Designating Tax Abatement - East LaSalle and East Raceway (10 Year Real Property)

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Resolution No. 1600 -88 Substitute Resolution No. 88 -20 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS EAST LASALLE AND EAST RACEWAY, AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF REAL PROPERTY TAX ABATEMENT WHEREAS, a petition for real property :tax.abatement; consideration has been filed with the Common Council of the City of South Bend, requesting that the area commonly known as East LaSalle and East Raceway, South Bend, Indiana, and which is more particularly described as follows: A resubdivision of Lots 11 through 21 and Lots 23 through 29, inclusive, along with part of Lot 22 in Miller and Green's second addition, and Lots 10 through 12, inclusive, in the original plot to the Town of Lowell, along and together with vacated streets and alleys and parcels adjacent thereto in the City of South Bend, Portage Township, 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; 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, 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 South Bend Municipal Code Section 2 -76. 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 by expected to result from the proposed described redevelopment of 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;