Bill 16-50 Waiver of Non-Compliance Run-Faster-Run LLC

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RESOLUTION NO. A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING A WAIVER OF NONCOMPLIANCE FOR LATE -FILED DEDUCTION APPLICATION (FORM 322/RE) AND COMPLIANCE WITH STATEMENT OF BENEFITS (FORM CF -1) BY RUN - FASTER -RUN LLC FOR CERTAIN REAL PROPERTY KNOWN AS LOT 5 OF THE COVELESKI MINOR SUBDIVISION AND LOCATED AT 525 S. LAFAYETTE BOULEVARD DESIGNATED AS AN ECONOMIC REVITALIZATION AREA UNDER RESOLUTION 4387 -14 WHEREAS, the Common Council of the City of South Bend, Indiana (the "Common Council ") at its meeting held on September 22, 2014 adopted its Confirming Resolution 4387 -14 (the "Confirming Resolution ") confirming the designation of a certain area within the City of South Bend, Indiana (the "City ") commonly known as 501 W. South Street, South Bend, Indiana (the "Real Property ") pursuant to Indiana Code 6- 1.1 -12.1 (the "Act "), as an Economic Revitalization Area for the purposes of granting an eight (8) year tax abatement for real property to Swing- Batter - Swing, LLC; and WHEREAS, the Real Property was more particularly described as follows: Pt. Lots 5 -8 & 13 -16 Blk 7 Lot 7 & Lot 15 Blk 8 Pt. Lots 31 -39 Blk 9 Lot 9 -13 Pt 14 Blk 10 Vails Sw Add & Pt Lot 68 69 -72 Martin's Add & Vac Alleys & Sts Cont. 4.834 ac +- WHEREAS, the Common Council determined that Swing- Batter - Swing, LLC qualified for and the Common Council granted a real property tax deduction for a period of eight (8) years as provided in the alternate abatement schedule pursuant to the Section 17 of the Act set forth below: Real Property Year Abatement 1 100% 2 88% 75% 4 63% 50% 6 38% 7 25% 8 13% WHEREAS, the City, as the property owner of the Real Property prior to April 7, 2015, subsequently subdivided the Real Property into separate parcels as part of the Coveleski Park Minor Subdivision on the recorded Plat of Coveleski Park Minor US.106317781.01