06-08-09 Common Council Meeting Agenda & Packet

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NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION 1: The Petitioner has presented testimonial and documentary evidence of the following facts and the Common Council hereby makes the following fmdings of fact in support of this resolution: A. The Petitioner's intention since the Jade Crossing residential development (the "Development") began construction in 2003 is to seek residential tax abatements for every single lot within the Development. B. The Petitioner has filed separate tax abatement petitions for each individual section of the Development as they have been subdivided and have renewed the same as appropriate C. The Common Council has adopted Resolutions 3205-03, 3353-04, 3518- 05 & 3902-08, which confirm the adoption of Declaratory Resolutions for 100 single family residential lots within the Development as residentially distressed for purposes of a (5) five year residential real property tax abatement for the Petitioner. The 100 lots included within these Confirming Resolutions to date have an approximate market value of over $13,417,000. D. Said Resolutions 3205-03, 3353-04, 3518-OS & 3902-08 were adopted on June 23, 2003, July 12, 2004, September 12, 2005 & September 8, 2008 and included Lots 1 through 60 and 62 through 101 within the Development. These lots completely surround the Property. E. Due to unexpected reverses and slowdowns in the both the local and national economies the Petitioner was unable to complete the sale of all lots including Lot # 77 in Section I of Jade Crossing prior to the expiration of the Residentially Distressed Area (RDA) designation confirmed under Resolution # 3205-03. F. Prior to the expiration of the RDA confirmed under Resolution # 3205-03 the Petitioner constructed a model house and sales office on Lot # 77 to promote and facilitate the sale of all lots in Section I. The construction of said house and sales office precluded the approval of a new tax abatement for Lot # 77 through the normal process set by the City of South Bend. G. The Petitioner is thoroughly and continually committed in investing within this 100 plus lot Development which was annexed into the City on March 31, 2003. In addition to this commitment by the Petitioner, the residents of the City of South Bend through the City Plan process identified that the City must encourage the development of more market rate housing and promote homeownership within the City. The continuing support of the residential tax abatement program for new single family home