Designating Tax Abatement - G & M Properties Various Addresses in South Bend (5 Year Real Property)

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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 S 6 -1.1- 12.1 -3. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment 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 S 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 areas herein described be designated as Residentially Distressed Areas and hereby adopts a Resolution designating these areas as Residentially Distressed Areas for purposes of real property tax abatement. SECTION V. The designation as a Residentially Distressed 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 hereby determines that the property owner is qualified for and is granted property tax deduction for a period of five (5) 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 -S 5 -3 -1 and Indiana Code S 6 -1.1- 12.1 -2.5, said publication providing notice of public hearing before the Common Council on the proposed confirming of said decision. SECTION VIII. Pursuant to Indiana Code S 6 -1.1- 12.1 -2, the Petitioner must meet all local code standards for habitability as specific conditions of having such properties being designated residentially distressed areas. SECTION IX. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. PRESENTED RS NOT APPROV19 ADOPTED 5- A U - qS AS AmeAl DCD died i� cierws vice LU6 19ENEiSAA1N40N Cm/�ERK,SD.BEND,IN i