Laserfiche WebLink
and said real estate having the following Key Number 25- 1018 -0679, as an Economic <br />Revitalization Area; and <br />WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the <br />Council has been published pursuant to Indiana Code § 6- 1.1- 12.1 -2.5; and <br />WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and <br />objections from interested persons; and <br />WHEREAS, the Council has determined that the qualifications for an Economic Revitalization <br />Area have been met; and <br />WHEREAS, the Council has received a completed Form SB -1 Statement of Benefits from <br />Midwest Land Company (the "Petitioner ") proposing redevelopment and rehabilitation of real <br />estate; and <br />WHEREAS, the Council has determined that the redevelopment and rehabilitation of real estate <br />proposed by the Petitioner is located within an area that has already been designated an Economic <br />Revitalization Area by the Council; and <br />WHEREAS, upon review of the Petitioner's Form SB -1 Statement of Benefits, the Council finds <br />that (i) the estimate of the value of the redevelopment and rehabilitation is reasonable for projects <br />of the nature described in the Statement of Benefits; (ii) the estimate of the number of individuals <br />whose employment will be retained can reasonably be expected to result from the redevelopment <br />and rehabilitation of real estate described in the Statement of Benefits; (iii) the estimate of annual <br />salaries of those individuals whose employment will be retained can reasonably be expected to <br />result from the proposed redevelopment; (iv) other benefits about which information was requested <br />are benefits which can reasonably be expected to result from the proposed redevelopment and <br />rehabilitation of real estate; and (v) the totality of benefits to be derived from the proposed <br />redevelopment and rehabilitation of real estate is sufficient to justify the deduction sought by the <br />applicant; and <br />WHEREAS, Indiana Code § 6 -1.1- 12.1 -11.3 authorizes the Common Council to grant the tax <br />abatement requested by Petitioner. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, <br />Indiana, as follows: <br />SECTION i. The Common Council hereby reconfirms its Declaratory Resolution designating the <br />area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such <br />designation is for Real property tax abatement only and is limited to four (4) calendar years from <br />the date of the adoption of this Resolution by the Common Council. <br />SECTION u. The Common Council hereby waives compliance with the requirements of Indiana <br />Code § 6 -1.1- 12.1 -1 et seal., as permitted by Indiana Code § 6 -1.1 -12.1 -11.3, to the extent <br />necessary to give effect to this Resolution. Without limiting the general scope of this waiver, the <br />Common Council specifically waives the Petitioner's failure to submit its Statement of Benefits <br />to the Common Council before the hearing regarding the designation of the Economic <br />Revitalization Area, in accordance with Indiana Code § 6 -1.1- 12.1- 11.3(a)(1). <br />SECTION in. The Common Council hereby determines that the property owner is qualified for <br />and is granted Real property tax deduction for a period of TEN 10) years, and further determines <br />that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South <br />Bend and Indiana Code § 6 -1.1 -12.1 et seq. <br />—2— <br />