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

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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 set forth as Sections I through II of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits form 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 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 two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VI. The Common Council pursuant to section 2 -84 of the South Bend Municipal Code finds the ten (10) years is appropriate and rational period for this 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.