Designating Tax Abatement - East Race Inn Partnership ( T. Brooks Brademas) (6 Year Real Property)

Home Browse Search

RESOLUTION NO. 6a 14 V 7 A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 716 NORTH NILES AVE. , TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF REAL PROPERTY TAX ABATEMENT. WHEREAS, the Common Council of the City of South Bend 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 716 N. Niles Ave, and which is more particularly described as follows: A parcel of land being a part of the North half of the South half of Section One, Township 37 North, Range 2 East, South Bend, St. Joseph County, Indiana and being more particularly described as follows, viz: Beginning at a point on the South line of Corby Street, South 89° 48 ' 40" West 120 .00 feet from the West line of a fourteen ( 14) foot alley on the West side of Cedar heights Addition to the City of South Bend, Indiana, thence continuing along said South line of Corby Street, South 89° 48 ' 40" West, 258.66 feet; thence South 16° 17 ' 47" West 141.77 feet; thence South 64° 53 ' 57" West, 200. 00 feet to the Easterly line of Niles Avenue; thence South 25° 06 ' 03" East, parallel with said Easterly line of Niles Avenue 20.00 feet; thence North 71° 52 ' 29" East 250. 00 feet thence North 0° 31' 18" West 170.00 feet, thence South 89° 48 ' 40" West parallel with Southerly line of Corby Street, 120 feet thence North 0° 31' 18" West parallel with said West line of fourteen ( 14) alley 150 . 00 feet to the point of beginning. Subject to legal Highways. 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 purposes 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. That the Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for real property tax abatement only and is limited to two ( 2) calander years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. That the Common Council hereby determines that the property owner is qualified for and is granted real property tax deduction for a period of six (6) years. SECTION III. The petitioner has met with the Design Review Committee and has agreed to comply with the requirements of designating 75% of the first floor of the project to retail use. Said condition is hereby made a part of this abatement. SECTION IV. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. Filed In Clerk's Office /_- _ ,,I�_ raitta- MUM /`� (-Ff, DEC 161987 embe/of the Common P. n NOT APPROVED IRENE GAMMON ADOPTED 1 a-a 1 - %-7 CITY CURL SO. SEHM, IN.