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HomeMy WebLinkAbout24-01 Correcting Scrivener's Error: Peak and Assest Management LLCFiled in Clerk's Office r CITY OF SOUTH BE1 D JaNO-3 024 COMMUNITY INVESTMENT CITY CLEW, S'UTHB N[7,IN January 3, 2024 Council Member Rachel Tomas Morgan Chairperson Community Investment Committee South Bend Common Council County -City Building, 4th Floor South Bend, Indiana 46601 RE: Resolution Correctinq Scrivener's Error: Retail Development Real Property Tax Abatement Petition for Peak Investment and Asset Management LLC Dear Council Member Tomas Morgan: Please find the enclosed resolution correcting a scrivener's error in Resolution No. 5031-23 as adopted by the Common Council on August 28, 2023. The resolution adopted in August was numbered incorrectly; it was assigned bill and resolution numbers that were previously assigned. This new resolution would correct the numbering of the August -adopted resolution. Resolution No. 5031 as adopted on August 28, 2023, corrected a scrivener's error in the Declaratory and Confirming Resolutions for a tax abatement granted to a development at the corner of Portage Avenue and Elwood Avenue. The Common Council passed those resolutions on June 26, 2023, and July 10, 2023, respectively. If you or any of the other Council members have questions concerning the. report or need additional information, please feel free to call me at (574) 235-5838. Sincerely, Erik Glavich Director, Growth and Opportunity EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 1400S County -City Building 227 W. Jefferson Blvd. South Bend, Indiana 46601 p 574.235.9371 www.southbendin.gov BILL NO.24-01 RESOLUTION NO. F � A RESOLUTION OF THE COMMON COUNCIL O THE CITY OF SOUTH BEND, INDIANA, CORRECTING SCRIVENER'S ERROR IN RESOLUTION NO.5031-23 AS ADOPTED ON AUGUST 28, 20239 CORRECTING SCRIVENEWS ERROR IN RESOLUTON 5031-23 AS ADOPTED ON JUNE 269 2023, DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 1405 Portage Avenue, South Bend, IN 46616 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE- YEAR (5) REAL PROPERTY TAX ABATEMENT FOR Peak Investment and Asset Management LLC AND CORRECTING SCRIVENER'S ERROR IN RESOLUTION NO.5040- 23 TO CORRECT INCORRECT BILL AND RESOLUTION NUMBERS IN RESOLUTION NO.5031-23 AS ADOPTED ON AUGUST 28, 2023, AND CONFIRMING THE ADOPTION OF RESOLUTION NO.5031-23 AS ADOPTED ON JUNE 269 2023 WHEREAS, on June 26, 2023, the Common Council of the City of South Bend, Indiana, adopted Resolution No. 5031-23 designating a certain area within the City as an Economic Revitalization Area for the purpose of tax abatement consideration; and WHEREAS, Resolution No. 5031-23 as adopted on June 26, 2023, designated the area described as: Key Number: 71-03-35-360-020.000-026 Commonly Known As: 1405 Portage Avenue Legal Description: Lot C Victory Add & Vac Alley N & Adj & Ex Se Tri Cor to City 20121 Con w/ 018-2182-6830 Per Assessors Req IC 6-1.1-5-16 an Economic Revitalization Area under the provisions of Indiana Code 6-1.1-12.1 et seq. and South Bend Municipal Code Sections 2-76 et seq.; and WHEREAS, on July 10, 2023, the Common Council adopted Resolution No. 5040-23 confirming Resolution No. 5031-23 as adopted on June 26, 2023; and WHEREAS, in addition to the area described in Resolution No. 5031-23 as adopted on June 26, 2023, and Resolution No. 5040-23, the area designated as an Economic Revitalization Area by Resolution No. 5031-23 as adopted on June 26, 2023, and confirmed by Resolution No. 5040-23 should have also included the area described as: Key Number: 71-03-35-360-017.000-026 Commonly Known As: 1301 Elwood Avenue Legal Description: Lot 8 Victory Add Key Number: 71-03-35-360-016.000-026 Commonly Known As: 1305 Elwood Avenue Legal Description: Lot 7 Victory Add and that this additional area was inadvertently excluded in error from Resolution No. 5031- 23 as adopted on June 26, 2023, and Resolution No. 5040-23; and WHEREAS, on August 28, 2023, the Common Council adopted a resolution correcting scrivener's error in Resolution No. 5031-23 as adopted on June 26, 2023, correcting scrivener's error in Resolution No. 5040-23, and reaffirming Resolution No. 5040-23; and WHEREAS, the resolution adopted by the Common Council on August 28, 2023, was incorrectly numbered as Resolution No. 5031-23 and should have been assigned a Bill Number and a Resolution Number that had not been previously assigned to another resolution; and WHEREAS, the Common Council desires to correct the scrivener's error in Resolution No. 5031-23 as adopted by the Common Council on August 28, 2023 to assign it a Bill Number and Resolution Number that has not been previously assigned. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Bill Number and Resolution Number of Resolution No. 5031-23 as adopted on August 28, 2023, are hereby corrected to Bill No. 23-66 and Resolution No. 5063-23. SECTION II. Resolution No. 5031-23 as adopted on August 28, 2023, and corrected via adoption of this Resolution is reaffirmed in all other respects and will continue in full force and effect according to its terms. SECTION III. Resolution No. 5040-23 is reaffirmed in all other respects and will continue in full force and effect according to its terms. SECTION III. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor. Sharon McBride, Council President South Bend Common Council Attest: Bianca Tirado, City Clerk Office of the City Clerk Presented by me, the undersigned Clerk of the City of South Bend, to the Mayor of the City of South Bend, Indiana, on the day of , 2024, at o'clock m. .m. Bianca Tirado, City Clerk Office of the City Clerk Approved and signed by me on the day of James Mueller, Mayor City of South Bend 2024, at _ o'clock BILL NO. 23-34 CITY OF SOUTH BEND COMMUNITY INVESTMENT August 23, 2023 Council Member Rachel Tomas Morgan Chairperson Community Investment Committee South Bend Common Council County -City Building, 41h Floor South Bend, Indiana 46601 Filed in Clerl 's Once 1 AUG 2 b 1:V23 i OAwN M. JONES CITY CLERK, SOUTH BEND RE: Resolution Correcting Scrivener's Error: Retail Development Real Property Tax Abatement Petition for Peak Investment and Asset Management LLC Dear Council Member Tomas Morgan: Please find the enclosed resolution correcting a scrivener's error in Resolution No. 5031-23, a Declaratory Resolution adopted by the Common Council on June 26, 2023, and Resolution No. 5040-23, the subsequent Confirming Resolution adopted by the Council on July 10, 2023. Collectively, these two resolutions provide a real property tax abatement for a retail development by Peak Investment and Asset Management LLC. The development receiving the abatement will consist of two retail buildings and a parking lot over three parcels at the corner of Portage Avenue and Elwood Avenue. Unfortunately, the abatement resolutions adopted by the Council included only one of the parcels and inadvertently and in error excluded the other two parcels. The new resolution to be presented to Council for consideration will add the two parcels to the abatement and correct the error. If you or any of the other Council members have questions concerning the report or need additional information, please feel free to call me at (574) 235-5838. Sincerely, Erik Glavich Director, Growth and Opportunity EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 1400S County -City Building 227 W Jefferson Blvd South Bend.; ndiana46601 p S74 235 9371 www southbendin gov BILL NO.23-34 RESOLUTION NO.5031-23 Filed it C!�rk's Office LAU - "' G 2 a .,W DAWN M. JONES CITY CLERK, SOUTH BEND, IN A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, CORRECTING SCRIVENEWS ERROR IN RESOLUTION NO.5031-23 DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 1405 Portage Avenue, South Bend, IN 46616 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE-YEAR (5) REAL PROPERTY TAX ABATEMENT FOR Peak Investment and Asset Management LLC AND CORRECTING SCRIVENERS ERROR IN RESOLUTION NO.5040- 23 CONFIRMING THE ADOPTION OF RESOLUTION NO.5031-23 WHEREAS, on June 26, 2023, the Common Council of the City of South Bend, Indiana, adopted Resolution No. 5031-23 designating a certain area within the City as an Economic Revitalization Area for the purpose of tax abatement consideration; and WHEREAS, Resolution No. 5031-23 designated the area described as: Key Number: 71-03-35-360-020.000-026 Commonly Known As: 1405 Portage Avenue Legal Description: Lot C victory Add & vac Alley N & Adj & Ex Se Tri Cor to City 20121 Con w/ 018-2182-6830 Per Assessors Req IC 6-1.1-5-16 an Economic Revitalization Area under the provisions of Indiana Code 6-1.1-12.1 et seq. and South Bend Municipal Code Sections 2-76 et seq.; and WHEREAS, on July 10, 2023, the Common Council adopted Resolution No. 5040-23 confirming Resolution No. 5031-23; and WHEREAS, in addition to the area described in Resolution No. 5031-23 and Resolution No. 5040-23, the area designated as an Economic Revitalization Area by Resolution No. 5031-23 and confirmed by Resolution No. 5040-23 should have also included the area described as: Key Number: 71-03-35-360-017.000-026 Commonly Known As: 1301 Elwood Avenue Legal Description: Lot 8 Victory Add Key Number: 71-03-35-360-016.000-026 Commonly Known As: 1305 Elwood Avenue Legal Description: Lot 7 Victory Add and that this additional area was inadvertently excluded in error from Resolution No. 5031- 23 and Resolution No. 5040-23; and WHEREAS, the Common Council desires to correct this scrivener's error appearing in Resolution No. 5031-23 and in Resolution No. 5040-23. