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

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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 as 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 Section 6 -1.1- 12.1 -3. Section IV. Pursuant to Section 2 -84 of the South Bend Municipal Code, the Common Council accepts the recommendations of the Council's Human Resources and Economic Development Committee represented in this Substitute Resolution. The Common Council hereby makes the following specific findings which support its conclusions that the Petitioner, Greater South Bend Development Company, qualifies for a six (6) year real property tax abatement, and that the area described herein should be declared an economic revitalization area, with said conclusion being based on a project by project basis: (1) The current use of the petitioned property is vacant land, which has been platted for single family development, yet has remained undeveloped for forty years, and may remain vacant unless developed as a new single - family home affordably priced. (2) A significant number of parcels in the area are vacant land. (3) The proposed project will provide affordable new housing for moderate income families, with any tax credits afforded by the abatement being passed on to the buyers of the real estate. (4) The proposed project is the first attempt to build new affordable single - family housing in the central city for approximately forty (40) years. (5) Although the proposed project does not quality under the residentially distressed area criteria set forth in Indiana Code, Section 6 -1.1- 12.1 -4.1, nor the applicable regulations for residentially distressed areas of the South Bend Municipal Code due to its proposed location, it is believed that when weighing the totality of the circumstances, that the proposed project sends a positive message for such development and warrants the minimal real property tax abatement of six (6) years. Section V. The Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committee that the area herein described be designated as Economic Revitalization Area and hereby adopts this Resolution designating this area as an Economic Revitalization Area for purposes of real property tax abatement. Section VI. The designation as an Economic Revitalization Area shall be limited to two (2) calendar years from the date of the adoption of the 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 six (6) years and requests annual updates. 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, Section 5 -3 -1, and Indiana Code, Section 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.