06-23-14 Council Agenda & Packet

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SECTION II. The Common Council hereby determines and finds the following: A. That the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed occupation of the eligible vacant building; B. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed occupation of the eligible vacant building; C. That the proposed occupation of the eligible vacant building will increase the tax base and assist in the rehabilitation of the Economic Revitalization Area; D. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed occupation of the eligible vacant building; and E. 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 occupation of the eligible vacant building can be reasonably expected to yield benefits identified in the Statement of Benefits, the Petition for Real Property Tax Abatement Consideration, and 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 two (2) years as shown by the attachment pursuant to Indiana Code 6 -1.1- 12.1 -17. SECTION VII. The Common Council hereby determines that the annual amount for which similar buildings in the county were leased or rented or offered for lease or rent during the period the eligible vacant building was unoccupied is approximately in the amount of $79,798.64.