Designating Tax Abatement - J.M.S. Building Rehabilitation 108 N. Main St. (6 Year Real Property)

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(continued) page 2 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 Rewitali7atinn Area. under Tndiana Code 6-1.1-12.1-1tet - and South Rend Municipal Code T . ; 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 uu.man Resources and Fronomic Development Committee of the Common Council has reviewed said report ard recommended to the Common Council that the area qualifies as an Eronomic Revitalization Area. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Ooiinril 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 o f 1; C. 6 -1.1.- 12.1 -I e t seq., and qua I i f i- es under the provisions of South Bend Municipal rode Section 2-76 Pt 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 rehabililtation is reasonable for prolipots 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 expertp.d 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 he retained can be reasonably expected to result from the proposed redevelopment or rehabilitation,- D. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described 7pdPN-eIn-nment or re'ipbilitat-ion: and E. That the totality of benefits is sufficient to justify the deduction, all of which satisfy the requireii.ipnts, of T,C, 6- 1.1- 12.1 -3. SECTION III. The Common Council hereby determines and finds that the proposed described redRVelnpment or rehabilitation can hp reasonably expected to yield the benefits identified in the Statement of Benefits set forth as sections T through TT of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits form- prescribed by the State Board of Accounts are sufficient to Justify the deduction granted under Section 6-1.1-12.1-3 of the l7ndiana. Code. SECTION IV. The Common Council hereby accepts the report