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HomeMy WebLinkAboutDesignating Tax Abatement - 411 W. Indiana Ave. (3 Year Real Property)RESOLUTION NO. 1590 -88 Passed by the Common Council of the City of South Bend, Indiana ��la�uary 22, 19—B$_. Attest: L � — City Clerk of Common Council. Presented by me to the Mayor of the City of South Bend, February 23, 1988 Approved and signed by me .JO //lLh� 19-99-- Clerk Mayor RESOLUTION NO. I S'R 6 —& a A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 411 W. INDIANA AVE. SOUTH BEND, INDIANA AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF REAL PROPERTY TAX ABATEMENT. WHEREAS, a petition for real property tax abatement consideration has been filed with the Common Council of the City of South Bend, requesting that the area commonly known as 411 W. Indiana Ave., South Bend, Indiana, and which is more particularly described as follows: PARCEL I: Lot Numbered Two (2) as shown on the recorded Plat of Stull's Fourth Addition to the City of South Bend, in St. Joseph County, Indiana, together with the 14 foot vacated alley lying West of and adjacent to said lot all subject to a Deed of Dedication from Frank J. Foote and Herbert J. Bowman, partners doing business under the firm name and style of J.D. Martin Machine Compnay, dated October 6, 1941 and recorded December 22, 1941 in Deed Record 341, page 547 et seq. in the Office of the Recorder of St. Joseph County, Indiana, which conveyed and dedicated to the City of South Bend, St. Joseph County, Indiana the use for public alley purposes: A triangular piece of land described as follows, to -wit: Starting at the Northeast corner of Lot No. 4 in Stull's Fourth Addition to the City of South Bend; thence due East 14 feet to the east line of a present public alley, thence South along the east line of said alley a distance of 17 feet; thence Northwesterly 25 -1/2 feet to the point of beginning. Also a strip of land 14 feet wide taken off of the entire east side of Lot No. 2 in Stull's Fourth Addition to the City of South Bend. Also a strip of land 14 feet wide taken off of the entire North end of said Lot No. 2 in Stull's Fourth Addition to the City of South Bend, the width of which parcel is measured perpendicular to the south right of way line of the Pennsylvania Railroad Company property. PARCEL II: Lot Numbered Four (4) as shown on the recorded Plat of Stull's Fourth Addition to the City of South Bend, in St. Joseph County, Indiana. PARCEL III: Lot Numbered Five (5) as shown on the recorded Plat of Stull's Fourth Addition to the City of South Bend, in St. Joseph County, Indiana. PARCEL IV: Lot Numbered Six (6) as shown on the recorded Plat of Stull's Fourth Addition to the City of South Bend, in St. Joseph County, Indiana. PARCEL V: The East part of Section 14, Township 37 North, Range 2 East, in the City of South Bend, bounded as follows: Beginning on the West line of Franklin Street 200 feet and 9 inches North of the North line of Indiana Avenue, which beginning point is intended to be at the Southeast corner of a tract heretofore conveyed by Maggie M. and Harry E. Stull to Charles and Fred Russ, by deed recorded in Deed Record 119, page 516; thence west a distance of 153.5 feet to the Southwest corner of said Russ tract; thence Southeasterly on the Northerly line of the Terre Haute and Logansport Railway Company's right of way a chord distance of 231.84 feet to the West line of said Franklin Street; thence North with said line a distance of 173.75 feet to the place of beginning, 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 section 2 -76; 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 seq. and South Bend Municipal Code section 2 -76, 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. That the Common Council hereby determines and finds that the estimate of the number of individuals that will be employed or whose employment will be retained and the estimate of the annual salaries of those individuals and the estimate of the value of the redevelopment of rehabilitation and any other benefits about which the body designating the economic revitalization area requires information are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation. SECTION II. That the Common Council hereby determines and finds the following: (A) If the proposed redevelopment or rehabilitation does not occur, the approximate current year tax rate for the City would be $ 15.0781 ; (B) If the proposed redevelopment or rehabilitation does occur and no deduction is granted, the approximate current year tax rate for the City would be $ 15.0764 ; (C) If the proposed redevelopment or rehabilitation occurs, the deduction is granted, and a deduction percentage of fifty percent (500) is assumed, the approximate current year tax rate for the City would be $ 15.0773 SECTION III. That the Common Council hereby determines and finds that the proposed described redevelopment or rehabilita- tion can be reasonably expected to yield the benefits identified in the statement of benefits set forth as sections 1 through 3 of the Petition for Real Property Tax Abatement Consideration and that the statement of benefits is sufficient to justify the deduction granted under Section 6 -1.1- 12.1 -3 of the Indiana Code. SECTION IV. That the Common Council hereby accepts the report an recd commendation 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. That 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. That the Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of three (3 ) years. SECTION VII. This Resolution shall be in full force and effect from ancafter its adoption by the Common Council and approval by the Mayor. - i4 PRESENTED $� �4 U ��� 1] ember f the Common ouncil NOT APPROVED "