Designating Tax Abatement - Murdock & Sons Construction Inc. Lafayette St between Stull & Broadway St. (6 Year Real Property)

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RESOLUTION NO. / 700 - H 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 LAFAYETTE STREET BETWEEN STULL AND BROADWAY STREETS AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A SIX ( 6) YEAR REAL PROPERTY TAX ABATEMENT FOR MURDOCK & SONS CONSTRUCTION, INC. NEW OFFICE AND YARD 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 Lafayette Street between Stull and Broadway Streets, South Bend, Indiana, and which is more particularly described as follows: Seventy -five feet off of the West end of the North Half of Lot Numbered Fourteen (14) and the South Half of Lot Numbered Fourteen (14), all of Lots Numbered Fifteen (15), Twenty (20), Twenty -one (21), Twenty -two (22) and Twenty -six (26), and the North Half of Lot Numbered Nineteen (19) all as shown on the recorded Plat of Samuel C. Stull's Second Addition to the City of South Bend, recorded in Plat Book 6, page 29 in the Office of the Recorder of St. Joseph County, Indiana. 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 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 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 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 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;