Designating Tax Abatement - Historic Dunbar Corner Southeast Corner of LaPorte & Colfax (10 Year Real Property)

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RESOLUTION NO. ---------- - - - - -- A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS THE SOUTHEAST CORNER OF LAPORTE AND COLFAX, AN ECONOMIC REVITALIZATION AREA FOR THE PURPOSES OF A TEN YEAR REAL PROPERTY TAX ABATEMENT FOR HISTORIC DUNBAR CORNER. WHEREAS, a petition for real property tax abatement has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana requesting that the area commonly known as the southeast corner of LaPorte and Colfax, South Bend, Indiana, and which is more particularly described as follows: 128 LaPorte: 69 FT ON LAPORTE AVE S END LOT 7 DUNBARS SUB BOL 31 130 -132 LaPorte: LOTS 6 &7 65 FT S SIDE MID PT DUNBARS SUB BOL 31 136 LaPorte: N 55 FT MID PT LOTS 6 & 7 DUNBARS SUB BOL 31 146 LaPorte: 3 RDS N END LOTS 6 & 7 DUNBARS SUB BOL 31 910 -912 W. Colfax: if " " 906 W. Colfax: LOT 8 38 FT S END DUNBAR & CO SUB DIV BOL 31 32 " EX 38 FT S END LOT 8 DUNBARS SUB BOL 31 902 W. Colfax: LOT 9 DUNBARS SUB BOL 31 be designated as an Economic Revitalization Area under the provi- sions of Indiana Code 6 -1.1- 12.1 -1 et_ seq. and South Bend Municipal Code section 2 -76 et seq., and; WHEREAS, the Department of Economic Development has conclu- ded an investigation and prepared a report with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6 -1.1- 12.1 -1, et seq. and South Bend Municipal Code section 2 -76 et seq., and Fias Turther prepared maps and plats showing the boundaries and such other information regarding the area in question as required by law; and WHEREAS, the Human Resources and Economic Development Com- mittee of the Common Council has reviewed said report and recommended to the Common. Council that the area qualifies as an Economic Revitalization Area, NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby determines and finds that the Petition for Real Property Tax Abatement and the State- ment of Benefits form completed by the Petitioner meet the requirements of I.C. 6 -1.1- 12.1 -1 et seq., and qualifies under the provisions of South Bend Municipal Code Section 2 -76 et seq., for tax abatement. SECTION II. The Common. Council hereby determines and finds the following: A. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; B. That the estimate of the number of individuals who will be employed or whose employment will be retained can reasonably be expected to result from the proposed described redevelopment or rehabilitation; C. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can reasonably be expected to result from the proposed redevelopment or rehabilitation;