Laserfiche WebLink
SECTION 1. The Common Council hereby determines and finds that the Petition <br />for Real Property Tax Abatement and the Statement of Benefits form completed by <br />the Petitioner meet the requirements of Indiana Code 6- 1.1- 12.1 -1 et seq., and <br />qualifies under the relevant provisions of the South Bend Municipal Code <br />Sections 2 -76 et seq., for tax abatement. <br />SECTION 2: The Common Council hereby determines and finds the following: <br />A. That the description of the proposed redevelopment or <br />rehabilitation meets applicable standards for such <br />development. <br />B. That the estimate of the value of the redevelopment or <br />rehabilitation is reasonable for projects of this nature; <br />C. That the estimate of the number of individuals who will be <br />employed or whose employment will be retained by the <br />Petitioner can reasonably be expected to result from the <br />proposed described redevelopment or rehabilitation; <br />D. That the estimate of the annual salaries of those individuals <br />who will be employed or whose employment will be retained by <br />the Petitioner can be reasonably expected to result from the <br />proposed redevelopment or rehabilitation; <br />E. That the other benefits about which information was requested <br />are benefits that can be reasonably expected to result from <br />the proposed described redevelopment or rehabilitation; and <br />F. That the totality of benefits is sufficient to justify the <br />requested deduction, all of which satisfy the requirements of <br />Indiana Code 6 -1.1- 12.1 -3. <br />SECTION 3. The Common Council hereby determines and finds that the proposed <br />described redevelopment or rehabilitation can be reasonably expected to yield <br />benefits identified in the Statement of Benefits set forth as Sections 1 <br />through 2 of the Petition for Real Property Tax Abatement Consideration and <br />that the Statement of Benefits form prescribed by the State Board of Accounts <br />are sufficient to justify the deduction granted under Indiana Code 6- 1.1 -12.1- <br />3. <br />SECTION 4. The Common Council hereby accepts the report and the <br />recommendation of the Human Resources and Economic Development Committee that <br />the area herein described be designated an Economic Revitalization Area and <br />hereby adopts a Resolution designating this area as an Economic Revitalization <br />Area for the purposes of real property tax abatement. <br />SECTION 5. The designation as an Economic revitalization Area shall be <br />limited to two (2) calendar years from the date of the adoption of this <br />resolution by the Common Council. <br />SECTION 6. The Common Council hereby determines that the property owner is <br />qualified for and is granted property tax deduction for a period of three (3) <br />years. <br />2 <br />