06-22-09 Common Council Meeting Agenda & Packet

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and which has no Key Number at tlus point and time, be designated as an Economic Revitalization Area under the provisions of Indiana Code § 6-1.1-12.1 et se ., and South Bend Municipal Code Sections 2-76 et sec ., and; WHEREAS, the Department of Community and 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, et sue., and South Bend Municipal Code Sections 2-76, et sec ., and has further prepared maps and plats showing the boundaries and such other information regarding the area in question as required by law; and WHEREAS, the Community 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. The Common Council hereby determines and finds that the Petition for Real Property Tax Abatement and the Statement of .Benefits form completed by the Petitioner meet the requirements of Indiana Code § 6-1.1-12.1 et sec ., for tax abatement. SECTION II. The Common Council hereby determines and fmds the following: A Tl, ~' +h ~ ~ }~ IlT_}~ „Tf1Tl1L~el1 ra~a~ra~nnment or rehabilitation meets A. 1 1aL Llle LLerJN11N L1V11 V1 ule ~l1V ~l tl vuvr vaVV the applicable standards for such development; B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; C. That the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment or rehabilitation; D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed redevelopment or rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code § 6-1.1-12.1-3.