HomeMy WebLinkAboutDesignating Tax Abatement - Monroe Park Disposition Parcel No. M2-8 (6 Year Real Property) RESOLUTION
NO. 1566-87
Passed by the Common Council of the City of South Bend, Indiana,
December 21, 19 87 .
Attest: 7 1< °° City Clerk
Attest: � President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
December 22, 19 87 .
City Clerk
Approved and signed by me De • / °PLR 19 87 .
Mayor
or
RESOLUTION NO. I g(°(° -27
A RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND DESIGNATING CERTAIN
AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS
MONROE PARK DISPOSITION PARCEL NO. M2-8,
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 Monroe
Park Disposition Parcel No. M2-8, South Bend, Indiana, and which
is more particularly described as follows:
A parcel of land being Lots 5 , 6 , 7 and 8 , and the East half of a
vacated 11- foot -wide alley lying West of and adjacent to said Lots 6 ,
7 , 8 , all in Moses Stern ' s Subdivision of parts of Lots 19 and 20 ,
Denniston and Fellows Addition , South Bend , Indiana , and being more
particularly described as follows , viz :
Beginning at a point on the West right-of -way line of Fellows Street
( 60 feet wide ) , said point being South 00 -02 ' 20" East a measured
distance of 147 . 65 feet from the intersection of said West line with
the South right-of-way line of Monroe Street ( 82 . 5 feet wide ) , said
point being the Northeast corner of Lot 5 in said Moses Stern ' s
Subdivision ; thence South 0°-01 ' 20" East , along the West line of said
Fellows Street , being also the East line of Lots 5 , 6 , 7 and 8 in
said subdivision , a measured distance of 117 . 52 feet to the Southeast
corner of said Lot 8 ; thence North 89° -55 ' -40" West , along the South
line of said Lot 8 and said South line projected , a measured distance
of 137 . 28 feet to the centerline of an 11 -foot -wide alley ; thence
North 0°-02 ' -49" East , along said centerline and 5 . 50 feet West of
the West line of said Lots 8 , 7 , and 6 , a measured distance of 85. 37
feet to the North line of said Lot 6 , projected West ; thence South
89° -55 ' -56" East , along said projected line , a distance of 5 . 50 feet
to the Northwest corner of said Lot 6 ; thence North 0°-02 ' -49" East ,
along a West line of said Lot 5 , a measured distance of 10. 04 feet to
a Northwesterly corner of said Lot 5 ; thence South 89° -57 ' -42" East ,
along a North line of said Lot 5 , thence South 89°-57 ' -42" East along
a North line of said Lot 5, a measured distance of 19 . 35 feet ; thence
North 0°-02 ' -16" West , along a West line of said Lot 5 , a measured
distance of 22. 10 feet to a Northwesterly corner of said Lot 5 ;
-.thence South 89°-55' -38" East , along the most Northerly line of said
Lot 5 , a measured distance 112.29 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 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 stimate 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 cn 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 $15.0707;
(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 $15.0744.
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 Revitaliza-
tion 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 six ( 6) 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.
Mem. -r of t e Commo ' ounce.
Filed In Clerk's Office
DEC 161987
PRESENTED 6 - 'a ( - 7
IRENE GAMMON
NOT APPROVED CITY CLERK, SO. BEND, IN.
ADOPTED ( - - 1- S',