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Home My WebLink AboutDesignating Tax Abatement - South Bend Redevelopment Commission benefit of: AJW South Bend Realty Corp. (10 Year Real Property)Attest: RESOLUTION 3089 -02 Passed by the Common Council of the City of South Bend, Indiana April 22, 20 02. Presented by me to the Mayor of the City of South Bend, Indiana April 23, 20 02 City Clerk President of Common Council Approved and signed by me April 23, 2002 . City Clerk l� l' .. RESOLUTION NO. SM —02 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 1902 WEST SAMPLE STREET AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN (10) YEAR REAL PROPERTY TAX ABATEMENT FOR SOUTH BEND REDEVELOPMENT COMMISSION for the benefit of: AJW SOUTH BEND REALTY CORP. 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 commonly known as 1902 W est Sample Street, South Bend, Indiana, and which is more particularly described as follows: That Part of the Northeast Quarter of Section 15, Township 37 North, Range 2 East, Portage Township, City of South Bend, St. Joseph County, Indiana which is described as: Beginning at a Point which is S. 000- 05' -51" E. (All Bearings Assumed), 50.00 ft. more or less and S. 89 ° -52'- 12" E., 1,076.95 ft. more or less from the North Quarter Post of Said Section 15; thence continuing S. 00° - 05' -51" E., 395.00 ft. more or less; thence S. 89 °- 56' -51" W., 492.00 ft. more or less; thence N. 51 °- 31' -38" W., 141.28 ft. more or less to the Proposed Southerly Line of Sample Street; thence along said Proposed Line, S. 37 °45' -40" W., 697.66 ft. more or less to the Proposed Easterly Line of Olive Street; thence along said East Line, S. 00 °- 08' -02" W., 1106.17 ft. more or Less; thence N. 89 °- 54' -19" E., 557.45 ft. more or less; thence N. 79 °- 32' -32" E., 592.72 ft. more or less; thence N. 00 °- 07'40" W., 370.29 ft. more or less; thence N. 89 °- 54' -19" E., 922.75 ft. more or less; thence N. 00 °- OF -16" W., 1482.61 ft. more or less to the Proposed South Line of Sample Street; thence N. 89 °- 52' -12" W. along said Proposed South Line, 1029.96 ft. to the Point of Beginning. Containing 70.95 acres more or less. and which has Key Number 18- 80752841, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1 -12.1 et sea., and South Bend Municipal Code Sections 2 -76 et sea., and; WHEREAS, the Department of Community and Economic Development 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 Leg., and South Bend Municipal Code Sections 2 -76, et sea., 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 and Economic Development 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 sea., 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 set forth as Sections I through H of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Indiana Code 6 -1.1- 12.1 -3. 2 SECTION IV. The Common Council hereby accepts the report and recommendation of the Community and Economic Development 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 five (5) calendar years from the date of the adoption of this Resolution by the Common Council. The Common Council pursuant to section 2 -84 of the South Bend Municipal Code finds the five (5) year designation is appropriate and rational period for this abatement in light of the following: A. The project far exceeds the minimum requirement of 100,000 EA. for tax abatement eligibility. B. The project has an enormous cost associated with it of over $46 million, including land, building and equipment. C. The project site is located in an area which otherwise would not see normal growth or development, and the project is expected to be a catalyst for future development in the area. D. The project will result in a significant number of new jobs, the total number of which is projected to reach 874 by the time the project is completed. E. The project is supported by and is receiving financial assistance from the Indiana Department of Commerce, the City of South Bend, and the Urban Enterprise Association. F. The project site falls within all of the designated areas including, the Tax Abatement Impact Area, the Economic Development Target Area, the Sample -Ewing Development Area and the Urban Enterprise Zone. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of ten (10) years. 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. Member of the Common Council 3 PRESENTER ,,+2 -L -02- NOT APPROVED ADOPTED �A- 1-IL -131 -- G:°" erEi16,9O.BEW®,IM, COMMITTEE REPORT TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee of the Whole, to whom was referred: BILL NO. 02 -36 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 1902 WEST SAMPLE STREET AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN (10) YEAR REAL PROPERTY TAX ABATEMENT FOR SOUTH BEND REDEVELOPMENT COMMISSION FOR THE BENEFIT OF: AJW SOUTH BEND REALTY CORP. Respectfully report that they have examined the matter and that in their opinion, this bill is being recommended to the full Council with a favorable recommendation. Karl King Chairman