Designating Tax Abatement - Heritage Homes Southeast Various Addresses (10 Year Real Property)

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SECTION H. The Common Council hereby determines and finds the following: A. That the description of the proposed redevelopment or rehabilitation meets the applicable standards for such development; 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 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 in 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 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 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) 100% of the units will be rented to low- income individuals or families; (2) $3,000,000 in hard dollar costs is 75% of the $4,000,000 guideline and far exceeds the $1,000,000 guideline for six (6) year abatement; (3) The project would be an integral part of the City's redevelopment plans for the area and would make a significant contribution to neigh- borhood revitalization. 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 Real Property listed herein is declared a Residentially Distressed Area as described in Indiana Code Section 6- 1.1- 12.14.1 and as further defined as an RDA in Section 2 -76.1 of the South Bend Municipal Code. SECTION VIII. The Common Council hereby 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 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 12- I % �9 y NOT APPROVED ADOPTED 5W d 'm Clerk' w 'Office DEC - 8 1 994