Designating Tax Abatement - Kerasotes Theatres Complex 200 Block Chippewa Ave. (10 Year Real Property)

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RESOLUTION NO. CS1 — /lU 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 THE 200 BLOCK CHIPPEWA AVENUE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN (10) YEAR REAL PROPERTY TAX ABATEMENT FOR KERASOTES THEATRES COMPLEX WHEREAS, a petition for real property tax abatement has been 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 the 200 block of Chippewa Avenue, South Bend, Indiana, and which is more particularly described as follows: A parcel of land being a part of the Northeast Quarter of the Northeast Quarter of Section 26, Township 37 North, Range 2 East, Centre Township, St. Joseph County, Indiana, and being more particularly described as follows: Beginning at a point on the East line of said Northeast Quarter of Said Section 26, that is 40.00 feet South 01057'08" West of the Northeast Comer of said Quarter Section; thence South 01057'08" West, along said East line, a distance of 1273.37 feet to the Southeast corner of the Northeast Quarter of said Northeast Quarter; thence North 89 °59'38" West, along the South line of said Quarter Quarter Section, a distance of 889.51 feet; thence North 02 °23'27' East, a distance of 898.06 feet; thence North 01'04'58" East, a distance of 375.32 feet to a point on the South right -of -way line of Chippewa Avenue; thence South 90 °00'00" East, parallel with the North line of said Northeast Quarter and along said South right -of -way line, a distance of 888.34 feet to the place of beginning containing 25.88 acres more or less. and which has Key Number 23 -1013 -0753 be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1 et seq. and South Bend Municipal Code Sections 2 -76 et seq.; and WHEREAS, the Department of Economic Development has concluded an investigation and prepared a report with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6- 1.1- 12.1 -1, et seq., 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 Human Resources and Economic Development Committee of the Common Council has reviewed said report and recommended to the Common Council that the area qualifies as an Economic Revitalization 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 completed by the Petitioner meet the requirements of Indiana Code 6- 1.1- 12.1 -1 et seq. and qualify under the relevant provisions of the South Bend Municipal Code 2 -76 et seq. for tax abatement. SECTION II. The Common Council hereby determines and finds the following: A. That the description of the proposed redevelopment or rehabilitation meets the applicable standards for such development;