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Home My WebLink AboutDesignating Tax Abatement - Catalyst LLC Lot 7 Ignition Park Major Subdivision (7 Year Real Property)Attes RESOLUTION 4375 -14 Passed by the Common Council of the City of South Bend, Indiana July 14, 14 20 . Presented by me to the Mayor of the City of South Bend, Indiana July 15, 14 City Clerk ident of Common Council City Clerk Approved and signed by me 3u t % is- 20-11. Of mw RESOLUTION NO. A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS Lot 7 Ignition Park Major Subdivision AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A SEVEN (7) YEAR REAL PROPERTY TAX ABATEMENT FOR CATALYST, LLC WHEREAS, a petition for real property tax abatement has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana requesting that the area located at Lot 7 Ignition Park Major Subdivision which is more particularly described as: A PART OF THE NORTHEAST QUARTER OF SECTION 14, TOWNSHIP 37 NORTH, RANGE 2 EAST PORTAGE TOWNSHIP, CITY OF SOUTH BEND, ST. JOSEPH COUNTY, INDIANA BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE POINT OF THE INTERSECTION OF THE WEST LINE OF FRANKLIN STREET WITH THE NORTH LINE OF STULL STREET; THENCE ALONG SAID NORTH LINE FOR THE NEXT FIVE (5) COURSES, SOUTH 890- 21' -45" WEST A DISTANCE OF 448.14 FEET AND SOUTH 790- 04' -37" WEST A DISTANCE OF 143.69 FEET AND ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 329.00 FEET AND HAVING AN ARC DISTANCE OF 7.08 FEET, TO THE END OF A CHORD BEARING SOUTH 190- 31' -39" EAST, AND HAVING A DISTANCE OF 7.08 FEET AND SOUTH 790- 04' -37" WEST A DISTANCE OF 199.83 FEET AND ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 833.00 FEET AND HAVING AN ARC DISTANCE OF 56.34 FEET, TO THE END OF A CHORD BEARING SOUTH 770- 08' -22" WEST, AND HAVING A DISTANCE OF 56.33 TO A POINT OF INTERSECTION WITH THE EAST LINE OF IGNITION DRIVE SOUTH; THENCE ALONG SAID EAST LINE FOR THE NEXT FOUR (4) COURSES, NORTH 630- 37' -23" WEST A DISTANCE OF 59.76 FEET AND NORTH 190- 54' -55" WEST A DISTANCE OF 129.95 FEET AND ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 167.00 FEET AND HAVING AN ARC DISTANCE OF 58.65 FEET, TO THE END OF A CHORD BEARING NORTH 100- 03' -37" WEST, AND HAVING A DISTANCE OF 58.34 FEET AND NORTH 000- 00' -00" EAST A DISTANCE OF 507.17 FEET; THENCE NORTH 890- 40' -25" EAST A DISTANCE OF 935.86 FEET TO THE WEST LINE OF SAID FRANKLIN STREET; THENCE SOUTH 000- 55' -14" EAST ALONG SAID WEST LINE A DISTANCE OF 629.46 FEET TO THE POINT OF BEGINNING. CONTAINING 14.10 ACRES MORE OR LESS, AND ALSO TO BE LATER KNOWN AS LOT # 7 OF THE PLAT OF "IGNITION PARK MAJOR SUBDIVISION, SECTION TWO" AS RECORDED IN THE RECORDS OF THE ST. JOSEPH COUNTY, INDIANA RECORDER'S OFFICE. SUBJECT TO ALL LEGAL RIGHT -OF -WAYS, AND EASEMENTS OF RECORD. and which has Key Numbers which are not yet platted be designated as an Economic Revitalization Area under the provisions of Indiana Code § 6 -1.1 -12.1 et seq., and South Bend Municipal Code Sections 2 -76 et seq., and; WHEREAS, petitioner has agreed to and has accepted responsibility to report any changes in the final legal description and to report the final, appropriate Key Number to the Department of Community Investment and to the Office of the City Clerk; and WHEREAS, the Department of Community Investment has concluded an investigation and prepared a report with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization Area under Indiana Code § 6 -1.1 -12.1, et seq., and South Bend Municipal Code Sections 2 -76, et seq., and has further prepared maps and plats showing the boundaries and such other information regarding the area in question as required by law; and WHEREAS, the Community Investment Committee of the Common Council has reviewed said report and recommended to the Common Council that the area qualifies as an Economic Revitalization Area. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby determines and finds that the Petition for Real Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of Indiana Code § 6 -1.1 -12.1 et seq., for tax abatement. SECTION II. The Common Council hereby determines and finds the following: A. That the description of the proposed redevelopment or rehabilitation meets the applicable standards for such development; B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; C. 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 described redevelopment or rehabilitation; D. 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 redevelopment or rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. 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 described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits, Sections I through 3 of 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 seven (7) years as shown by the attachment pursuant to Indiana Code 6 -1.1- 12.1 -17. SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code § 5 -3 -1 and Indiana Code § 6 -1.1- 12.1 -2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VIII. This Resoluti the Common Council and apprc PRESENTED �- -l�4 --{y NOT APRO.YM 3movlz - ' -� --1 i -(y idoption by Filed! ya , rice 0 1 CI YC4 H ��',b -OL r�ND, IN TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee of the Whole, to whom was referred: BILL NO. 14 -67 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS LOT 7 IGNITION PARK MAJOR SUBDIVISION AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A SEVEN (7) YEAR REAL PROPERTY TAX ABATEMENT FOR CATALYST, LLC Respectfully report that they have examined the matter and that in their opinion, this bill is being recommended to the full Council with a favorable recommendation. This bill was heard by the Community Investment Committee. Valerie Schey Chairperson, Committee of the Whole