Designating Tax Abatement - G & M Properties 5123, 5127 W. Reo St. and 2018, 2024 S. Prospect St (5 Year Residential Property)

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RESOLUTION NO. � h 3q- % 0 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 5123 and 5127 West Reo Street and 2018 and 2024 South Prospect Street AS A RESIDENTIALLY DISTRESSED AREA FOR PURPOSES OF A FIVE (5) YEAR RESIDENTIAL REAL PROPERTY TAX ABATEMENT FOR G & M Properties WHEREAS, a Statement of Benefits and a petition for residential real property tax abatement has been submitted to and 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 5123 and 5127 West Reo Street and 2018 and 2024 South Prospect Street, South Bend, Indiana, and which is more particularly described as follows: Street Address Legal Description Key Number 5123 West Reo Street Lot 227 Portage Gardens 18- 2226 -8478 5127 West Reo Street Lot 226 Portage Gardens 18- 2226 -8477 2018 South Prospect Street Lot 295 Homeland 3rd Add 18 -8106 -4026 2024 South Prospect Street Lot 296 Homeland 3rd Add 18- 8106 -4027 be designated as a Residentially Distressed Area under the provisions of Indiana Code 6 -1.1 -12.1 et seg., 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 a Residentially Distressed Area under Indiana Code 6 -1.1 -12.1, et sm., and South Bend Municipal Code Sections 2 -76, et seq., 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 a Residentially Distressed 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 meet the requirements of Indiana Code 6 -1.1 -12.1 et seq., for tax abatement. SECTION II. The Common Council hereby determines and finds that the area meets one of the following conditions as formally established in Ordinance no. 8845 -97, which was passed on December 8, 1997: