HomeMy WebLinkAboutDesignating Tax Abatement - 228-239 S. Michigan St. RESOLUTION
NO. 1541-87
Passed by the Common Council of the City of South Bend, Indiana,
nrtnher 17 19 87.
Attest: City Clerk
Attest: to _Lai / / President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
October 13 , 19 87,
`74 Z. C C City Clerk
Approved and signed by me cerosEE /3, 19 g7.
/ ltias� Mayor
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RESOLUTION NO" ( S7 (4 / ~ �7
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A RESOLUTION OF THE COMMON COUNCIL OF | HE
CITY OF SOUTH BEND DESIGNATING CERTAIN
AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS
228 230 S. MICHIGAN STREET
AN ECONOMIC REVITALIZATION AREA FOR
PURPOSES OF REAL PROPERTY TAX ABATFMF-NT.
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 228-2�0 S. Michigan Street , South Bend , Indiana, and
which i= more particularly described as follows;
A part of Lots Numbered 53 and 54 as shown on the original
Plat of the tnwn ; now City of South Bendv which part is
bounded by a line running as follows, viz : Beginning at a
point 55 feet North of the South West corner of said Lot No
53; thence running North 44 feet; thence East 70 feet;
thence South 44 feet; thence West 90 feet to the place of
beginning . Together with the right to use in common with the
owner adjoining on the East and West , a private alley 9 feet
wide adjoining the above described property on the East ,
extending from Wayne Street North to the center line of said
lot No 54. Together with all party walls and stairways
appurtenant thereto.
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; 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 and Economic Revitalization Area
under the 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 1 . 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
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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 $ ;
(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 $ &
(C) If the proposed redevelopment or rehabilitation
Occurs the deduction is granted , and a deduction
percentage of fifty percent (n0%} is assumed , the
approximate current year tax rate for the City would
be $ .
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 . 1-1 . 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 reel
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 nf_________
( ) years.
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SECTION VII . This Resolution shall be in .f:or ce and
e..f-f(aC:t. fr.0 Ili and iEd:ter it iii adoption by the con Iti o n
Council and approval by the Mayor .
elf, en, i i
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(ter:bey- I the Common Cot.inci...
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ttiOed In Clerk's Office
OCT ? 19 8 7
PRESENTED 70 -/ 2-- r7
NOT APPROVED IRENE GAMMON
1TY CLERK, KR, RFto O'
ADOPTED /6