Confirming Tax Abatement - F & G Development Various Addresses on Chalet Ct, Dutch Ct, Elizabeth Ct and Provincial Ct (5 Year Residential Property)

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F. The area has experienced a net loss in the number of dwelling units, as documented by census information, local building and demolition permits, or certificates of occupancy, or the areas are owned by Indiana or the United States; or G. The area (plus any areas previously designated under this subsection) will not exceed ten percent (10 %) of the total area within the Council's jurisdiction. SECTION IV. The Common Council also hereby reaffirms the following: A. That the description of the proposed redevelopment meets the applicable standards for such development. B. That the estimate of the value of the redevelopment is reasonable for projects of this nature; C. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment; and D. 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. E. The deduction will not be allowed unless the dwelling is rehabilitated to meet local code standards for habitability. F. The deduction will not be allowed unless the dwelling rehabilitation is completed within five (5) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION V. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as a Residentially Distressed Area for the purposes of tax abatement. Such designation is for Real property tax abatement only and is limited to five (5) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION VI. The Common Council hereby reaffirms that the property owner is qualified for and is granted Real property tax deduction for a period of five (5) years, and further reaffirms that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6 -1.1 -12.1 et sea. SECTION VII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. PRESENTED (O'Z.S- \ NOT APPROVED ADOPTED \ 0 _'ZS -q 1 Member of the Common Council Filed in Clerk's Office FOCT 1 9 1999 LORETTAJ. WDA CITYCLERK, 30. BEND, IN.