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HomeMy WebLinkAboutDesignating Tax Abatement - Coyne Investments LP Downtown South Bend Parking Garage Rehabilitation 119 W. Wayne (6 Year Real Property)RESOLUTION NO. 2022 -93 Passed by the Common Council of the City of South Bend, Indiana, March 8, 93 F� Clerk Presented by me to the Mayor of the City of South Bend, Indian March 9, 93 r of Common Council. City Clerk Approved and signed by me 0-L-C /O 19 9-3 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 119 WEST WAYNE, SOUTH BEND, INDIANA 46601 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN YEAR REAL PROPERTY TAX ABATEMENT FOR Coyne Investments Limited Partnership Downtown South Bend Parking Garage Rehabilitation 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 119 West Wayne, South Bend, Indiana 46601, and which is more particularly described as follows: Lots 289 -290 & 291 Original Plat 119 West Wayne Street South Bend, Indiana 46601 and which has Key Number 18- 3007 -0239, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6- 1.1- 12.1 -1 et sue. and South Bend Municipal Code Sections 2 -76 et §g�q., 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, gl ,sgq., and South Bend Municipal Code Sections 2 -76, et Leq., 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 see ., and qualifies under the relevant provisions of South Bend Municipal Code Sections 2 -76 et Leq., 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; 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 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 be considered as a special exception under Section 2 -84 of the South Bend Municipal Code as an Economic Revitalization Area for purposes of real property tax abatement. Specific reasons for this determination include: First, this facility is important to the growth and development of the downtown area. As other developments move into the downtown area, they will build on parcels of land which are currently used for parking, such as the College Football Hall of Fame. They, and projects such as the soon to be reopened State Theatre, will attract people to the downtown area, which is the long -term goal of the City's downtown redevelopment plan. However, as more people are attracted to the downtown area, the need for parking will increase while the available parking will diminish because of the construction on sites presently used for parking. Thus, it is important that the Norwest garage remain open to provide for abundant, convenient, and inexpensive parking. Second, the Norwest garage is physically attached to the old Robertson's building. Any potential user of that building would be attracted by the availability of this easy access to parking. Conversely, if the parking facility were not available, it would further deter any future use of the building. Third, closure of the garage would exacerbate downtown parking problems. This would deter people from coming downtown, would inconvenience those who work downtown, and would inhibit further urban development. 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 ten (I0) 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 Indian a 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. BJS01869 PRESENTED NOT APPROVED ADOPTED 00 - 940 0 Member of the Common Council Filed in Clerk's Office ul1 s IN.