Designating Tax Abatement - 516 S. Michigan St. (6 Year Real Property)

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RESOLUTION NO. 1524-87 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY COMMONLY KNOWN AS 516 SOUTH MICHIGAN ST. 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 516 South Michigan St. , South Bend, Indiana, and which is more particularly described by a line drawn as follows: South 1/2 Lot #9 Samuel Martin' s Addition be designated as an Economic Revitalization Area under the provisions of Indiana Code 6-1.1-12.1-1, et seq. ; and WHEREAS, the Redevelopment Commission 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 has further prepared maps and plats showing the boundaries and such other information as required by law of the area in questions; 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 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 II. That this designation shall be limited to two ( 2) calendar years from the date of the adoption of this resolution by the Common Council. SECTION III. That the Common Council directs the City Clerk to cause notice of the adoption of this resolution to be published, said publication providing notice of the public hearing before the Common Council on said declaration. SECTION IV. The abatement deduction shall be for six (6) years. This determination is made under the authority of I.C. 6-1.1-12.1-3 SECTION V. This resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. / /..!._. L.1 I - \tid / I Me '-r of the Co Council PRESENTED ✓ .) 7-g 7 NOT APPROVED (f ADOPTED, 7- (27-87, 0...0 Oar t-e--7, Ot