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HomeMy WebLinkAboutDesignating Tax Abatement - Main Street Row 209 N. Main St. (10 Year Real Property)RESNPLy4T)9ON Passed by the Common Council of the City of South Bend, Indiana September 25, 10 89 Attest:______ x� (� City Clerk Presented by me to the Mayor of the City of South Bend, September 0 26, 89 9 Approved and signed by me September 27 President of Common Council. City Clerk 19 89. Mayor RESOLUTION NO. I y 1 -' 1 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 209 N. MAIN STREET AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN YEAR REAL PROPERTY TAX ABATEMENT FOR "MAIN STREET ROW" ------------------- AN OFFICE AND RETAIL COMPLEX WHEREAS, a petition for real property tax abatement has been filed with the City Clerk for consideration by the Common Council of the Cityof South Bend, Indiana requesting that the area commonly known as 209 N. Main Street, South Bend, Indiana, and which is more particularly described as follows: Lots 226, 227, and 228 of the original plat of the Town (now city) of South Bend as recorded in the records of St. Joseph County, Indiana, except that part which is described as: Beginning at the southwest corner of said lot 228 thence north along the west line of lots 226, 227 and 228 in said plat 198.00 feet to the northwest corn er of said lot 226 thence east along the north line of said lot 2267 100.00 feet thence south 139.90 feet thence west 44.80 feet thence south 8.0 feet thence west 17.00 feet thence south 50.10 feet to the north line of Colfax Avenue thence west along said line and the south line of lot 228. 38.20 feet to the point of beginning. be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1 et seg. and South Bend Municipal Code section 2 -76 et seg., 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 seg. and South Bend Municipal Code section 2 -76 et seg., 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 find that the Petition for Real Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of I.C. 6 -1. 1- 12.1 -1 et seg., and qualifies under the provisions of South Bend Municipal Code Section 2 -76 et seg. for tax abatement. SECTION II. The Common Council hereby determines and find the following: A. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; B. That the estimate of the number of individuals who will be employed or whose employment will be retained can reasonably be expected to result from the proposed described redevelopment or rehabilitation; C. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed redevelopment or rehabilitation; D. That the other benefits about which information was requested are benefitsthat 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 deduction, all of which satisfy the requirements of I.C. 6 -1. 1- 12.1 -3. SECTION III. The Common Council hereby determines and findsthat the proposed described redevelopment or rehabilitation can be reasonably expected to yield the 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 Section 6 -1.1- 12.1 -3 of the Indiana Code. 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 des* nation 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, 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. PRESENTED q- c ,S Y y NOT APPROVED ADOPTED 9 -a5 -0 F fen SEP 1 1989 IRENE GAMMV 'e PIFRN 0 "'.,.