Designating Tax Abatement - University Commons Joint Venture 4401 Western Ave. (3 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 described 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 the 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 Human Resources and Economic Development Committee that the area herein described be designated an Economic Revitalization Area and hereby adopts a Resolution designating this area as an Economic Revitalization Area for purposes of real property tax abatement. SECTION V. The Council acknowledges the passage of a Bill by which the area described hereinabove is designated as an Economic Development Target Area. Therefore, pursuant to Indiana state law, the area in question qualifies for real property tax abatement while being used for retail trade purposes. The Council also has considered the evidence of declining occupancy and degenerating physical facility, together with evidence that other, similar malls are facing a period of economic crisis, and in some instances have been closed. The Council has further considered the potential impact in terms of direct loss of jobs, and loss of ancillary employment opportunities and tax revenues likely to result from further deterioration or closure of the facility in question. As a consequence thereof, the Council has determined that the property in question qualifies for tax abatement under Section 2 -84 of the South Bend Municipal Code and the standards the Council applies in connection with such determinations. SECTION VI. 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 VII. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of three (3) years. SECTION VIII. 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 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.