Confirming Tax Abatement - Value Plus Construction Inc. Lots 5-7 Jackson Sub (unrecorded) (5 Year Real Property)

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SECTION M. The Common Council also hereby determines and finds the following: A. The deduction will not be allowed unless the dwelling is rehabilitated to meet local code standards for habitability. B. The deduction will not be allowed unless the dwelling rehabilitation is completed within Five (5) calendar years from the date of the adoption of the Declaratory Resolution by the Common Council. SECTION IV. The Common Council hereby confirms its Declaratory Resolution designating the areas described herein as Residentially Distressed Areas for the purposes of tax abatement. Such designation is for Real property tax abatement only and is limited to five (5) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION V. The Common Council hereby determines that the property owner is qualified for and is granted Real property tax deduction for a period of five (5) 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 sea. SECTION VI. The Council further exercises its authority pursuant to Indiana Code 6-1.1-12.1 - 11.3(c) and waives certain compliance requirements with such waiver taking place after public hearing. The Council further finds that each of the additional findings required pursuant to Indiana Code 6- 1.1- 12.1 -2 have been met, and that Value Plus Construction's property located at Lot 594 Vernon Heights Addition (1915 N. Olive Street) is declared a residentially distressed area. SECTION VII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. PRESENTED 7-,?- ,?_ 9/ NOT APPROVED K/ ADOPTED 7 -8'- 9G P:\IAM \TAXABATE \ABATES96 \V ALPLUS2.RES Member of the Common Coin it `A Filed In Ginrk's Office 1996 LORETTAI DUOA CITY CLERK, SO. BEHO, 0L