Deisgnating Tax Abatement - The Joseph Podell Co. Inc. 3680 W. Sample St. (10 Year Real Property)

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B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; C. That the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment or rehabilitation; D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed redevelopment or rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. 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. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits set forth as Sections I through II of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Indiana Code 6- 1.1- 12.1 -3. SECTION IV. The Common Council hereby accepts the report and recommendation of the Community and Economic Development Committee that the area herein described be designated as an Economic Revitalization Area for purposes of real property tax abatement. SECTION V. The designation as an Economic Revitalization Area shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VI. The Common Council pursuant to Section 2 -84 of the South Bend Municipal Code finds that ten (10) years is a proper designation in light of the following: 1. The buildings condition requires extensive repair and renovation above and beyond what is normally experienced in these types of projects; 2. Environmental concerns on the property make it difficult, if not impossible, for conventional financing of the project and will require the project to be financed solely by the business; 3. The property is currently not generating any property tax revenues due to its non- profit status and the project will result in a tax paying entity; 4. Extensive renovations have been made to the adjoining Sample Street Business Complex, which is an integral part of the City's redevelopment efforts for the area, and this project will compliment the Complex; The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of ten (10) years. SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code 5 -3 -1 and Indiana Code 6 -1.1- 12.1 -2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. _:7� Member of tfie Common (g6uncil P:\MIKE\TAXABATE\ABATES96\PODELL1.RES 2 PRESENTED y- /5 NOT APPROVED ADOPTED `1 -/5 -96 Filed in Cle- : i:> :ace MAR 10 1996 LORETTA J. DUDA CITY CLERIC, $0. BEND, IN.