HomeMy WebLinkAboutDesignating Tax Abatement - Colfax Hill Partners LLC 525 E. Colfax Ave. (8 Year Real Property)Attes
RESOLUTION
4362 -14
Passed by the Common Council of the City of South Bend, Indiana
May 12,
14
20 .
Presented by me to the Mayor of the City of South Bend, Indiana _
May 13, 20 14
City Clerk
dent of Common Council
Approved and signed by me M /f 7 ' / 202� .
City Clerk
0
RESOLUTION NO. H 3 I° 2—
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
525 East Colfax Avenue
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF AN EIGHT
(8) YEAR REAL PROPERTY TAX ABATEMENT FOR
COLFAX HILL PARTNERS, LLC
WHEREAS, a petition for real property tax abatement has been filed with the City Clerk for
consideration by the Common Council of the City of South Bend, Indiana requesting that the
area located at 525 East Colfax Avenue which is more particularly described as:
Lots 89 -90 55 Ft W End Ea
O P Lowell and
Lot 89
44'N Side
Ex 55' W End
O P Lowell and
110 Ft E End Lot 90 22X110
Ft S Side E End Lot 89
O P Lowell
And which has Key Numbers 018 -5005 -0128, 018 -5005 -0129, and 018 -5005 -0130 presently at
this point in time, 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 final legal description and to report the final, appropriate Key Number 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:
A. That the description of the proposed redevelopment or rehabilitation meets the
applicable standards for such development;
B. That the estimate of the value of the redevelopment or rehabilitation is reasonable
for projects of this nature;
C. That the estimate of the number of individuals who will be employed or whose
employment will be retained by the Petitioner can reasonably be expected to result from the
proposed described redevelopment or rehabilitation;
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, are 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 this area as an Economic
Revitalization Area for purposes of real property tax abatement.
SECTION V. The designation as an Economic Revitalization Area shall be limited to two (2)
calendar years from the date of the adoption of this Resolution by the Common Council.
SECTION VI. The Common Council hereby determines that the property owner is qualified for
and is granted property tax deduction for a period of eight (8) years as shown by the attachment
pursuant to Indiana Code 6 -1.1- 12.1 -17.
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
the Common Council and approval by the
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NOT
and effect from and after its adoption by
Common Council
Files in `; }r.' Office
OR 2:8 2014
JOHN V00WE
CITY CLEMt, LOUTH SEND, IN