Designating Tax Abatement - 228-230 S. Michigan (6 Year Real Property)

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RESOLUTION NO. i.5C - Fj A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 228-230 S. MICHIGAN STREET AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF REAL PROPERTY TAX ABATEMENT. WHEREAS , a petition for real property tax abatement consider- ation has been filed with the Common Council of the City of South Bend , requesting that the area commonly known as 228-230 S. Mich- igan Street, South Bend, Indiana, and which is more particularly described as follows : A part of Lots Numbered 53 and 54 as shown on the original Plat of the town, now City of South Bend, which part is bounded by a line running as follows , viz : Beginning at a point 55 feet North of the South West corner of said Lot No . 53 ; thence running North 44 feet ; thence East 90 feet ; thence South 44 feet; thence West 90 feet to the place of beginning. Together with the right to use in common with the owner adjoining on the East and West , a private alley 9 feet wide adjoining the above described property on the East , extending from Wayne Street North to the center line of said lot No . 54. Together with all party walls ,and stairways appurtenant thereto. be designated as an Economic Revitalization Area under the pro- visions 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 conclud- ed an investigation and prepared a report with information suf- ficient for the Common Council to determine that the area qual- ifies as an Economic Revitalization Area under the Indiana Mun- icipal 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 Com- mittee of the Common Council has reviewed said report and rec- ommended 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 bene- fits about which the body designating the economic revitalization area requires information are benefits that can be reasonably ex- pected 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 . 0778 (C) If the proposed redevelopment or rehabilitation occurs , the deduction is granted , a de-