Confirming Tax Abatement - Gainey Realty & Investment Corp. 137 S. Olive St. (10 Year Real Property)

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RESOLUTION NO_ -A?fA7 a A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 137 SOUTH OLIVE STREET, SOUTH BEND, INDIANA 46619 TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN YEAR REAL PROPERTY TAX ABATEMENT FOR GAINEY REALTY AND INVESTMENT CORPORATION 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 137 South Olive Street and which is more particularly described as follows: A lot or parcel of land situated in part of the Northwest quarter of Section 10, Township 37 North, Range 2 East, South Bend, Indiana described as follows, viz: Beginning at a point on the West line of Olive Street that is 20 feet West and 952.1 feet North of the Southeast corner of the Northwest Quarter of Section 10, Township 37 North, Range 2 East; thence North 89 037' West 250 feet; thence South 113 feet; thence North 89 °37'30" West 240.15 feet; thence North 0 01'40" East 989.24 feet to the southerly right -of -way line of the New York Central Railroad: thence South 64 °43'20" East 541.62 feet along said Southerly right -of -way line to the West line of Olive Street; thence South 17.33 feet along said West line; thence West 100 feet; thence South 80 feet; thence East 100 feet to the West line of Olive Street; thence South 551.01 feet along said West line to the place of the beginning. With said real estate having the following KEY NO. 38056 -11904 and 38286- 32404. 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 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 1. 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) years from the date of adoption of the Declaratory Resolution by the Common Council_ SECTIOii 11. 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 at sea.