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The area designated as an Economic Revitalization Area by Resolution No. 5031-23 as adopted on June 26, 2023, and confirmed by Resolution No. 5040-23 as adopted on July 11, 2023, is deleted and in its place is inserted the area described as: Key Number: 71-03-35-360-020.000-026 Commonly Known As: 1405 Portage Avenue Legal Description: Lot C Victory Add & Vac Alley N & Adj & Ex Se Tri Cor to City 20/21 Con w/ 018-2182-6830 Per Assessors Req IC 6-1.1-5-16 Key Number: Commonly Known As: Legal Description: Key Number: Commonly Known As: Legal Description: 71-03-35-360-017.000-026 1301 Elwood Avenue Lot 8 Victory Add 71-03-35-360-016.000-026 1305 Elwood Avenue Lot 7 Victory Add SECTION II. Resolution No. 5040-23 is reaffirmed in all other respects and will continue in full force and effect according to its terms. SECTION III. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor. Sharon McBride, Council President South Bend Common Council Attest: Dawn M. Jones, City Clerk Office of the City Clerk Presented by me, the undersigned Clerk of the City of South Bend, to the Mayor of the City of South Bend, Indiana, on the day of 2023, at o'clock .m. m. Dawn M. Jones, City Clerk Office of the City Clerk Approved and signed by me on the day of , 2023, at o'clock James Mueller, Mayor City of South Bend Filed in Clerk's Office AUG 1 3 ;Q3 DAWN M. JD ES CITY CLERK, SOUTH BEND, IN MEMORANDUM OF AGREEMENT Filed in Clerk's Office r -- AUG 2 91821 DA W N M. JONES CITY CLERK, SOUTH BEND, IN (RETAIL DEVELOPMENT REAL PROPERTY TAX ABATEMENT) This Memorandum of Agreement (Agreement) dated as of August 21, 2023, serves as confirmation of a commitment by Peak Investment and Asset Management LLC (the "Applicant") to comply with the project description, job creation and retention (and associated wage rates and salaries) figures contained in its petition, Statement of Benefits, and attachments and this Agreement. 1. Property Associated with the Abatement and _ReEponsibilities of the Applicant. At the time of this Agreement, the property is located at 1405 Portage Avenue and 1301-1305 Elwood Avenue, South Bend, Indiana 46616, and has Key Numbers 71-03-35-360-020.000-026, 71-03-35-360-017.000-026, and 71-03-35-360-016.000-026. Throughout the duration of the abatement, the Applicant shall promptly report any changes in the addresses or Key Numbers of the property receiving the abatement to the Department of Community Investment and to the Office of the City Clerk. Moreover, the Applicant also shall report any material changes or improvements made to the property subject to the abatement including changes as the result of subdividing, replatting, or otherwise. The Applicant agrees that failure to promptly report changes can result in a finding of noncompliance on behalf of the Applicant under the commitments of this Agreement. 2. Cnmmitme:nts of City and Applicant. Subject to the adoption of a resolution correcting a scrivener's error in Resolution No. 5031-23 and Resolution No. 5040-23 by the South Bend Common Council (the '*SBCC"), the City of South Bend, Indiana, (the "City") commits to provide a five-year (5) retail development real property tax abatement for the Applicant, based on the Applicant's commitment set forth in its Application. The Applicant commits to the following (the "Commitments"): (a) making total combined real property expenditures of no less than One Million Four Hundred Thousand Dollars ($1,400,000.00) for the construction of two (2) new retail buildings totaling approximately ten thousand three hundred (10,300) square feet at property identified in Section 1 of this Agreement; and (b) acting in good faith to complete the project as described in its Application. 3. 