Designating Tax Abatement - 902-910 E. Ireland Rd. and Bowen Dr. And High St. (3 Year Real Property) (2)

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intersection with the Westerly projection of the South line of a parcel of land known as "Parcel 1" conveyed to Standard Federal Savings and Loan Association by Sheriff' s Deed re- corded as instrument number 8406566 in said Recorder' s office ; thence Easterly, parallel wiht the North line of said Quarter Section to a point on the West line of property conveyed to Indiana Bell Telephone Company, Inc. by Warranty Deed record- ed in Deed Record 629, page 412 in said Recorder ' s office ; thence Southerly, parallel with the East line of said Quar- ter Section, a distance of 119 .55 feet to the Southwest cor- ner of said parcel ; thence Easterly along the South line of said parcel and its Easterly projection, a distance of 450. 00 feet to the place of beginning. be designated as an Economic Revitalization Area under the provi- sions of Indiana Code 6-1 . 1-12 . 1-1 , et seq. ; and South Bend Mun- icipal 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 in- formation regarding the area in question as required by law; and WHEREAS , the Human Resources and Economic Development Commit- tee of the Common Council has reviewed said report and recommend- ed 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 3 : 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 of rehabilitation and any other benefits about which the body designating the economic revital- ization area requires information are benefits that can be rea- sonably expected to result from the proposed described redevel- opment 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 . 0046 ; (C) If the proposed redevelopment or rehabilitation occurs , the deduction is granted, and a deduction per- centage of fifty percent (50%) is assumed, the approx- imate current year tax rate for the City would be 15 . 0413 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 section 1 through 3 of the Pe- tition for Real Property Tax Abatement Consideration and that the statement of benefits is sufficent to justify the deduction grant- ed under Section 6-1 . 1-12 . 1-3 of the Indiana Code. SECTION IV: That the Common Council hereby accepts the re- -3-