Designating Tax Abatement - Lee D. Ross & Starla A. Ross 2230 N Huey St. (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 III. The Common Council also hereby determines and finds 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 IV. The Common Council hereby determines and finds that the proposed described redevelopment can be reasonably expected to yield benefits identified in the Statement of Benefits and 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 V. The Common Council hereby accepts the report and recommendation of the Community and Economic Development Committee that the area herein described be designated as a Residentially Distressed Area and hereby adopts a Resolution designating this area as a Residentially Distressed Area for purposes of real property tax abatement. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of five (5) 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 S�Mc., 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 2230 N. Huey Street is declared a residentially distressed 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. Pursuant to Indiana Code 6- 1.1- 12.1 -2, the rehabilitation must meet all local code standards for habitability as a specific condition of having such property be designated as a residentially distressed area. SECTION X. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. PRESENTED +13-19 NOT APPROY0 ADOPTED y -IM9 4;fember of the 00irmion Council Filed in Clerk's Office EAR :8 1998 LO;IUTAJ. DUDA WYOLEMs0.6END,tN. 2