Designating Tax Abatement - Greater South Bend Development Company Northeast Corner of Hamilton & Huey Streets (6 Year Real Property)

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SUBSTITUTE BILL NO. RESOLUTION NO. � D 'V 9 - q3 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, DESIGNATING CERTAIN PROPERTY WITHIN THE CITY COMMONLY KNOWN AS THE NORTHEAST CORNER OF HAMILTON AND HUEY STREETS AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A six (6) , YEAR REAL PROPERTY TAX ABATEMENT FOR GREATER SOUTH BEND DEVELOPMENT COMPANY. WHEREAS, a petition for real property tax abatement has been filed with the Common Council of the City of South Bend, Indiana, requesting that the area commonly known as the northeast corner of Hamilton and Huey Streets, and which is more particularly described as follows: A lot or parcel of land in the West Half (1/2) of the Northeast Quarter (1/4) of Section Thirty -four (34), Township Thirty -eight (38) North, Range Two (2) East, described as beginning at the intersection of the East line of Huey Street with the North line of Hamilton Street, in the City of South Bend, which point is 164.26 feet North and 686 feet East of the Southwest corner of the said Northeast Quarter (1/4) of Section 34; thence running North on the East line of Huey Street, 132 feet; thence East 127 feet, thence South 132 feet to the North line of Hamilton Street; thence West on said line 127 feet to the place of beginning, and being known as the parcel of land 127 feet in width, East and West, taken off of and from the entire width of the West end of Lot Numbered Eighty -seven (87) as shown on a proposed Plat of Jackson's Subdivision, in the City of South Bend, St. Joseph County, Indiana, with said real estate having the following Key #: 18- 2113 -4148 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 § 2 -76, et seq.; and WHEREAS, the Department of Economic Development has concluded an investigation and prepared a report dated May 24, 1993, after having reviewed the petition for tax abatement dated May 11, 1993, along with maps showing the boundaries of the petitioned area 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 reviewed the petition and report at its meeting of June 14, 1993, and has made its recommendation to the Common Council. 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 pursuant to Indiana Code , § 6- 1.1- 12.1 -1, et seq., and qualifies under the relevant provisions of South Bend Municipal Code, § 2 -76, et seq., 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 during the construction phase of this development can be reasonably expected to result from the proposed described redevelopment or rehabilitation; D. 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 E. 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.