HomeMy WebLinkAboutDesignating Tax Abatement - South Bend Heritage Foundation (Teachers Credit Union) 735 Lincoln Way West (10 Year Real Property)Attes
RESOLUTION
3078 -02
Passed by the Common Council of the City of South Bend, Indiana
April 8, 2002
Presented by me to the Mayor of the City of South Bend, Indiana
April 9, 20 02,
City Clerk
dent of Common Council
Approved and signed by me
April 9, 2002
20—.
City Clerk
"MW
RESOLUTION NO. 3o�B -o2�
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
735 LINCOLN WAY WEST
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A
TEN (10) YEAR REAL PROPERTY
TAX ABATEMENT FOR
SOUTH BEND HERITAGE FOUNDATION (TEACHERS CREDIT UNION)
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 commonly known as 735 Lincoln Way
West, South Bend, Indiana, and which is more particularly described as follows:
Parcel #I Lot Number One (1) as shown on the recorded Plat of Kent and
Garrison's Subdivision of Out Lot One (1) of Hendrick's and Grant Addition to the
town.
Parcel #2 Lots Numbered Eighteen (18) and Twenty -three (23) as shown on the
recorded Plat of James D. Kent's Subdivision of Bank Out Lot Numbered One
Hundred Fourteen (114), taken off of and from the South Side of Bank Out Lot
Numbered One Hundred Thirteen (113), of the Third Plat of Out Lots of the town.
Parcel #3 The Section of the Old Kankakee Mill Race Bounded on the South by
Lots One (1) and Two (2) of Kent and Garrision's Subdivision, on the East by the
West edge of the North /South alley between Cushing and Scott Street, on the
North by Lot Twenty -three (23) of Kent's Subdivision of Bank Outlot One Hundred
Fourteen (114) and Part of Bank Outlot One Hundred Thirteen (1 13) and on the
West by the East edge of Cushing Street.
Parcel # 4 Lot Numbered Two (2) in Kent and Garrison's Subdivision of Out lot
One (1) of Henrick's and Grant's Addition to the Town.
and which has Key Numbers 18-1055-2345,18-1055-2331, 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, the Department of Community and Economic Development
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 sec., and South
Bend Municipal Code Sections 2 -76, et sea., 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 and Economic Development 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 sea., 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 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.
Thee 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.
PRESENTED + —0Z
NOT APPROVED
ADOPTED —� —�L
4O� AL-n
Me ber of the CommoA Council
0
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APR 0 8 2002
LrRi ,TSAJ. [65)
CITY CLEW, SO. BEND, IN,
COMMITTEE REPORT
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
02 -27 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 735 LINCOLN WAY
WEST AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A
TEN (10) REAL PROPERTY TAX ABATEMENT FOR SOUTH BEND
HERITAGE FOUNDATION (TEACHERS CREDIT UNION)
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 as
substituted by the addition of the word year in the title.
Karl King
Chairman