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

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RESOLUTION NO. J 3 9/- 96 A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION 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, the Common Council of the City of South Bend, Indiana, has adopted a Declaratory Resolution designating certain areas within the City as Residentially Distressed Areas for the purpose of tax abatement consideration; and WHEREAS, a Declaratory Resolution designated 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, as Residentially Distressed Areas; 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 a residentially distressed 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 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 sect., for tax abatement. SECTION Il. 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; H. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment; and I. 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.