HomeMy WebLinkAboutNo. 1121 approving an application for real property tax deduction (Policemen's Federal Credit Union, 1130 S. Main St.)RESOLUTION NO. 1121
A RESOLUTION APPROVING AN APPLICATION FOR
REAL PROPERTY TAX DEDUCTION
WHEREAS, I.C. 6 -1.1- 12.1 -2(j) 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
WHEREAS, the South Bend Common Council has received a
petition for three years of real property tax abatement
consideration from Policemen's Federal Credit Union, for real
property located at 1130 South Main Street in the Studebaker
Corridor Development Area, the legal description of which is
attached hereto, marked Exhibit "A" and incorporated herein; and
WHEREAS, this Commission declared the Studebaker Corridor
Development Area by Resolution No. 762 adopted January 10, 1986 and
in the same resolution declared the Studebaker Corridor Allocation
(South Bend Allocation Area No. 6); and
WHEREAS, the property located at 1130 South Main Street is
located within the Studebaker Corridor Allocation Area (South Bend
Allocation Area No. 6);
NOW, THEREFORE, BE IT RESOLVED by the South Bend
Redevelopment Commission as follows:
1.) The Commission finds that the application of
Policemen's Federal Credit Union, for three years of
real property tax abatement consideration for property
located at 1130 South Main Street in the Studebaker
Corridor Allocation Area (South Bend Allocation Area
No. 6) is hereby approved.
2.) That a copy of this resolution be forwarded
to the South Bend Common Council to indicate the
Commission's approval of the Policemen's Federal
Credit Union, petition for real property tax
abatement.
Approved this 18th day of December 1992, at the regularly
scheduled meeting of the South Bend Redevelopment Commission.
SOUTH BEND REDEVELOPMENT COMMISSION
Paula N. Auburn, President
ATTEST:
Michael Donoho, Secretary
ml \resolut \resll21
Indiana
SURVEY ORDERED BY:
SURVEY DATED:
PROJECT NO. :
A
Land T i t l e Sur vey
LEGAL DESCRIPTION PARCEL "A"
That Part of the Northwest Quarter of Section 13, Township 37 North, Range 2
East, Portage Township, City of South Bend, St. Joseph County, Indiana which is
described as: Lots 11, I, K, L and M of the recorded Plat of " Stull's Third'
Addition to the City of South Rend " as shown in Plat Book # 6, on Page # 109
in the records of the St. Joseph County, Indiana Recorder's Office and being
more particularly described as: Beginning at the Southwest Corner of Lot M of
the recorded Plat of " Stull's Third Addition to the City of South Bend " as
shown in Plat Book # 6, on Page 1 109 in the records of the St. Joseph County,
Indiana Recorder's Office said point also being the intersection of the east
right -of -way line of Main Street and the north right -of -way line of Stull
Street; thence N. 000- 23' -38" W. along said east line, 198.25 ft. (Record,
198.0 ft.) to the northwest corner of Lot 11 in said Subdivision; thence N. .9u-
21'-44" E. along the north line of said Lot, 165.83 ft. (Record, 165.75 ft.) to
the west right -of -way lane of a 14 ft. public alley and the northeast corner of
said Lot; thence S. 00 - 30' -02" E. along said west line, 198.37 ft. (Record,
198.0 ft.) to the north right- of -w%y line of Stull Street and the southeast
corner of said Lot M; thence S. 89 - 24' -32" W. along said north right -of -way
line, 166.20 ft. (Record, 165.75 ft.) to the Point of Beginning.
Containing 0.7758 acres or 32,923 square feet.
Subject to all legal highways, easements and restrictions of record.
Peirce & Associates, Inc.
