Designating Tax Abatement - 411 W. Indiana Ave. (3 Year Real Property)

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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. That the Common Council hereby determines and finds that the estimate of the number of individuals that will be employed or whose employment will be retained and the estimate of the annual salaries of those individuals and the estimate of the value of the redevelopment of rehabilitation and any other benefits about which the body designating the economic revitalization area requires information are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation. SECTION II. That the Common Council hereby determines and finds the following: (A) If the proposed redevelopment or rehabilitation does not occur, the approximate current year tax rate for the City would be $ 15.0781 ; (B) If the proposed redevelopment or rehabilitation does occur and no deduction is granted, the approximate current year tax rate for the City would be $ 15.0764 ; (C) If the proposed redevelopment or rehabilitation occurs, the deduction is granted, and a deduction percentage of fifty percent (500) is assumed, the approximate current year tax rate for the City would be $ 15.0773 SECTION III. That the Common Council hereby determines and finds that the proposed described redevelopment or rehabilita- tion can be reasonably expected to yield the benefits identified in the statement of benefits set forth as sections 1 through 3 of the Petition for Real Property Tax Abatement Consideration and that the statement of benefits is sufficient to justify the deduction granted under Section 6 -1.1- 12.1 -3 of the Indiana Code. SECTION IV. That the Common Council hereby accepts the report an recd commendation of the Human Resources and Economic Development Committee that the area herein described be designated an Economic Revitalization Area and hereby adopts a resolution designating this area as an Economic Revitalization Area for purposes of real property tax abatement. SECTION V. That the designation as an Economic Revitalization Area shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VI. That the Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of three (3 ) years. SECTION VII. This Resolution shall be in full force and effect from ancafter its adoption by the Common Council and approval by the Mayor. - i4 PRESENTED $� �4 U �� 1] ember f the Common ouncil NOT APPROVED "