HomeMy WebLinkAboutConfirming Tax Abatement - Monroe Tech Centre 706-720 Fellows St. (5 Year Real Property) RESOLUTION
NO. 1198-84
Passed by the Common Council of the City of South Bend, Indiana,
September 10 , 19 84 .
Attest: `(" E (C �'-,j City Clerk
Attest: �( i4 J.t g ,9 < President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
September 11, 19 84 .
City Clerk
Approved and signed by me .* 'J pa_fyLE,CPA _ //� 19 gy.
Mayor
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RESOLUTION NO. Ike g-gT
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A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY
RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY
OF SOUTH BEND, COMMONLY KNOWN AS 706-720
Fellows Street TO BE AN ECONOMIC REVITALIZATION
AREA FOR PURPOSES OF TAX ABATEMENT.
WHEREAS, the Common Council of the City of South Bend has
adopted a Declaratory Resolution designating certain areas within the
City as Economic Revitalization Areas for the purpose of tax abate-
• ment consideration; and •
WHEREAS, a Declaratory Resolution designated the area
commonly known as 706-720 Fellows Street
and more particularly described by a line drawn as follows :
A parcel of land being Lots Fifty-nine (59) through Sixty-four
(64), inclusive, and Lots Sixty-seven (67) through Seventy-two
(72), inclusive, and the 14 foot wide alley lying immediately
adjacent to said lots, all in J. Rush's 4th Addition, South
Bend, Indiana, and being more particularly described as follows,
viz: Beginning at the intersection of the South right-of-way
line of Bronson Street (40.5 feet wide) with the West right-of-way
line of Rush Street (55 feet wide), said intersection being
the Northeast corner of Lot Sixty-seven (67) in said J. Rush's
4th Addition; thence South 0°-02'-36" East, along said West
line of Rush Street, also being the East line of Lots 67, 68,
69, 70, 71, and 72 in said Addition, a measured distance of
239.84 feet to the Southeast corner of Lot Seventy-two (72) in
said Addition; thence North 89°-45'-15" West, along the South
line of said Lot Seventy-two (72), and said South line projected,
and along the South line of Lot Sixty-four (64) in said Addition,
a measured distance of 289.49 feet to the Southwest corner of
said Lot Sixty-four (64); thence North 0°-05'-41" West, along
the East line of Fellows Street, also being the West line of
Lots 64, 63, 62, 61, 60, and 59 in said Addition, a measured
distance of 239.53 feet to the Northwest corner of said Lot
Fifty-nine (59); thence South 89°-48'-55" East, along the South
line of said Bronson Street, a measured distance of 289.70 feet
to the point of beginning.
-and-
.
A parcel of land being a part of Rush's Forth Addition to the
City of South Bend, St. Joseph County, Indiana, as recorded in
the Office of the Recorder of St. Joseph County, Indiana and
being more particularly described as follows, viz: Beginning at
the Northeast corner of Lot Sixty-Seven (67) in said Rush's Forth
Addition; thence South 0°02'36" East, along the West right-of-way
line of that part of, now vacated, Rush Street, a distance of
239.10 feet; thence South 89°48'55" East, parallel with the South
right-of-way line of Bronson Street (formerly Canal Street), a
distance of 27.50 feet to the centerline of Rush Street; thence
North 00°02'36" West, along said centerline, a distance of
239.10 feet to said South right-of-way line of Bronson Street;
thence North 89°48'55" West, along said South right-of-way line,
a distance of 27.50 feet to the place of beginning.
as an Economic Revitalization Area; and
WHEREAS, notice of the adoption of a Declaratory Resolution
and the public hearing•.before the Council has been publidhed pursuant
to Indiana Code 6-1 .1-12.1-2-5; and
WHEREAS, the Council held a public hearing for 'the purposes
of hearing all remonstrances and objections from interested persons ;
and
WHEREAS, the Council has determined that the qualifications
for an economic revitalization area have been met.
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 confirms its
Declaratory Resolution designating the area described herein as an
Economic Revitalization Area for the purposes of tax abatement. Such
designation is for real property tax
abatement only and is limited to Live (5) calendar years from the
date of adoption of the Declaratory Resolution by the Common Council .
SECTION II. This Resolution shall be in full force and
effect from and after its adoption by the Common Council and approval
by the Mayor.
MED IN CLERICS OFFICE
SEP 1984
NOT APPROVER
AfkAA f &t t/. '
ADOPTED '9-/d 87 I
rent) G O mon Methb• of the Comg "
Council
CITY CLERK.40111H&END,IND.
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PANZICA DEVELOPMENT CO. 422 EAST MONROE STREET SOUTH BEND. INDIANA 46601 TELEPHONE !219. 2349125
July 17, 1984 PANZKA
City of South Bend
Common Council
County-City Building
South Bend, Indiana 46601
Dear Members of the Common Council:
We do hereby petition to the Common Council of the City of South Bend for
the granting of real property tax abatement for the property commonly known
as 706-720 Fellows Street (formerly Monroe-Sample Dispostion Parcel No. 11
and the West 1/2 of vacated Rush Street).
Our group is proposing to develop this now vacant property into "Monroe Tech
Centre," a speculative office and warehouse facility that will provide the type
of modern industrial space that is needed to attract new business and jobs to
our city. As detailed in the attached petition, and related information submit-
ted earlier to the Department of Redevelopment, Tech Centre will retain six
full-time jobs in the community, and it is estimated that it could bring twenty-
two more permanent jobs to the Monroe Park area.
We find it necessary to request tax abatement at this time for the following
reasons:
1. Recently increased interest rates have adversely affected the
projected performance of the project as an investment, and the
granting of tax abatement will mean the difference between a
positive and a negative cash-flow for several years
2. In order to attract tenants we have been and will be obliged to
offer rents competetive with existing facilities of this type in
Monroe Park which already have the benefit of real property
tax abatement.
This project will further enhance the redevelopment of Monroe Park, and will
benefit the health and welfare of the entire community. We believe that pro-
jects such as Tech Centre are necessary for the future emergence of South
Bend as a "high tech" service and distribution center, and we are making an
investment in that future.
We appreciate your consideration and are hopeful of being granted abatement.
Respectfully submitted,
TECH CENTRE PARTNERSHIP
Civ 'r-
Thomas C. Panzica
Managing Partner
TCP:rse