Land Surveyors 6
3231 Sugar Maple
Indiana 46628
Professional Engineers
Ct.. South Bend,
2191234 -4003
2V2
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City of South Bend
Joseph E. Kernan, Mayor
Department of Economic Development
Jon R. Hunt
Executive Director
MEMORANDUM
Ann E. Kolata
Deputy Executive Director
TO: HUMAN RESOURCES COMMITTEE OF THE SOUTH BEND COMMON COUNCIL
FROM: DEPARTMENT OF ECONOMIC DEVELOPMENT - MICHAEL BEITZINGERp_ft
SUBJECT: TAX ABATEMENT PETITION
POLICEMEN'S FEDERAL CREDIT UNION
1130 SOUTH MAIN STREET
DATE: DECEMBER 4, 1992
On November 25, 1992, a petition for tax abatement consideration for real property
located at 1130 South Main Street was filed with the City Clerk by the Policemen's
Federal Credit Union. Pursuant to Chapter 2, Article 6, Section 2 -77 of the Municipal
Code of the City of South Bend, this petition was referred to the Department of Economic
Development for purposes of investigation and preparation of a report determining whether
the area qualifies as an Economic Revitalization Area pursuant to I.C.6 -1.1- 12.1 -1 and
whether all zoning requirements have been met.
The Department of Economic Development has reviewed the petition (a copy of which is
attached), investigated the area and makes the following report.
PROJECT DESCRIPTION
The petitioner proposes to construct a 4,500 square foot building at the corner of
Main and Stull Streets. The building itself will be 3,800 s.f. with a 700 s.f. canopy
over the drive -thru teller lanes. This will be the new headquarters of the Credit Union,
which has to move from its former home at 815 S. Lafayette Street as part of the
Studebaker Corridor project. This location will be the only operating office of the
Credit Union. The total cost of construction is estimated at $403,000.
1200 County -City Building • South Bend, Indiana 46601 • 219/235 -9371 Fax 219/235 -9021
Redevelopment Business Assistance Housing Rehabilitation
Ann Kolata & Development Kathryn Baumgartner
235 -9371 Donald Inks 521 Eclipse Place
235 -9335 235 -9475
CDBG Program &
Financial Management
Elizabeth Leonard
235 -9335
Planning &
Neighborhood Development
Pamela Meyer
235 -9449
The project will create four (4) new jobs in the first year representing an annual
payroll of $36,000 and will retain 5 existing positions representing an annual payroll of
$103,000.
OTHER ITEMS
1. Several items were omitted from the original petition, however, the attached letter
from the petitioner's counsel addresses each item and adequately complies with each
requirement. The letter was filed with the City Clerk's Office and is a part of the
petitioner's file.
2. The property is properly zoned for the proposed use. A copy of the report from the
Building Commissioner is attached.
3. The property is located in an area presently designated as a Tax Abatement Impact
Area by the South Bend Common Council.
4. The property is located in a Tax Incremental Financing Allocation Area. The
Redevelopment Commission considered this abatement petition at its regularly
scheduled meeting on Friday, December 18, 1992. A copy of their resolution is
attached.
5. The petitioner has applied for three (3) years of real property abatement under
section 2 -78.1 (Office Developments Within Tax Abatement Impact Area), although their
project does not meet the minimum requirement of 7,500 square feet. In it's bid to
the Redevelopment Commission, the petitioner was allowed to include 7,880 s.f. of the
drive -thru lanes to meet the minimum requirements set by the Redevelopment Commission
for building on the property. Combining the building, canopy and allowable square
footage of the drive -thru lanes would bring the total usable square footage to
12,380.
3 YEAR
Real Property Abatement Schedule
-------------------------- - - - - --
Total estimated Project
Base Assessed Value:
(Approx. 1/3 Project
Assume constant tax rate
Cost: $403,000
$134,333
Cost)
of: 14.1441
Assessed Tax
Year °s Abated Value Abated
1 100 $0
2 66 45,673
3 33 90,003
Tax
Paid
$19,000 $0
12,540 6,460
6,270 12,730
$37,810 $19,190
Without Abatement: $57,001
With Abatement: 19,190
Amount Abated: 37,810