Designating Tax Abatement - 326 W. South St. (5 Year Real Property)

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RESOLUTION NO. raa 7' A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY COMMONLY KNOWN AS 326 W. SOUTH STREET (UNION STATION) MI ECONOMIC REVITALIZATION AREA FOR PURPOSES OF REAL PROPERTY TAX ABATEMENT. WHEREAS, a petition for real property tax abatement consideration has been filed wth the Common Council of the City of South Bend, requesting that the area commonly known as 326 W. South Street, South Bend, Indiana and which is more particularly decribed by a line drawn as follows: Beginning at the point of intersection on the South line of South Street and the West line of South Lafayette Street; thence South along the West line of Lafayette Street; said line having an assumed bearing of S 02t 40" E, a distance of 109.43 feet to the face of a concrete retaining wall for the Penn Central Railroad right-of-way; thence N 86 23' 34" W, along the face of said retaining wall, a distance of 420.92 feet; thence N 00 00' 00" E, a distance of 82.95 feet to the South line of South Street; thence N 90 00' 00" E, a distance of 42.00 feet to the point of beginning, 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 ana 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 question; 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 five (5) 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. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. i ember of the Commo. ouncil • WO IN Clan OFFICE PRESENTED c9-7/- 2...5- NOT APPROVED Nov 2 91984 ADOPTED 0,-11 -81 Irene Gammon CM'CLEM,SOW BEND,IND.