Designating Tax Abatement - JTG Development Inc. 2442 Jaclyn Ct. (3 Year Real Property)

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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 that three (3) years is a proper designation in light of the following: 1. Initial project going into Premier Industrial Park a incentive for others 2. Established business in same quadrant of city, the company doesn't want to leave the quadrant or city but will if it makes more sense economically. 3. Return on dollars to city will spur further development in area and add more dollars to tax base. 4. Land currently idle providing low to no income to area. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of three (3) 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 PRESENTED NOT APPROVED ADOPTED 1 -11 -(�J Filed in Clerk's Office JUN 3 d 1999 LORETTAJ. DUDA CITY CLERK, SO. BERG, W.