Confirming Tax Abatement - Lafayette Square (3 Year Real Property)

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RESOLUTION NO. IU '1M "09 A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA COMMONLY KNOWN AS AN AREA BOUNDED BY CEDAR STREET ON THE NORTH, EDDY STREET ON THE EAST, VACATED HULL STREET ON THE SOUTH AND FRANCES STREET ON THE WEST TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A THREE YEAR REAL PROPERTY TAX ABATEMENT FOR LAFAYETTE SQUARE WHEREAS, the Common Council of the City of South Bend, Indiana has adopted a Declaratory Resolution designating certain areas within the City as Economic Revitalization Areas for the purpose of tax abatement consideration; and WHEREAS, a Declaratory Resolution designated the area commonly known as an area bounded by Cedar Street on the north, Eddy Street on the east, vacated Hull Street on the the south and Frances Street on the west and which is more particularly described as follows: That part of the Southeast Quarter of Section 1, Township 37 North, Range 2 East, Portage Township, City of South Bend, St. Joseph County, Indiana which is described as follows: Beginning at the Northwest corner of Lot Numbered 1 in Hull's Subdivision of Block it of Cotrell's First Addition to the Town of Lowell as recorded in Plat Book # 10, Page # 105; thence N. 900- 00' -00" E. along the South right -of -way line of Cedar Street, 98.96 ft. (Record 99.00 ft.); ,thence S. 000- 14' -43" E., 88.32 ft.; thence S. 890- 52' -57" E., 82:99 ft. to the West line of a 14.00 ft. wide public alley; thence S. 000- 16' -18" E. along said West line, 14.00 ft. to the North line of a 14.00 £t. wide public alley; thence S. 890- 52' -57" E. along said North line, 208.49 ft. to the East right -of -way line of Eddy Street; thence S. 000- 02' -27" E. along said West line, 102.74 ft. (Record 103.00 ft.) to the centerline of vacated Hull Street; thence N. 890- 55' -26" W. along said centerline, 390.15 ft. to the East right -of -way line of Frances Street; thence N. 000- 13' -35" W. along said East line, 205.14 ft. to the point of beginning. Containing 1.00 acre and comprised of one (1) Lot. as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6 -1.1- 12.1 -2.5; and ' WHEREAS, the Council held a public hearing for the pruposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area foit the purposes of tax abatement. Such designation is for real p operty tax abatement only and is limited to two (2) calendar years f om the date of adoption of the Declartory Resolution by the Common Council.