HomeMy WebLinkAboutDesignating Tax Abatement - Gainey Realty & Investment Corp. 137 S. Olive St. (10 Year Real Property)RESOLUTION
NO. 1986 -92
Passed by the Common Council of the City of South Bend, Indiana,
November 9, ,A 92
Attest: City Clerk
Attest:_�_� - -- — President of Common Council.
Presented by me to the Mayor of the City of South Bend,
November 10, 92
19
Approved and signed by me_ /JI-\ 19-
L-
Clerk
Mayor
RESOLUTION NO. 00 GO-7�
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 137 SOUTH OLIVE STREET, SOUTH BEND, INDIANA 46619 AN ECONOMIC REVITALIZATION
AREA FOR PURPOSES OF A TEN YEAR REAL PROPERTY
TAX ABATEMENT FOR
GAINEY REALTY AND INVESTMENT 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 137 South Olive
Street, South Bend, Indiana, and which is more particularly described as
follows: (See Exhibit A)
and which has Key Number 38056 -11904 and 38286 -32404 be designated as an
Economic Revitalization Area under the provisions of the Indiana Code
6 -1.1 -12.1 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, et seq., 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 the Indiana
Code 6 -1.1 -12.1 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 rehabili-
tation meets the applicable standards for such development.
B. That the estimate of the value of the redevelopment or rehab-
ilitation 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 the 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 the 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 recom-
mendation 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
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 (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 Coun.e;,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.
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Membe of the Common Council
I signed only to provide
opportunity for public di.
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Filed in Clerk's Office
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OCT 2 8 ;;,J2