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

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RESOLUTION NO. 0;9—T A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS THE 200 BLOCK OF WEST CHIPPEWA AVENUE TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN (10) YEAR REAL PROPERTY TAX ABATEMENT FOR KERASOTES THEATRES COMPLEX WHEREAS, the Common Council of the City of South Bend, Indiana, has adopted a Declaratory Resolution designating certain areas within the City as Economic Revitalization Areas for the purpose of tax abatement consideration; and WHEREAS, a Declaratory Resolution designated the area commonly known as the 200 block of West 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 01'57'08" West of the Northeast Corner of said Quarter Section; thence South 01'57'08" 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 90 000'00" 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. with said real estate having the following Key No. 23- 1013 -0753, as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6 -1.1- 12.1 -2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an Economic Revitalization Area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana as follows: SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for real property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. The Common Council hereby determines that the property owner is qualified for and is granted real property tax deduction for a period of ten (10) 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 seq. SECTION III. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. PRESENTED )1 -,25-q% NOT APPROVED n / 6 /� A n Zla4-, ADOPTED / /- ,25 -q5 � MC—1 "01l Member of the Common Council JHP. N 126961jy/c: \jhp. m \Iondrig\tmbate. con