Confirming Tax Abatement - Value Plus Construction Co. 2009 & 2015 N. Olive St. (5 Year Real Property)

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RESOLUTION NO. 7' S A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 2009 AND 2015 N. OLIVE STREET TO BE A RESIDENTIALLY DISTRESSED AREA FOR PURPOSES OF A FIVE (5) YEAR REAL PROPERTY TAX ABATEMENT FOR VALUE PLUS CONSTRUCTION COMPANY WHEREAS, the Common Council of the City of South Bend, Indiana, has adopted a Declaratory Resolution designating certain areas within the City as a Residentially Distressed Areas for the purpose of tax abatement consideration; and WHEREAS, a Declaratory Resolution designated the area commonly known as 2009 and 2015 N. Olive Street, South Bend, Indiana, and which is more particularly described as follows: Lot 593 Vernon Heights Addition Lot 594 Vernon Heights Addition with said real estate having the following Key Numbers 18- 2096 -3644 and 18- 2096 -3648, respectively, as a Residentially Distressed Area; 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 confirms its Declaratory Resolution designating the area described herein as a Residentially Distressed Area for the purposes of tax abatement. Such designation is for Real property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. 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 M. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor. MB: taxabate/tagreatC res PRESENTED -2 -9-q, NOT APPROVED ADOPTED 9-29-95 Common Council Red in Clerk's Office El 9 X95 IFIENECAMMON CITY CLERK, SO. BEND, IN