Designating Tax Abatement - 220 W. Colfax (10 Year Real Property)

Home Browse Search

and South, being adjacent to and East of Lots One (1) , Two (2) , and the South Onehalf (1/2) of Lot Three (3) in said J. C. Knoblock's Subdivision of said Lots Numbered 245 and 246. Subject to the right of the owner of Lot Numbered Three (3) in said J. C. Knoblock's Subdivision of Lots Numbered 245 and 245 in the Original Plat of the Town, now City, of South Bend, Indiana, to use said alley designated Lot "A" on the aforesaid plat. The building located upon the described real estate was entered on the National Register of historic Places on June 5, 1985, and is subject to the terms and provisions of the National Historic Preservation Act of 1966. 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 questions 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 or 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 $ 15.0666 (C) If the proposed redevelopment or rehabilitation occurs, the deduction is granted, and a deduction percentage of fifty percent (50%) is assumed, the approximate current year tax rate for the City would be $ 15.0723 SECTION III. That the Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation 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 and recommendation 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.