Designating Tax Abatement - Greater South Bend Development Co. 1915, 1921, 1933 & 1939 N. Olive St. (5 Year Real Property)

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RESOLUTION NO. Q970' /J 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 1915, 1921, 1933 AND 1939 N. OLIVE STREET A RESIDENTIALLY DISTRESSED AREA FOR PURPOSES OF A FIVE (5) YEAR REAL PROPERTY TAX ABATEMENT FOR GREATER SOUTH BEND DEVELOPMENT COMPANY WHEREAS, a petition for real property tax abatement has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana requesting that the area commonly known as 1915, 1921, 1933 and 1939 N. Olive Street, South Bend, Indiana, and which is more particularly described as follows: Lot 586 Vernon Heights Addition Lot 587 Vernon Heights Addition Lot 590 Vernon Heights Addition Lot 591 Vernon Heights Addition and which has Key Numbers 18- 2096 -3620, 18- 2096 -3624, 18- 2096 -3633 and 18- 2096 -3637, respectively, be designated as a Residentially Distressed Area under the provisions of Indiana Code 6- 1.1- 12.1 -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 area qualifies as a Residentially Distressed Area under Indiana Code 6 -1.1- 12.1-1, 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 area 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 area qualifies as a Residentially Distressed Area. 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 completed by the Petitioner meet the requirements of Indiana Code 6 -1.1- 12.1 -1 et seo., for tax abatement. SECTION H. The Common Council hereby determines and finds the following: A. That the description of the proposed redevelopment meets the applicable standards for such development; B. That the estimate of the value of the redevelopment is reasonable for projects of this nature; C. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment ; and D. 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.