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provisions of South Bend Municipal Code Section 2 -76, et sea., for <br />tax abatement. <br />SECTION II. The Common Council hereby determines and finds <br />the following: <br />A. That the estimate of the value of the redevelopment or <br />rehabilitation is reasonable for projects of this nature; <br />B. That the estimate of the number of individuals who will <br />be employed or whose employment will be retained can reasonably be <br />expected to result from the proposed described redevelopment or <br />rehabilitation; <br />C. That the estimate of the annual salaries of those <br />individuals who will be employed or whose employment will be <br />retained can be reasonably expected to result from the proposed <br />redevelopment or rehabilitation; <br />D. That the other benefits about which information was <br />requested are benefits that can be reasonably expected to result <br />from the proposed described redevelopment or rehabilitation; and <br />E. That the totality of benefits is sufficient to justify <br />the deduction, all of which satisfy the requirements of Indiana <br />Code 6 -1.1- 12.1 -3. <br />SECTION III. The Common Council hereby determines and finds <br />that the proposed described redevelopment or rehabilitation can be <br />reasonably expected to yield the benefits identified in the <br />Statement of Benefits as set forth in Sections I and II of the <br />Petition for Real Property Tax Abatement Consideration and that the <br />Statement of Benefits form prescribed by the State Board of <br />Accounts is sufficient to justify the deduction granted under <br />Indiana Code 6 -1.1- 12.1 -3. <br />SECTION IV. The Common Council hereby accepts the report and <br />recommendation of the Human Resources and Economic Development <br />Committee that the area herein described be designated an Economic <br />Revitalization Area and hereby adopts a resolution designating this <br />area as an Economic Revitalization Area for purposes of real <br />property tax abatement. <br />SECTION V. The designation as an Economic Revitalization Area <br />shall be limited to two (2) calendar years from the date of the <br />adoption of this Resolution by the Common Council. <br />SECTION VI. The Common Council hereby determines that the <br />property owner is qualified for and is granted property tax <br />deduction for a period of three(3) years. <br />SECTION VII. The Common Council directs the City Clerk to <br />cause notice of the adoption of this Declaratory Resolution for <br />Real Property Tax Abatement to be published, said publication <br />