Confirming Tax Abatement - Michigan St. Building Partnership 220 S. Michigan (10 Year Real Property)

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RESOLUTION NO. %ga(0 -q() A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA COMMONLY KNOWN AS 220 S. MICHIGAN TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A 10 YEAR REAL PROPERTY TAX ABATEMENT FOR MICHIGAN ST. BUILDING PARTNERSHIP. WHEREAS, the Common,CounciZ 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 particularly described as foZZows: PARCEL I: Lot Numbered Fifty -five (55) as shown on the Original Plat of the Town (now City) of South Bend, St. Joseph County, State of Indiana, the dimensions of said lot being 66 feet fronting on Michigan Street and 165 feet running back from Michigan Street to the East end of said lot. PARCEL II: The North one -half of Lot Numbered Fifty -four (54) as shown on the Original Plat of Town (now City) of South Bend, St. Joseph County, State of Indiana, the dimensions of said parcel being 33 feet fronting on Michigan Street and 165 feet running back from Michigan Street to the East end of said parcel. 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) caZender 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. 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. W PRESENTED i a-- /0 - 9 0 v ' Fi tl in Clerk's Office NOT APPROVED ADOPTED - I © -90; Co JUL 2 4 ft