Designating Tax Abatement - Doc Weed's of Indiana, Inc. 220 S. Michigan (10 Year Real Property)

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RESOLUTION NO. 1201-90 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 220 S. MICHIGAN AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A 10 YEAR REAL PROPERTY TAX ABATEMENT FOR: Doc WEED'S OF INDIANA, INC. WHEREAS, a petition been filed with the City Common Council of the Ci requesting that the area South Bend, Indiana, and described as follows: for real property tax abatement has Clerk for consideration by the ty of South Bend, Indiana commonly known as 220 S. Michigan, which is more particularly 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 PZat 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. be designated as an Economic Revitalization Area under the provisions 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 concluded 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 has further prepared maps and plats showing showing the boundries 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 quailifies as as 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 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 foZlowing: A. That the estimate of the value of the redevelopment or rehabilitation is resonable 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 reasonably expected to result from the proposed redevelopment or rehabilitation;