'Applicant's Compliance with City and State Laws. During the term of the abatement, the Applicant shall comply with Chapter 2, Article 6, of the South Bend Municipal Code, entitled "Tax Abatement Procedures," and all governing provisions of the Indiana Code. During the term of this abatement, the City may annually request information from the Applicant concerning the nature of the Project, the approved capital expenditure of the Project, the number of full-time permanent positions newly created by the Project, and the average wage rates and salaries (excluding benefits & overtime) associated with the positions, and the Applicant shall provide the City with adequate written evidence thereof within fifteen (15) days of such request (the "Annual Survey"). The City shall utilize this information and the information required to be filed by the Applicant in the CF-I Compliance with the Statement of Benefits form to verity that the Applicant has at all times complied with the Commitments after the Commitment Date and during the duration of the abatement and for no other purpose. The Applicant further agrees to provide the City with such additional information as requested by the City 1 to determine Applicant's compliance with the Commitments and with local and state requirements within twenty (20) days following any such request. Notwithstanding anything herein to the contrary, the Applicant acknowledges that the City may be required to disclose certain documents provided by the Applicant as required by a court order or applicable law. 4. Substantial Cote fiance and Rights of Termination. The City, by and through the SBCC, reserves the right to terminate the Economic Revitalization Area designation and associated property tax abatement deductions if it reasonably determines that the Applicant has not made reasonable efforts to substantially comply with all the Commitments, as defined in Section 2 of this Agreement, and the Applicant's failure to substantially comply with the Commitments was not due to factors beyond its reasonable control, as described in Section 5 below. 5. Factors Beyond Control. As used in this Agreement, factors beyond the control of the Applicant shall only include factors not reasonably foreseeable at the time of designation application and submission of Statement of Benefits which are not caused by any act or omission of the Applicant, and which materially and adversely affect the ability of the Applicant to substantially comply with this Agreement. Applicant has the burden to communicate to the City any such factors in which it believes is beyond its control and impacting its ability to fulfill the terms of this Agreement or any tax abatement benefit provided to the City. The City reserves the right to investigate the factors cited by Applicant under this Section 5 to the fullest extent possible and may deny Applicant's request upon the completion of the City's investigation. 6. Repayment of Tax AbaLeinent Savings. If at any time during the term of this Agreement the Applicant shall: (a) be delinquent or in default with respect to any tax payment in St. Joseph County, Indiana; or (b) cease operations at the facility for which the tax abatement was granted; or (c) announce the cessation of operations at such facility, then the City may immediately terminate the Economic Revitalization Area designation and associated tax abatement deductions, and upon such termination, require Applicant to repay all of the tax abatement savings received through the date of such termination. 7. NoticelHearine of Termination. In the event that the City determines that the Economic Revitalization Area designation and associated tax abatement deductions should be terminated or that all or a portion of the tax abatement savings should be repaid, it will give the Applicant notice of such determination, including a written statement calculating the amount due from the Applicant, and will provide the Applicant with an opportunity to meet with the City's designated representatives to show cause why the abatement should not be terminated and/or the tax savings repaid. Such notice shall state the names of the person with whom the Applicant may meet and will provide that the Applicant shall have thirty (30) days from the date of such notice to arrange such meeting and to provide its evidence concerning why the abatement termination and/or tax savings repayment should not occur. If, after giving such notice and receiving such evidence, if any, the City determines that the abatement termination and/or the tax repayment action is proper, the Applicant shall be provided with written notice and a hearing before the SBCC before any final action shall be taken terminating the abatement and/or requiring repayment of tax benefits. The Applicant shall be entitled to appeal that determination to a St. Joseph County Superior or Circuit Court. 