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09-08-14 Amended Council Agenda & Packet
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09-08-14 Amended Council Agenda & Packet
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9/8/2014 9:09:12 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
9/8/2014
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SECTION I. The Common Council hereby determines and finds that the Petition for Real Property <br />Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the <br />requirements of Indiana Code § 6 -1.1 -12.1 et seq., for tax abatement. <br />SECTION II. The Common Council hereby determines and finds the following: <br />A. That the description of the proposed redevelopment or rehabilitation meets the <br />applicable standards for such development; <br />B. That the estimate of the value of the redevelopment or rehabilitation is reasonable <br />for projects of this nature; <br />C. That the estimate of the number of individuals who will be employed or whose <br />employment will be retained by the Petitioner can reasonably be expected to result from the <br />proposed described redevelopment or rehabilitation; <br />D. That the estimate of the annual salaries of those individuals who will be employed <br />or whose employment will be retained by the Petitioner can be reasonably expected to result from <br />the proposed redevelopment or rehabilitation; <br />E. That the other benefits about which information was requested are benefits that can <br />be reasonably expected to result from the proposed described redevelopment or rehabilitation; and <br />F. 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 />SECTION III. The Common Council hereby determines and finds that the proposed described <br />redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the <br />Statement of Benefits, Sections I through 3 of the Petition for Real Property Tax Abatement <br />Consideration and the Memorandum of Agreement between the Petitioner and the City of South <br />Bend, and that the Statement of Benefits form completed by the petitioner, said form being <br />prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under <br />Indiana Code § 6- 1.1- 12.1 -3. <br />SECTION IV. The Common Council hereby accepts the report and recommendation of the <br />Community Investment Committee that the area herein described be designated as an Economic <br />Revitalization Area and hereby adopts a Resolution designating this area as an Economic <br />Revitalization Area for purposes of real property tax abatement. <br />SECTION V. The designation as an Economic Revitalization Area shall be limited to two (2) <br />calendar years from the date of the adoption of this Resolution by the Common Council. <br />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 eight (8) years as shown by the attachment <br />pursuant to Indiana Code 6 -1.1- 12.1 -17. <br />
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