Confirming Tax Abatement - Monroe Park Apartments, L.P. 502 S. Fellows & 423 E. South St. (10 Year Real Property)

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RESOLUTION NO. 02 -000- ?A A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA COMMONLY KNOWN AS 502 SOUTH FELLOWS AND 423 EAST SOUTH STREET TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN (10) YEAR REAL PROPERTY TAX ABATEMENT FOR MONROE PARK APARTMENTS, L.P. WHEREAS, the Common Council of the City of South Bend, Indiana has adopted a Declaratory Resolution designating certain areas within the City as Economic Revitalization Areas for the purpose of tax abatement consideration; and WHEREAS, a Declaratory Resolution designated the area commonly known as 502 South Fellows and 423 East South and which is more particularly described as follows: A PARCEL OF LAND IN THE EAST HALF OF THE SOUTHWEST QUARTER OF SECTION 12, TOWNSHIP 37 NORTH, RANGE 2 EAST, PORTAGE TOWNSHIP, IN THE CITY OF SOUTH BEND, ST. JOSEPH COUNTY, INDIANA, BEING LOTS 2, 31 AND 4 OF JODSON'S SUBDIVISION AS RECORDED IN BOOK 3, PAGE 12 AT THE ST. JOSEPH COUNTY RECORDER'S OFFICE IN SOUTH BEND, INDIANA. A PARCEL OF LAND IN THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 12, TOWNSHIP 37 NORTH RANGE 2 EAST, PORTAGE TOWNSHIP, IN THE CITY OF SOUTH BEND, ST. JOSEPH COUNTY, INDIANA, BEING LOTS 2, 3, 4, 5, 6, 7, 15, 16 AND 17, OF JOHN RUSH'S 1ST ADDITION AS RECORDED IN BOOK 2, PAGE 53 AT THE ST. JOSEPH COUNTY RECORDER'S OFFICE IN SOUTH BEND, INDIANA. with said real estate having the following Key No. 18 3030 AND 18 -3027, as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6- 1.1- 12- .1 -2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. Now, therefore, be it resolved by the Common Council of the City of South Bend, Indiana, as follows. Section I. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for Real Property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. Section II. The Common Council hereby determines that the property owner is qualified for and is granted real property tax deduction for a period of ten (10) years, and further determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6 -1.1 -12.1 et seq. Section III. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. PRESENTED / yI,2 qq a NOT APPROVED ADOPTED Member of gXe Common Council in Clerk's Office 'DEC 2 9