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REGULAR MEETING <br />SEPTEMBER 10, 2007 <br />documented by census information, local building and demolition permits, <br />or certificates of occupancy, or the areas are owned by Indiana or the United <br />States; or <br />G. The area (plus any areas previously <br />not exceed ten percent (10%) of <br />jurisdiction. <br />designated under this subsection) will <br />the total area within the Council's <br />SECTION III. The Common Council also hereby determines and finds the following: <br />A. That the description of the proposed redevelopment meets the applicable <br />standards for such development. <br />B. That the estimate of the value of the redevelopment is reasonable for <br />projects of this nature; <br />C. That the other benefits about which information was requested are benefits <br />that can be reasonably expected to result from the proposed described <br />redevelopment; and <br />D. That the totality of benefits is sufficient to justify the requested deduction, <br />all of 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 <br />meet local code standards for habitability. <br />F. The deduction will not be allowed unless the dwelling rehabilitation is <br />completed within five (5) calendar years from the date of the adoption of <br />this Resolution by the Common Council. <br />SECTION IV. The Common Council hereby confirms its Declaratory Resolution <br />designating the area described herein as a Residentially Distressed Area for the purposes <br />of tax abatement. Such designation is for Real property tax abatement only and is limited <br />to five (5) calendar years from the date of adoption of the Declaratory Resolution by the <br />Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is <br />qualified for and is granted Real property tax deduction for a period of five (5) years, and <br />further determines that the petition complies with Chapter 2, Article 6, of the Municipal <br />Code of the City of South Bend and Indiana Code 6-1.1-12.1 et se . <br />SECTION VI. This Resolution shall be in full force and effect from and after its <br />adoption by the Common Council and approval by the Mayor. <br />slTimothy A. Rouse <br />Member of the Common Council <br />Ms. Nanette Tepe, Holladay Property, 227 S. Main Street, Suite 300, South Bend, <br />Indiana, made the presentation for the Resolution. <br />Ms. Tepe advised that Colfax Place Associates intends to convert a 28,059 square foot <br />office building to condominiums. 24,783 square feet will be used for the condominiums <br />(2nd through the 7th floors.) A maximum of twelve (12) units will be constructed. 3,276 <br />square feet will be used for commercial space. The condos will range in size from 1544 <br />square feet to 3800 square feet. They will be used for commercial space. They will <br />contain from two to three or more bedrooms, depending on buyer's preference, and two <br />to three bathrooms with a living room and kitchen. On site parking will be provided. <br />The price of the condos will range from $259,000 fora 1544 square foot unit on the <br />second floor to $850,000 fora 3800 square foot unit on the top floor of the building. The <br />total cost of the project is estimated at $4,100,000. <br />A Public Hearing was held on the Resolution at this time. <br />There being no one present wishing to speak to the Council either in favor of or in <br />opposition to this Resolution, Councilmember Dieter made a motion to adopt this <br />Resolution. Councilmember Varner seconded the motion which carried and the <br />Resolution was adopted by a roll call vote of eight (8) ayes. <br />15 <br />