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SECTION VI. The Common Council hereby determines that the property owner is qualified for <br />and is granted property tax deduction for a period of ten (10) years as shown by the attachment <br />pursuant to Indiana Code 6 -1.1- 12.1 -17. This resolution is passed as an exception to the current <br />City Code regarding the applicable deduction percentages for a 10 year abatement for the <br />following reasons: 1. The property has been designated by the Economic Development <br />Commission as an Economic Development Target Area located in the CBD; 2. The property is <br />currently owned by the City Redevelopment Commission and requires annual management and <br />maintenance by the City; 3. The property has been vacant and there has been no realized tax <br />revenue generated from the property for at least ten years; 4. The private investment proposed for <br />the project will exceed three times the amount of the taxes to be abated; 5. The project will pay <br />taxes and those revenues will be net new taxes to the community; 6. The project is aligned with <br />the goals of the SBCDA plan, which specifically targets multi -use projects including support for <br />residential occupancy in the CBD; and 7. There is a significant cost to cure required in the <br />project to make the property functional, conform to the historical nature of the property and <br />return the property to economic viability <br />SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of <br />this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana <br />Code § 5 -3 -1 and Indiana Code § 6 -1.1- 12.1 -2.5, said publication providing notice of the public <br />hearing before the Common Council on the proposed confirming of said declaration. <br />SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by <br />the Common Council and approval by the Mayor. <br />Z4 j t- <br />PRESENTED �.� aS it�c.Jf� -Lw <br />RTOY. APPROVED <br />`{ DOPTED L � Cl .F Gl <br />'Filed in� Clerk's <br />00 ;1. <br />CITY CLERK, SOUTH BEND, IN <br />