No. 2451 approving an application for real property tax deduction (Old Fort Building Supply)

Home Browse Search

RESOLUTION NO. 2451 A RESOLUTION APPROVING AN APPLICATION FOR REAL PROPERTY TAX DEDUCTION WHEREAS, LC. 6-1.1-12.1-2(1) provides that an application for property tax deduction may not be approved when the property is located in an allocation area as defined in I.C. 36-7-14-39, unless the Redevelopment Commission which designated that allocation area adopts a resolution approving that application; and WI IEREAS, the South Bend Common Council has received a petition for five (5) years of real property tax abatement consideration from ls` Source Land Trust #13 (Robert F. Jagger) d/b/a Old fort Building Supply of South Bend, Inc. for real property located at 1401 South Main Street in the Airport I~COn01111C Development Area, the legal description of which is attached hereto, marked Exhibit "A" and incorporated herein; and WHEREAS, this Commission declared the Airport Economic Development Area by Resolution No. 919, adopted February 23, 1990, and in the same resolution declared the Airport Economic Development Allocation Area, Allocation Area No. 1; and WHEREAS, the property located at 1401 South Main Street is located within the Airport Economic Development Allocation Area, Allocation Area No. 1. WHF,REAS, the property located at 1401 South Main Street is located within the Urban Enterprise Zone; WHEREAS, the property located at 1401 South Main Street is located within the Economic Development Target Area; NOW, THF,RIFORE, BF, IT RESOLVED by the South Bend Redevelopment Commission as follows: 1) The Commission rinds that the application from 1st Source Land Trust #13 (Robert F. Jagger) d/b/a Old fort Building Supply of South Bend, Inc. for five (5) years of real property tax abatement consideration for property located at 1401 South Main Street in the Airport Economic Development Allocation Area, Allocation Area No. 1, should be and is hereby approved. 2) Should the company receive the Enterprise Zone Investment Deduction under LC. 6-1.1- 56for the same property, this Tax Abatement designation shall become null and void. The Company may not receive an economic revitalization area deduction if it receives an enterprise zone investment deduction under 1.C. 6-1.1-45 for the same property. •