No. 2389 approving an application for real property tax deduction (1 yr extension of Villas at Lake Blackthorn)

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RESOLUTION NO. 2389 • A RESOLUTION APPROVING AN APPLICATION FOR REAL PROPERTY TAX DEDUCTION WHEREAS, I.C. 6-1.1-12.1-2(1) provides that an application forpropertytax 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 WHEREAS, the Redevelopment Commission on November 1, 2002 approved a petition for five years of real property tax abatement consideration through Resolution No,. 1917 for the benefit of the Cooreman Real Estate Group, Inc. for real property located in Section I of The Villas At Blackthorn in the Airport Economic 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 Area Allocation Area No. 1; and WHEREAS, the Airport Economic Development Area Allocation Area No. 1 was subsequently expanded to include the property located at The Villas At Blackthorn; and • WHEREAS, the South Bend Common Council, with the consent of the Redevelopment Commission, declared the property located at The Villas at Blackthorn to be an residentially distressed area for a period of five (5) years to enable Cooreman Real Estate Group, Inc., the developer, to develop the property and offer a maximum of five (5) year tax abatement to owners of individual parcels once the parcels are developed; and WHERAS, the developer, due to slower than anticipated sales, has not completed the construction and sale of the parcels on the property located at The Villas at Blackthorn, and therefore is requesting a one (1) year extension of the designation of the property as a residentially distressed area for the purposes of continuing to provide for a maximum of five (5) year tax abatement to owners of newly developed parcels; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The Commission finds that the application from the Cooreman Real Estate Group, Inc. for a one (1) year extension of the designation of the property as a residentially distressed area in order to continue to permit a maximum of five (5) year tax-abatement for newly developed residential real property located at Section I of The Villas At Blackthorn in the Airport Economic Development Area Allocation Area No. 1, should be and is hereby approved. 2. A copy of this resolution shall be forwarded to the South Bend Common Council to • indicate the Commission's approval of the petition for the extension of the previously approved real property tax abatement for the Cooreman Real Estate Group, Inc.