2 S. Repayment. In the event the City requires repayment of the tax abatement savings as provided hereunder, it shall provide Applicant with a written statement calculating the amount due (the "Statement"), and Applicant shall make such repayment to the City within one hundred twenty (120) days of the date of the Statement. If the Applicant does not make timely repayment, the City shall be entitled to all reasonable costs and attorneys' fees incurred in the enforcement of this Agreement and the collection of the tax abatement savings required to be repaid hereunder. 9. Voidance of Previous Agreement. This Agreement supersedes the Memorandum of Agreement dated June 28, 2023, as agreed to by the Applicant and the City. 10. Modacati¢n/Entire Agreement. This Agreement and the schedules attached hereto as Exhibit A contain the entire understanding between the City and the Applicant with respect to the subject matter hereof, and supersede all prior and contemporaneous agreements and understandings, inducements, and conditions, expressed or implied, oral, or written, except as herein contained. This Agreement may not be modified or amended other than by an agreement in writing signed by the City and the Applicant. The Applicant understands that any and all Flings required to be made or actions required to be taken to initiate or maintain the abatement are solely the responsibility of the Applicant. 11. Waivers. Neither the failure nor any delay on the part of the City to exercise any right, remedy, power, or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power, or privilege preclude any other or further exercise of the same or of any other right, remedy, power, or privilege with respect to any occurrence or be construed as a waiver of such right, remedy, power, or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 12. Governing Laws of Indiana. This Agreement and all questions relating to its validity, interpretation, performance, and enforcement shall be governed by the laws and decisions of the courts of the State of Indiana. 13. Aanlieant's Consent to Jurisdiction. The Applicant hereby irrevocably consents to the jurisdiction of the Courts of the State of Indiana and of the St. Joseph County Circuit or Superior Court in connection with any action or proceeding arising out of or relating to this Agreement or any documents or instrument delivered with respect to any of the obligations hereunder, and any action related to this Agreement shall be brought in such County and in such Court. 14. Notices. All notices, requests, demands, and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been received when delivered by hand or by facsimile (with confirmation by registered or certified mail) or on the third business day following the mailing, by registered or certified mail, postage prepaid, return receipt requested, thereof, addressed as set forth below: i< If to Applicant: Peak Investment and Asset Management LLC 5199 Gardenia Court West Lafayette, Indiana 47906 Attn: Praveen Gulati, Owner If to the City: City of South Bend, Indiana 227 W. Jefferson Boulevard, Suite 1400S South Bend, Indiana 46601 Attn: Executive Director of Community Investment 15. .Assi,mment and Transfer Prohibited. This Agreement shall be binding upon and inure to the benefit of the City and the Applicant and their successors and assigns, except (a) that no party may assign or transfer its rights or obligations under this Agreement without the prior written consent of the other party hereto, in which consent shall not be unreasonably withheld, and (b) Applicant may assign and transfer its rights under this Agreement to the Permitted Assign without prior written consent. "Permitted Assign" means the affiliated single purpose entity created for purposes of designing, constructing, owning, operating, and maintaining the project which is the subject of this Agreement. 16. Valid and Binding Agreement. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. By executing this Agreement, each person so executing affirms that he has been duly authorized to execute this Agreement on behalf of such party and that this Agreement constitutes a valid and binding obligation of the party. 17. Severability. The provisions of this Agreement and of each section or other subdivision herein are independent of and separable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part unless this Agreement is rendered totally unenforceable thereby. 