Designating Tax Abatement - The Tower at Washington Square LLC 211 W. Washongton (10 Year Real Property)

Home Browse Search

SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits, Sections 1 through 3 of the Petition for Real Property Tax Abatement Consideration and the Memorandum of Agreement between the Petitioner and the City of South Bend, and that the Statement of Benefits form completed by the petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code § 6-1.1-12.1-3. SECTION IV. The Common Council hereby accepts the report and recommendation of the Community Investment Committee that the area herein described be designated as 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. The designation as an Economic Revitalization Area shall be limited to three (3) calendar years from the date of the adoption of this Resolution by the Common Council. The Common Council determines to make the three (3) calendar year designation rather than the two (2) calendar year designation due to the size, scope and complexity of the rehabilitation of the property. SECTION VI. The Common Council hereby determines pursuant to Indiana Code 6-1.1- 12.1-17 that the property owner is qualified for and is granted a property tax deduction for a period of ten (10) years as provided in the following alternate abatement schedule: Real Property Year Abatement 1 100% 2 100% 3 90% 4 85% 5 85% 6 85% 7 85% 8 60% 9 60% 10 60% SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code § 5-3-1 and Indiana Code § 6-1.1-12.1-2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration.