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HomeMy WebLinkAboutDesignating Tax Abatement - Greater South Bend Development Company Northeast Corner of Hamilton & Huey Streets (6 Year Real Property)RESOLUTION N0. 2049 -93 Passed by the Common Council of the City of South Bend, Indiana, Attest June 28, 19 93 Clerk Presented by me to the Mayor of the City of South Bend, Indiana June 29, 93 19 of Common Council. Approved and signed by me l 19 !� Clerk Mayor SUBSTITUTE BILL NO. RESOLUTION NO. � D 'V 9 - q3 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, DESIGNATING CERTAIN PROPERTY WITHIN THE CITY COMMONLY KNOWN AS THE NORTHEAST CORNER OF HAMILTON AND HUEY STREETS AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A six (6) , YEAR REAL PROPERTY TAX ABATEMENT FOR GREATER SOUTH BEND DEVELOPMENT COMPANY. WHEREAS, a petition for real property tax abatement has been filed with the Common Council of the City of South Bend, Indiana, requesting that the area commonly known as the northeast corner of Hamilton and Huey Streets, and which is more particularly described as follows: A lot or parcel of land in the West Half (1/2) of the Northeast Quarter (1/4) of Section Thirty -four (34), Township Thirty -eight (38) North, Range Two (2) East, described as beginning at the intersection of the East line of Huey Street with the North line of Hamilton Street, in the City of South Bend, which point is 164.26 feet North and 686 feet East of the Southwest corner of the said Northeast Quarter (1/4) of Section 34; thence running North on the East line of Huey Street, 132 feet; thence East 127 feet, thence South 132 feet to the North line of Hamilton Street; thence West on said line 127 feet to the place of beginning, and being known as the parcel of land 127 feet in width, East and West, taken off of and from the entire width of the West end of Lot Numbered Eighty -seven (87) as shown on a proposed Plat of Jackson's Subdivision, in the City of South Bend, St. Joseph County, Indiana, with said real estate having the following Key #: 18- 2113 -4148 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 § 2 -76, et seq.; and WHEREAS, the Department of Economic Development has concluded an investigation and prepared a report dated May 24, 1993, after having reviewed the petition for tax abatement dated May 11, 1993, along with maps showing the boundaries of the petitioned area 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 reviewed the petition and report at its meeting of June 14, 1993, and has made its recommendation to the Common Council. 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 pursuant to Indiana Code , § 6- 1.1- 12.1 -1, et seq., and qualifies under the relevant provisions of South Bend Municipal Code, § 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 during the construction phase of this development can be reasonably expected to result from the proposed described redevelopment or rehabilitation; D. 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 E. 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 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 Section 6 -1.1- 12.1 -3. Section IV. Pursuant to Section 2 -84 of the South Bend Municipal Code, the Common Council accepts the recommendations of the Council's Human Resources and Economic Development Committee represented in this Substitute Resolution. The Common Council hereby makes the following specific findings which support its conclusions that the Petitioner, Greater South Bend Development Company, qualifies for a six (6) year real property tax abatement, and that the area described herein should be declared an economic revitalization area, with said conclusion being based on a project by project basis: (1) The current use of the petitioned property is vacant land, which has been platted for single family development, yet has remained undeveloped for forty years, and may remain vacant unless developed as a new single - family home affordably priced. (2) A significant number of parcels in the area are vacant land. (3) The proposed project will provide affordable new housing for moderate income families, with any tax credits afforded by the abatement being passed on to the buyers of the real estate. (4) The proposed project is the first attempt to build new affordable single - family housing in the central city for approximately forty (40) years. (5) Although the proposed project does not quality under the residentially distressed area criteria set forth in Indiana Code, Section 6 -1.1- 12.1 -4.1, nor the applicable regulations for residentially distressed areas of the South Bend Municipal Code due to its proposed location, it is believed that when weighing the totality of the circumstances, that the proposed project sends a positive message for such development and warrants the minimal real property tax abatement of six (6) years. Section V. The Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committee that the area herein described be designated as Economic Revitalization Area and hereby adopts this Resolution designating this area as an Economic Revitalization Area for purposes of real property tax abatement. Section VI. The designation as an Economic Revitalization Area shall be limited to two (2) calendar years from the date of the adoption of the Resolution by the Common Council. Section VII. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of six (6) years and requests annual updates. Section VIII. 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, Section 5 -3 -1, and Indiana Code, Section 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 IX. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. PRESENTED (v/ 9 /Q3 NOT APPROVED ADOPTED Iw11CI9 (73? 4 �J Gl a r�PzcQ Membe of !Common Council Filed in NrV u JUN 9 "