HomeMy WebLinkAboutDesignating Tax Abatement - 4221 Technology Dr. (10 Year Real Property) RESOLUTION
NO. 1550-87
Passed by the Common Council of the City of South Bend, Indiana,
November 23 , 19 87.
Attest: City Clerk
Attest, I 1717--C---1 --C--- President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
November 24, 19 87
City Clerk
Approved and signed by me i ' 4 19 .
w v
Mayor
RESOLUTION NO. L SS0 -$ 7
A RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND DESIGNATING CERTAIN
AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN
AS 4221 Technology Drive
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 4221 Technology
Drive, South Bend, Indiana, and which is more particularly described
as follows:
Lot 10 , Plat of Landmark Business Park, Section 4-Part 1
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 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 $ 15.0752
(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 $ 15.0775
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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 recommentation 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 a 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 (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.
1 (1 i - /�,.
'ember .f the ommon Cou .il
Or
Filed In Clerk's Office
NOV 161987
PRSE
E :TED Ii- - st 7 IRENE GAMMON
NOT APPROVED CITY CLERK, SO. KENO, IN.
ADOPTED 1 1- a 3 -7,---) -2