Designating Tax Abatement - Monroe Park Apartments, L.P. 502 S. Fellows & 423 E. South Streets (10 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 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 petitioner qualifies for 6 years of real property tax abatement under Section 2 -77 (Multi - Family Real Property Tax Abatement) of the Tax Abatement Ordinance (No. 8065 -90). However, the petitioner is requesting a 10 year abatement. According to the tax abatement guidelines, multi - family housing projects qualify for ten years of abatement if hard costs are greater than $4,000,000 and at least 20 % of the units are available for occupancy by low or moderate income families. The South Bend Common Council believes that the project should be considered for a 10 year abatement pursuant to Section 2 -84 of the South Bend Municipal Code because: (1) 100% of the units will be rented to low income families, (2) the $3,200,000 in hard dollar costs is 80% of the $4,000,000 guideline and far exceeds, the $1,000,000 guideline set for a 6 year abatement, and (3) the project is an integral part of the neighborhood's efforts for revitalization, 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 a 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 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 ten (10) 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. SECTION IX. This Resolution shall be in force and effect from and after its adoption by the Common Council and approval by the Mayor. �Vleriber of tV Common Council Filed in Clerk's Office I a- i �I - 9 a DEC i SI9^ PRESENTED 2 NOT APPROVED i a — CN SOMND ADOPTED �- -9 � CITY L E B ,