That the other benefits about which information was requested are benefits that can <br />be reasonably expected to result from the proposed described redevelopment; and <br />D. That the totality of benefits is sufficient to justify the requested deduction, all of <br />which satisfy the requirements of Indiana Code 6-1.1-12.1-3. <br />E. The deduction will not be allowed unless the dwelling is rehabilitated to meet local <br />code standards for habitability. <br />F. The deduction will not be allowed unless the dwelling rehabilitation is completed <br />within one (1) calendar year from the date of the adoption of this Resolution by the <br />Common Council. <br /> <br /> <br />SECTION IV. The Common Council hereby reconfirms its Declaratory Resolution and its <br />Confirmatory Resolution designating the area described herein as a Residentially Distressed <br />Area for the purposes of tax abatement. Such designation is for Real property tax abatement <br />only and is limited to SIX (6) calendar years from the date of adoption of the Declaratory <br />Resolution by the Common Council. <br /> <br />SECTION V. The Common Council hereby determines that the property owner is qualified for <br />and is granted Real property tax deduction for a period of five (5) years as shown by the <br />attachment pursuant to Indiana Code 6-1.1-12.1-17 and further determines that the petition <br />complies with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana <br />Code 6-1.1-12.1 et seq. <br /> <br />SECTION VI. This Resolution shall be in full force and effect from and after its adoption by the <br />Common Council and approval by the Mayor. <br /> <br /> s/Derek D. Dieter <br /> Member of the Common Council <br /> <br />Councilmember Gavin Ferlic, Chairperson, Community Investment Committee, reported that <br />this this committee held a Public Hearing on these bills this afternoon and voted to send them to <br />the full Council with a favorable recommendation. <br /> <br />Steve Cooreman, President, Cooreman Real Estate Group, Inc., 4404 Technology Drive, South <br />Bend, Indiana, made the presentation for this bill. <br /> <br />Mr. Cooreman: In the interest of being brief and letting you get home to spend some time with <br />your families yet this evening. I am going to cut right to the chase. We in the conference <br />meeting this afternoon we discussed some of the reasons why the tax abatement made sense for <br />the Villas at Lake Blackthorn. So I ask for your favorable support and I am here this evening to <br />address any questions that any of you might have or respond to any remonstrance as well. <br /> <br />Councilmember Henry Davis Jr., The Villas at Blackthorn how long have they been there? <br /> <br />Mr. Cooreman: This will be 10 years. <br /> <br />Councilmember Henry Davis Jr., 10 years, what is your occupancy rate or how many homes <br />have you sold? <br /> <br />Mr. Cooreman: Over 113, 114 lots, Mr. Davis, we sold about 77. <br /> <br />Councilmember Henry Davis Jr.: Ok. Are you seeing any returning interest or new growth in <br />that area? <br /> <br />36 <br /> <br /> <br />