Designating Tax Abatement - Cobra Development, LLC 3735 William Richardson Dr. (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 Human Resources 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. The enormous risk the petitioner takes associated with this type of development. 2. The developer has already committed a large sum to this development and expects to continue to commit large sums to future developments of the same kind. 3. There is a demonstrated need for this particular type of development. 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 further exercises its authority to waive certain compliance requirements of Indiana Code 6 -1.1- 12.1 -1 et M., as permitted by Indiana Code 6-1.1-12.1 - 11.3(c), to the extent necessary to give effect to this Resolution, with such waiver taking place after public hearing. Without limiting the general scope of this waiver, the Common Council hereby approves Form SB -1 Statement of Benefits and specifically waives the Petitioner's failure to submit said Statement of Benefits to the Common Council before initiating the redevelopment project, in accordance with Indiana Code 6 -1.1- 12.1- 11.3(a)(2). The Common Council further finds that each of the additional findings required pursuant to Indiana Code 6 -1.1- 12.1 -2 have been met, and that the property located at Lot #8A Toll Road Industrial Park (3735 William Richardson Drive) is declared an Economic Revitalization Area. SECTION VIII. 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 IX. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. H: \W P \TAXABATE \ABATES98 \COBRAI.REB PRESENTED 3- -23 -59 NOT APPROVED ADOPTED � -qg Member of the Common Council 2 Filed in Clerk's Office MAR 1 8 1998 LORETTAJ. DUDA CITY CLERK, E0. BEND, IN.