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HomeMy WebLinkAboutDesignating Tax Abatement - M & K Associates 1024 S. Main St. (3 Year Real Property)RESOLUTION NO. 2321 -95 Passed by the Common Council of the City of South Bend, Indiana December 18, 19 9,5 Attest: ice— /-r City Clerk Attest: Presented by me to the Mayor of the City of South Bend,lndi December 19, 95 of Common Council. City Clerk Approved and signed by me 19 q� Mayor RESOLUTION NO. 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 1024 SOUTH MAIN STREET, SOUTH BEND, INDIANA, AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A 3 -YEAR REAL PROPERTY TAX ABATEMENT FOR NEW BUILDING FOR M & K ASSOCIATES 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 (common address) , South Bend, Indiana, and which is more particularly described as follows: Lot Numbered Five (5) as shown on the recorded Plat of Studebaker Corridor Fourth Minor Subdivision, recorded May 7, 1993, in the Office of the Recorder of St. Joseph County, Indiana, as Instrument No. 9315731. and which has Key Number 18- 8001 -0036, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1-1 et seq., and South Bend, Municipal Code Sections 2 -76 et seq., and; WHEREAS, the Department of 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 -1, et se g., 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 Human Resources 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 -1 et seg., and qualifies under the relevant provisions of South Bend Municipal Code Sections 2 -76 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 of rehabilitation; and 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 -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 II 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. SECTION IV. The Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committee that the area herein described be designated 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 abe limited to two (2) calendar years form the date of the adoption for this Resolution by the Common Council. OA SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of three (3) 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. from and after the Mayor. PRESENTED 12 —/8 -9S NOT APPROVED ADOPTED 1Z_ / g_qS This Resolution shall be in full force and effect its adoption by the Common Council and approval by Flied In Clerlrs (Ace 3 I�Ott 2 1995 C1iY6L8RKSC.B1E11�.M1.