Confriming Tax Abatement - One Michiana Square Associates 220 W. Colfax (10 Year Real Property)

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RESOLUTION NO. IS-7 9 - `6. 1 A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 220 W. COLFAX, 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 220 W. Colfax, and which is more particularly described as follows: Parcel I: Lots Numbered One (1) , Two ( 2) , Seven (7 ) , Eight ( 8) , and the East one-third ( 1/3 ) of Lot Number Four ( 4) as shown on the recorded plat of J. C. Knoblock' s Subdivision of Lots Numbered 245 and 246 in the Original Plat of the Town, now City, of South Bend, Indiana, recorded in Plat Book 8, page 15 in the Office of the Recorder of St. Joseph County, Indiana. EXCEPTING from said Lot Number Two ( 2) the following: A strip of land bounded by a line described as beginning at the Northwest corner of Lot 2 in Subdivision of Lots 245 and 246 in the original plat of South Bend, Indiana, thence running easterly on the North line of said Lot 2 a distance of 31. 65 feet to a point that is 0. 50 feet east of the east end of the existing Party Wall; thence south a distance of 1. 25 feet; thence westerly parallel with the North line of said Lot 2 to a point on the West line thereof, said point being 1. 25 feet south of the point of beginning; thence North on the West line of Lot 2 along the west end of said Party Wall to the place of beginning; said exception being the real estate described in that certain Quit-Claim Deed dated March 21, 1986, and recorded as Instrument 8606081 in the Office of Recorder, St. Joseph County, Indiana. 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 ten ( 10) years.