Laserfiche WebLink
be designated as an Economic Revitalization Area under the <br /> provisions of Indiana Code 6-1.1-12.1-1, et seq. and South Bend <br /> Municipal Code section 2-76; and <br /> WHEREAS, the Department of Economic Development has <br /> concluded an investigation and prepared a report with information <br /> sufficient for the Common Council to determine that the area <br /> qualifies as an Economic Revitalization Area under Indiana Code <br /> 6-1.1-12.1-1, et seq. and South Bend Municipal Code section 2-76, <br /> and has further prepared maps and plats showing the boundaries <br /> and such other information regarding the area in question as <br /> required by law; and <br /> WHEREAS, the Human Resources and Economic Development <br /> Committee of the Common Council has reviewed said report and <br /> recommended to the Common Council that the area qualifies as an <br /> Economic Revitalization Area. <br /> NOW, THEREFORE, BE IT RESOLVED by the Common Council of <br /> the City of South Bend, Indiana, as follows: <br /> SECTION I. That the Common Council hereby determines and <br /> finds that the estimate of the number of individuals that will be <br /> employed or whose employment will be retained and the estimate of <br /> the annual salaries of those individuals and the estimate of the <br /> value of the redevelopment or rehabilitation and any other <br /> benefits about which the body designating the economic <br /> revitalization area requires information are benefits that can be <br /> reasonably expected to result from the proposed described <br /> redevelopment or rehabilitation. <br /> SECTION II. That the Common Council hereby determines <br /> and finds the following: <br /> (A) If the proposed redevelopment or rehabilitation does <br /> not occur, the approximate current year tax rate for the City <br /> would be Si 5.0781 <br /> (B) If the proposed redevelopment or rehabilitation does <br /> occur and no deduction is granted, the approximate current year <br /> tax rate for the City would be $ 15.0767 <br /> (C) If the proposed redevelopment or rehabilitation <br /> occurs, the deduction is granted, and a deduction percentage of <br /> fifty percent (50%) is assumed, the approximate current year tax <br /> rate for the City would be $ 15.0774 <br />