Designating Tax Abatement - Value Plus Construction Inc. Lot 594 Vernon Heights Addition (5 Year Real Property)

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RESOLUTION NO. -Y6 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 LOT 594, VERNON HEIGHTS ADDITION AS RESIDENTIALLY DISTRESSED AREAS FOR PURPOSES OF A FIVE (5) YEAR REAL PROPERTY RESIDENTIAL TAX ABATEMENT FOR VALUE PLUS CONSTRUCTION, INC. WHEREAS, a Statement of Benefits and a petition for real property tax abatement has been submitted to and filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana requesting that the areas commonly known as Lot 594, Vernon Heights Addition, South Bend, Indiana, and which are more particularly described as follows: LOT 594, VERNON HEIGHTS ADDITION which has tax key number 18- 2096 -3648, be designated as Residentially Distressed Areas under the provisions of Indiana Code 6 -1.1 -12.1 et sea., and South Bend Municipal Code Sections 2 -76 et sea., and; WHEREAS, the Department of Community and Economic Development has concluded an investigation and prepared a report with information sufficient for the Common Council to determine that the areas qualify as Residentially Distressed Areas under Indiana Code 6 -1.1- 12.1, et sew., and South Bend Municipal Code Sections 2 -76, et sea., and has further prepared maps and plats showing the boundaries and such other information regarding the areas in question as required by law; and WHEREAS, the Community and Economic Development Committee of the Common Council has reviewed said report and recommended to the Common Council that the areas qualify as Residentially Distressed Areas. 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 meet the requirements of Indiana Code 6 -1.1 -12.1 et sea., for tax abatement. SECTION II. The Common Council hereby determines and finds the following: A. At least thirty -five percent (35 %) of the parcels are currently vacant; B. A significant number of dwelling units within the areas are not permanently occupied or a significant number of parcels in the areas are vacant land; C. A significant number of dwelling units in the areas are: i. the subject of an order issued under IC 36 -7 -9; or ii. evidencing significant building deficiencies; D. The areas have 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. E. The areas (plus any areas previously designated) do not exceed ten percent (10 %) of the total area within the designating body's jurisdiction. F. That the description of the proposed redevelopment meets the applicable standards for such development. G. That the estimate of the value of the redevelopment is reasonable for projects of this nature;