Designating Tax Abatement - East Ridge Condominiums (3 Year Real Property)

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RESOLUTION NO. I -7L/3 -F 9 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 East Ridge CondominiurAN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A 3 YEAR REAL PROPERTY TAX ABATEMENT W111 1, 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 East Ridge Condominiums South Bend, Indiana, and which is more particularly described as follows: Beginning S.E. corner Corby and Niles continuing approximately .901 AC 1- 37 -2E. Beginning 220.51' E. of SE corner Corby and Niles TR PC Cont 0.1613 AC Sec 1 -37 -2E 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 inform- ation 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 section2 -76, et sea., and has further prepared maps and plats showing the boundaries and such other information regarding the area in question as required by law; and WHEREAS, the Human Resouces 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,'ds 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 -7G 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 I-oa:;nnlhly ho rxpoc'tod to re;ttill I rnm Ihr desc l-ib-d 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;