HomeMy WebLinkAboutDesignating Tax Abatement - 220 W. Colfax (10 Year Real Property) RESOLUTION
NO. 1570-87
Passed by the Common Council of the City of South Bend, Indiana,
Derember 21 , 19 87 .
Attest: City Clerk
Attest: _ r: _',IS _y �. ��/�, President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
December 22 , 19 87 .
K City Clerk
Approved and signed by me a rii.h2/11 �c2 19 0 7 .
r ), Mayor
RESOLUTION NO. Ino -f7
A RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND DESIGNATING CERTAIN
AREAS WITHIN THE CITY COMMONLY KNOWN AS
220 WEST COLFAX
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
220 W. Colfax , South Bend, Indiana, and which is more
particularly described as follows:
PARCEL I:
Lots Numbered One (1) , Two (2) , Seven (7) , Eight (8) , and the East
one-third (1/3) of Lot Number Four (4) as shown on the recorded plat
of J. C. Knoblock's Subdivision of Lots Numbered 245 and 246 in the
Original Plat of the Town, now City, of South Bend, Indiana, recorded
in Plat Book 8, page 15 in the Office of the Recorder of St. Joseph
County, Indiana.
EXCEPTING from said Lot Number Two (2) the following: A strip of land
bounded by a line described as beginning at the Northwest corner of
Lot 2 in Knoblock' s Subdivision of Lots 245 and 246 in the original
plat of South Bend, Indiana, thence running easterly on the North
line of said Lot 2 a distance of 31. 65 feet to a point that is 0.50
feet east of the east end of the existing Party Wall; thence south a
distance of 1. 25 feet; thence westerly parrallel with the North line
of said Lot 2 to a point on the West line thereof, said point being
1.25 feet south of the point of beginning; thence North on the West
line of Lot 2 along the west end of said Party Wall to the place of
beginning; said exception being the real estate described in that
certain Quit-Claim Deed dated March 21, 1986, and recorded as
Instrument 8606081 in the Office of Recorder, St. Joseph County,
Indiana.
Said Lot Number Two (2) is subject to the terms and provisions of a
certain privilege agreement dated March 21, 1986, and recorded as
Instrument 8606082 in the Office of Recorder, St. Joseph County,
Indiana.
Said Lot Number Two (2) is subject to the terms and provisions of a
certain "Party Wall Cancellation Agreement" dated April 25, 1986, and
recorded as Instrument #8606080 in the Office of Recorder, St. Joseph
County, Indiana:
PARCEL II:
ALSO, Lot Numbered Two Hundred Forty-Four (244) and the East 60 feet
of Lots Numbered Two Hundred Forty-Five (245) and Two Hundred
Forty-Six (246) as shown on the Original Plat of the Town, now City,
of South Bend, Indiana.
Subject to any rights public may have to use a private alley located
over the South 10 feet of the East 60 feet os said Lot Two Hundred
Forty-Five (245) .
PARCEL III:
Lot Lettered "A" as shown on the recorded plat of J. C. Knoblock's
Subdivision of Lots Two Hundred Forty-Five (245) and Two Hundred
Forty-Six (246) in the Original Plat of the Town, now City, of South
Bend, Indiana, recorded in Plat Book 8, page 15, in the office of the
Recorder of St. Joseph County, Indiana, said alley being ten (10)
feet in width, East and West, and fifty (50) feet in length, North
and South, being adjacent to and East of Lots One (1) , Two (2) , and
the South Onehalf (1/2) of Lot Three (3) in said J. C. Knoblock's
Subdivision of said Lots Numbered 245 and 246.
Subject to the right of the owner of Lot Numbered Three (3) in said
J. C. Knoblock's Subdivision of Lots Numbered 245 and 245 in the
Original Plat of the Town, now City, of South Bend, Indiana, to use
said alley designated Lot "A" on the aforesaid plat.
The building located upon the described real estate was entered on
the National Register of historic Places on June 5, 1985, and is
subject to the terms and provisions of the National Historic
Preservation Act of 1966.
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 questions 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 or 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 $ 15.0666
(C) If the proposed redevelopment or rehabilitation
occurs, the deduction is granted, and a deduction
percentage of fifty percent (50%) is assumed, the
approximate current year tax rate for the City would
be $ 15.0723
SECTION III. That the Common Council hereby determines and
finds that the proposed described redevelopment or rehabilitation 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
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. 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 ten ( 10 ) years.
SECTION VII. This Resolution shall be in full force and effect
from and after its adoption by the Common Council and approval by the
Mayor.
C •to % £4.%_.,.,
ituber if the ommon Cr cil
Filed In Clerk's Office
DEC C161987
PRESENTED j 2 -� / - S7 IREI�G GA
CITY CLERK, S0. BEND, IN.
NOT APPROVED
ADOPTED 6 a -a r -E7