Designating Tax Abatement - Fortuna Land Company 802 S. Fellows (3 Year Real Property)

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RESOLUTION NO. ,321YV- 1 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 802 S. FELLOWS AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A THREE YEAR REAL PROPERTY TAX ABATEMENT FOR FORTUNA LAND 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 802 S. Fellows, South Bend, Indiana, and which is more particu- larly described as follows: LOTS 156 THRU 167 EX NE COR LOT 161 AND VACATED ALLEYS E H RUSHES SECOND ADD KNOWN AS PARCEL #12 MONROE \SAMPLE REDEVELOPMENT AREA and which has Key Number 18- 3092 -3512, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6- 1.1 -12.1- 1 et seq., and South Bend Municipal Code Sections 2 -76 et sea.; and WHEREAS, the Department of Economic Development has concluded an investigation and prepared a report with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6 -1.1- 12.1 -1, et sea., 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 Human Resources and Economic Development Committee of the Common Council has reviewed said report and recommended to the Common Council that the area qualifies as an Economic Revitalization 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 Bene- fits form completed by the Petitioner meet the requirements of Indiana Code 6 -1.1- 12.1 -1 et seg., and qualifies under the relevant provisions of South Bend Municipal Code Sections 2 -76 et sea., for tax abatement. SECTION II. 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 de- scribed redevelopment or rehabilitation;