Designating Tax Abatement - Main Street Row 209 N. Main St. (10 Year Real Property)

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RESOLUTION NO. I y 1 -' 1 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 209 N. MAIN STREET AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN YEAR REAL PROPERTY TAX ABATEMENT FOR "MAIN STREET ROW" ------------------- AN OFFICE AND RETAIL COMPLEX WHEREAS, a petition for real property tax abatement has been filed with the City Clerk for consideration by the Common Council of the Cityof South Bend, Indiana requesting that the area commonly known as 209 N. Main Street, South Bend, Indiana, and which is more particularly described as follows: Lots 226, 227, and 228 of the original plat of the Town (now city) of South Bend as recorded in the records of St. Joseph County, Indiana, except that part which is described as: Beginning at the southwest corner of said lot 228 thence north along the west line of lots 226, 227 and 228 in said plat 198.00 feet to the northwest corn er of said lot 226 thence east along the north line of said lot 2267 100.00 feet thence south 139.90 feet thence west 44.80 feet thence south 8.0 feet thence west 17.00 feet thence south 50.10 feet to the north line of Colfax Avenue thence west along said line and the south line of lot 228. 38.20 feet to the point of beginning. be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1 et seg. and South Bend Municipal Code section 2 -76 et seg., 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 seg. and South Bend Municipal Code section 2 -76 et seg., 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 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 find 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 seg., and qualifies under the provisions of South Bend Municipal Code Section 2 -76 et seg. for tax abatement. SECTION II. The Common Council hereby determines and find the following: A. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature;