Designating Tax Abatement - Coyne Investments LP Downtown South Bend Parking Garage Rehabilitation 119 W. Wayne (6 Year Real Property)

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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 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 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 be considered as a special exception under Section 2 -84 of the South Bend Municipal Code as an Economic Revitalization Area for purposes of real property tax abatement. Specific reasons for this determination include: First, this facility is important to the growth and development of the downtown area. As other developments move into the downtown area, they will build on parcels of land which are currently used for parking, such as the College Football Hall of Fame. They, and projects such as the soon to be reopened State Theatre, will attract people to the downtown area, which is the long -term goal of the City's downtown redevelopment plan. However, as more people are attracted to the downtown area, the need for parking will increase while the available parking will diminish because of the construction on sites presently used for parking. Thus, it is important that the Norwest garage remain open to provide for abundant, convenient, and inexpensive parking. Second, the Norwest garage is physically attached to the old Robertson's building. Any potential user of that building would be attracted by the availability of this easy access to parking. Conversely, if the parking facility were not available, it would further deter any future use of the building. Third, closure of the garage would exacerbate downtown parking problems. This would deter people from coming downtown, would inconvenience those who work downtown, and would inhibit further urban development. 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 Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of ten (I0) years. SECTION VII. 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 Indian a 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 VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. BJS01869 PRESENTED NOT APPROVED ADOPTED 00 - 940 0 Member of the Common Council Filed in Clerk's Office ul1 s IN.