Designating Tax Abatement - South Bend Heritage Foundation (TCU) 735 Lincoln Way West (10 Year Real Property)

Home Browse Search

and 18- 1055 -2346 be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1 -12.1 et sea., and South Bend Municipal Code Sections 2 -76 et sea., and; WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6 -1.1- 12.1 -2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council pursuant to Section 2 -84 of the South Bend Municipal Code finds the ten (10) years is the appropriate and rational time period for this tax abatement in light of the following: 1) The building is being built in a location that has a history of disinvestment, blighted structures and debilitating social activity. 2) The building is within The City of South Bend and SBHF's targeted area for development. SBHF's goal is to clear substandard properties and undesirable businesses between the Center City and the 900 block of LWW. 3) This project will enhance the millions of dollars that the City of South Bend has spent on infrastructure improvements along LWW. SECTION II. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for Real property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION III. The Common Council hereby determines that the property owner is qualified for and is granted Real property tax deduction for a period of ten (10) years, and further determines that the petition complies with Chapter 2, Article 6, of the %J