Confirming Tax Abatement - Value Plus Construction, Inc. for Benefit of Beverly J. King 2520 W. Calvert St. (5 Year Real Property)

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B. The deduction will not be allowed unless the dwelling rehabilitation is completed within Five (5) calendar years from the date of the adoption of the Declaratory Resolution by the Common Council. C. That the description of the proposed redevelopment meets the applicable standards for such development. D. That the estimate of the value of the redevelopment is reasonable for projects of this nature; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment; and 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 IV. The Common Council further exercises its authority to waive certain compliance requirements of Indiana Code 6- 1.1- 12.1 -1 et sM., 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 2520 W. Calvert Street is declared a residentially distressed area. SECTION V. The Common Council hereby confirms its Declaratory Resolution designating the areas described herein as Residentially Distressed Areas for the purposes of tax abatement. Such designation is for Real property tax abatement only. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted Real property tax deduction for a period of five (5) years, and further determines 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. AVL J Az� Member of the Common Council/ PRESENTED 12- b - NOT APPROVED G AMPTM /2- 4 — l 7 H:\HOME\MBEITZIN\WP\TAXABATE\ABATES97\VALPLUS2.RES PA