Designating Tax Abatement - The Tech Centre Building 710 - 720 S. Fellows St. (3 Year Real Property)

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(PROPOSED FROM FOR REAL PROPERTY) TAX ABATEMENT DECLARATION RESOLUTION NO. /YQG7- Q0 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 710 - 720 SOUTH FELLOWS STREET, SOUTH BEND, INDIANA AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A Three (3) YEAR REAL PROPERTY TAX ABATEMENT FOR THE TECH CENTRE BUILDING 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 710 - 720 South Fellows Street, South Bend, Indiana, and which is more particularly described as follows: LOTS 59 - 64 & 67 - 72 RUSH'S 4TH ADD. & 14' VAC. ALLEY & 27.5' x 239.53' VAC. RUSH ST. KNOWN AS PARCEL #11 MONROE - SAMPLE REDEVELOPMENT AREA. be designated as an Economic Revitalization Area under the previsions of Indiana Code 6- 1.1- 12.1 -1 et. seq., and; WHEREAS, the Department of Economic Development has concluded an investigation and prepared a report with 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 has further prepared maps and plants showing the boundaries and such other information regarding the area in question as required by law; and WHEREAS, the Human Resources and Economic Development Committee 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 and the Statement 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 be reasonable expected to result from the proposed redevelopment or rehabilitation;