Designating Tax Abatement - South Bend Redevelopment Commission benefit of: AJW South Bend Realty Corp. (10 Year Real Property)

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SECTION IV. The Common Council hereby accepts the report and recommendation of the Community and Economic Development 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 five (5) calendar years from the date of the adoption of this Resolution by the Common Council. The Common Council pursuant to section 2 -84 of the South Bend Municipal Code finds the five (5) year designation is appropriate and rational period for this abatement in light of the following: A. The project far exceeds the minimum requirement of 100,000 EA. for tax abatement eligibility. B. The project has an enormous cost associated with it of over $46 million, including land, building and equipment. C. The project site is located in an area which otherwise would not see normal growth or development, and the project is expected to be a catalyst for future development in the area. D. The project will result in a significant number of new jobs, the total number of which is projected to reach 874 by the time the project is completed. E. The project is supported by and is receiving financial assistance from the Indiana Department of Commerce, the City of South Bend, and the Urban Enterprise Association. F. The project site falls within all of the designated areas including, the Tax Abatement Impact Area, the Economic Development Target Area, the Sample -Ewing Development Area and the Urban Enterprise Zone. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of ten (10) years. 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 Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. Member of the Common Council 3 PRESENTER ,,+2 -L -02- NOT APPROVED ADOPTED �A- 1-IL -131 -- G:°" erEi16,9O.BEW®,IM,