HomeMy WebLinkAboutDesignating Tax Abatement - Monroe Park Apartments, L.P. 502 S. Fellows & 423 E. South Streets (10 Year Real Property)Attest:
RESOLUTION
NO. 1998 -92
Passed by the Common Council of the City of South Bend.
December 14, 1992
Clerk
Attest: President of Common Council.
Presented by me to the Mayor of the City of South Bend. Indiana
December
Approved and signed by me
15, 92
9
December 17
N
City Clerk
I9 92 .
Mayor
SUBSTITUTE BILL NO. 92 -93
RESOLUTION NO. /99,?-903
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 502 SOUTH FELLOWS AND 423 EAST SOUTH STREETS
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES
OF A TEN (10) YEAR REAL PROPERTY TAX ABATEMENT FOR
MONROE PARK APARTMENTS, L.P.
WHEREAS, a petition for real property tax abatement has been filed with the City of South
Clerk for consideration by the Common Council of the City of South Bend, Indiana
requesting that the area commonly known as 502 South Fellows and 423 East South
Streets, South Bend, Indiana, which is more particularly described as follows:
A PARCEL OF LAND IN THE EAST HALF OF THE SOUTHWEST QUARTER
OF SECTION 12, TOWNSHIP 37 NORTH, RANGE 2 EAST, PORTAGE
TOWNSHIP, IN THE CITY OF SOUTH BEND, ST. JOSEPH COUNTY,
INDIANA, BEING LOTS 2,3 AND 4 OF JODON'S SUBDIVISION AS
RECORDED IN BOOK 3, PAGE 12 AT THE ST. JOSEPH COUNTY
RECORDER'S OFFICE IN SOUTH BEND, INDIANA.
PARCEL OF LAND IN THE WEST HALF OF THE SOUTHWEST QUARTER
OF SECTION 12, TOWNSHIP 37 NORTH, RANGE 2 EAST, PORTAGE
TOWNSHIP, IN THE CITY OF SOUTH BEND, ST. JOSEPH COUNTY,
INDIANA, BEING LOTS 2, 3, 4, 5, 6, 7, 8, 15, 16 AND 17, OF JOHN
RUSH'S 1ST ADDITION AS RECORDED IN BOOK 2, PAGE 53 AT THE ST.
JOSEPH COUNTY RECORDER'S OFFICE IN SOUTH BEND, INDIANA
and which has Key Numbers 18 -3030 and 18 -3027, be designated as an Economic
Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1 et .req. and South
Bend Municipal Code Section 2 -76 et seq., and;
'DDl7fj0Z0Z*, 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
seq., and South Bend Municipal Code Sections 2 -76, et .req., and has further prepared
maps and plats showing the boundaries and such other information regarding the area in
question as required by law; and
V 3r)CV -0Z i, 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.
1ROM, VC TC 1&.0b(076VC,0 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 seq., 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 of 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 reasonable 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 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 petitioner qualifies for 6 years of real property tax abatement under
Section 2 -77 (Multi - Family Real Property Tax Abatement) of the Tax Abatement Ordinance
(No. 8065 -90). However, the petitioner is requesting a 10 year abatement. According to
the tax abatement guidelines, multi - family housing projects qualify for ten years of
abatement if hard costs are greater than $4,000,000 and at least 20 % of the units are
available for occupancy by low or moderate income families. The South Bend Common
Council believes that the project should be considered for a 10 year abatement pursuant to
Section 2 -84 of the South Bend Municipal Code because:
(1) 100% of the units will be rented to low income families,
(2) the $3,200,000 in hard dollar costs is 80% of the $4,000,000 guideline and far
exceeds, the $1,000,000 guideline set for a 6 year abatement, and
(3) the project is an integral part of the neighborhood's efforts for revitalization,
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 a 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 this 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 ten (10) years.
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 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 IX. This Resolution shall be in force and effect from and after its adoption by
the Common Council and approval by the Mayor.
�Vleriber of tV Common Council
Filed in Clerk's Office
I a- i �I - 9 a DEC i SI9^
PRESENTED 2
NOT APPROVED i a — CN SOMND
ADOPTED �- -9 � CITY L E B ,