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HomeMy WebLinkAboutDesignating Tax Abatement - 706-720 Fellows St. (5 Year Real Property) RESOLUTION NO. 1193-84 Passed by the Common Council of the City of South Bend, Indiana, August 27 , 19 84 . Attest: City Clerk Attest: C -4.{.1-e a-t i� ¢� President of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana August 28, 19 84 . City Clerk Approved and signed by me ( X btej,,(,,..¢_t > t 19a 7 . C/J ei 4 /4/ Mayor • RESOLUTION NO. L9$-g 4 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH.BEND DESIGNATING CERTAIN AREAS WITHIN . CITY COMMONLY KNOWN AS • 706-720 Fellows Street • AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF REAL PROPERTY TAX ABATEMENT. WHEREAS, a petition for real property tax abatement consid- eration has been filed with the Common Council of the City of South Bend , requesting that the area commonly known as 706-720 Fellows Street , South Bend, Indiana, and which is 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°46'55" West, along said South right-of-way line, a distance of 27.50 feet to the place of beginning. be designated as an Economic Revitalization Area under the provisions of Indiana Code 6-1.1-12.1-1, et seq. ; and WHEREAS, the Redevelopment Commission has concluded an in- vestigation 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 has further prepared maps and plats showing the boundaries and such other information as required by law of the area in question; 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 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 designa- ting this area as an Economic Revitalization Area for purposes of real property tax abatement. SECTION II. That this designation shall be limited to five (5) calendar years from the date of the adoption of this Resolution by the Common Council. • SECTION III. That the Common Council directs the City Clerk to cause notice of the adoption of this resolution to be published, said publication providing notice of the public hearing before the Common Council on said declaration. SECTION IV. This Resolution shall be in full force and effect from anfl Its adoption by the Common Council and approval by the Mayor. RK'S OFFICE • PRESENTED 7-0 7 �y AUG 2 1984 / NOT APPROVED f , .. i AO teT`� b t e omm.ff ounc ADOPTED ?-�7-py� anew Gammon , • PANZICA DEVELOPMENT CO. 422 EAST MONROE STREET SOUTH BEND, INDIANA 46601 TELEPHONE (219)-234-0125 July 17, 1984 PANZICA 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 iLtta Cr Thomas C. Panzica Managing Partner TCP:rse