HomeMy WebLinkAboutDesignating Tax Abatement - 228-230 S. Michigan (6 Year Real Property) RESOLUTION
NO. 1543-87
Passed by the Common Council of the City of South Bend, Indiana,
October 96_, 19_87
Attest: ( K, -N-.-a---,./ City Clerk
Attest: ,•'�y`2' !l_I e �_ /i_st President of Common Council.
1 / '
Presented by me to the Mayor of the City of South Bend, Indiana
October 27, 19 87
4c e - /CT ily^^ -• City Clerk
Approved and signed by me Oe/ KJL!< oC / 1987 .
f-'
,c Mayor
RESOLUTION NO. i.5C - Fj
A RESOLUTION OF THE COMMON COUNCIL OF THE
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 ABATEMENT.
WHEREAS , a petition for real property tax abatement consider-
ation has been filed with the Common Council of the City of South
Bend , requesting that the area commonly known as 228-230 S. Mich-
igan Street, South Bend, Indiana, and which is more particularly
described as follows :
A part of Lots Numbered 53 and 54 as shown on the original Plat
of the town, now City of South Bend, 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 90 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 pro-
visions 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 conclud-
ed an investigation and prepared a report with information suf-
ficient for the Common Council to determine that the area qual-
ifies as an Economic Revitalization Area under the Indiana Mun-
icipal 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 Com-
mittee of the Common Council has reviewed said report and rec-
ommended 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 bene-
fits about which the body designating the economic revitalization
area requires information are benefits that can be reasonably ex-
pected 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 . 0778
(C) If the proposed redevelopment or rehabilitation occurs ,
the deduction is granted , a de-
duction percentage of fifty percent (50%) is assumed, the approx-
imate current year tax rate for the City would be 15 . 0779 .
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 section 1 through 3 of the Pe-
tition for Real Property Tax Abatement Consideration and that the
statement of benefits is sufficient to justify the deduction grant-
ed under Section 6-1 . 1-1 . 1-3 of the Indiana Code .
SECTION IV: That the Common Council hereby accepts the re-
port and recommendation of the Human Resources and Economic De-
velopment 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 pur-
poses of real property tax abatement .
SECTION V: That the designation as an Economic Revitalization
Area shall be limited to two (2) calender 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 force and effect
from and after its adoption by the Common Council and approval by
the Mayor.
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PRESENTED /o -�6 -g 2
NOT APPROVED OCT C. 1 1987
ADOPTED /p ,-a 6 - gJ ■p.,Assppypppp PA
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