18. No Personal Liability. No official, director, officer, employee, or agent of the City shall be charged personally by the Applicant, its employees, or its agents with any liabilities or expenses of defense or be held personally liable to the Applicant under any term or provision of this Agreement or because of the execution by such party of this Agreement or because of any default by such party hereunder. [Remainder of page intentionally blank.] 4 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. Applicant" Investment and Asset Management LLC Praveen Gulati Owner Peak Investment and Asset Management LLC ed as to Legal Adequacy and Form this day of 12023. South Bend Common Council nsel for Applicant 5 ity of South Bend, Indiana NO Y-1 Sharon McBride President, South Bend Common Council Rachel Tomas Morgan Chairperson, Community Investment Committee Erik Glavich Department of Community Investment James Mueller Mayor EXHIBIT A Abatement Schedule Subject to the adoption by the SBCC of a resolution correcting a scrivener's error in Resolution No. 5031-23 and Resolution No. 5040-23, the property owner is qualified for and is granted a retail development real property tax abatement for a period of five (5) years as shown by the schedule outlined below. Year 1 - 100% Year 2 - 90% Year 3 - 80% Year 4 - 70% Year 5 - 60% Filed in Clerk's Office AUG 2 3-21liwj M. JONES SOUTH BEND, IN RESOLUTION No. 5031-23 Passed by the Common Council of the City of South Bend, Indiana June 26, Attest: 2 Dawn M. Jones Attest: )11 A ,t, rn i 1 l 20 23 City Clerk President of Common Council Presented by me to the Mayor of the City of South Bend, Indiana June 27, 23 20 City Clerk Dawn M. Jones Approved and signed by me 20 J BILL NO.23-34 RESOLUTION NO.5031-23 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 1405 Portage Avenue, South Bend, IN 46616 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE-YEAR (5) REAL PROPERTY TAX ABATEMENT FOR Peak Investment and Asset Management LLC WHEREAS, a petition for real property tax abatement consideration has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana, requesting that the area described as: Key Number: 71-03-35-360-020.000-026 Commonly Known As: 1405 Portage Avenue Legal Description: Lot C victory Add & vac Alley N & Adj & Ex Se Tri Cor to City 20/21 Con w/ 018-2182-6830 Per Assessors Req IC 6-1.1-5-16 be designated as an Economic Revitalization Area under the provisions of Indiana Code 6-1.1- 12.1 et seq. and South Bend Municipal Code Sections 2-76 et seq.; and WHEREAS, petitioner has agreed to and has accepted responsibility to report any changes in the Key Number and legal description to the Department of Community Investment and to the Office of the City Clerk; and WHEREAS, the Department of Community Investment 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 seq. and South Bend Municipal Code Sections 2-76 et seq., 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 Investment 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 seq. for tax abatement. SECTION II. The Common Council hereby determines and finds the following: 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. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits, Sections 1 through 3 of the Petition for Real Property Tax Abatement Consideration and the Memorandum of Agreement between the Petitioner and the City of South Bend, and that the Statement of Benefits form completed by the petitioner, said form being prescribed by the State Board of Accounts, is sufficient to justify the deduction granted under Indiana Code 6-1.1-12.1-3. SECTION IV. The Common Council hereby accepts the report and recommendation of the Community Investment Committee that the area herein described be designated as an Economic Revitalization Area and hereby adopts a Resolution designating the area as an Economic Revitalization Area for purposes of real property tax abatement. SECTION V. The designation as an Economic Revitalization Area shall expire on December 31, 2026. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of five (5) years as shown by the schedule outlined below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17. Year 1 - 100% Year 2 - 90% Year 3 - 80% Year 4 - 70% Year 5 - 60% SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code 5-3-1 and Indiana Code 6-1.1-12.1-2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. Sh McBride, Council President South Bend Common Council Attest: /1 - F M. Dawn M. Jones, City Clerk Office of the City Clerk Approved and signed by me on the /'ll day of Jr 1Y —, 2023, at , o'clock Ja s Mueller, Mayor Ci of South Bend