HomeMy WebLinkAboutDesignating Tax Abatement - 202 South Michigan - Key SB, LLC (The Hinman Company)RESOLUTION
3756-07
Passed by the Common Council of the City of South Bend, Indiana
May 29,
Attest:
City Clerk
President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
May 30, 20 07
Approved and signed by me May 31, 20QL ,
>'~~-~~
20 07
City Clerk
RESOLUTION NO. 3 ~ S ~° _ ~'
A RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN
THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS
202 SOUTH MICHIGAN STREET
FLOORS 1, 2, 4, 5, 9 AND 11 TO 14
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF AN
NINE-YEAR REAL PROPERTY
TAX ABATEMENT FOR
KEY SB, LLC (The Hinman Company)
WHEREAS, a petition for real property tax abatement has been filed with the City Clerk for
consideration by the Common Council of the City of South Bend, Indiana, requesting that the area
commonly known as 202 S. Michigan Street, South Bend, Indiana, Floors 1, 2, 4, 5, 9, and 11 to 14,
and which is more particularly described as follows:
Lot 47 40' W Cor & Vacated Alley W & Adj & W 40 X 54' Lot 48 Ex Sw Cor O P
So Bend; Lots 47 & 48 Ex W 40' Original Plat So Bend; and 42.18 Ft E End Lot 58
& 19.05 X 42.36 Ft N E Cor Lot 57 O P South Bend
and which has Key Numbers 18-3003-0054;18-3003-0056; and 18-3003-0044 at this point and time,
be designated as an Economic Revitalization Area under the provisions of Indiana Code 5 6-1.1-
12.1 et seg., and South Bend Municipal Code Sections 2-76 et sue., and;
WHEREAS, the Department of Community and 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, et seq.,
and South Bend Municipal Code Sections 2-76, et se ., 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 Community 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. The Common Council hereby determines and finds that the Petition for Real Property
Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the
requirements of Indiana Code § 6-1.1-12.1 et sue., for tax abatement.
SECTION II. The Common Council hereby determines and finds the following:
A. That the description of the proposed redevelopment or rehabilitation meets the
applicable standards for such development;
B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for
projects of this nature;
C. That the estimate of the number of individuals who will be employed or whose
employment will be retained by the Petitioner can reasonably be expected to result
from the proposed described redevelopment or rehabilitation;
D. That the estimate of the annual salaries of those individuals who will be employed or
whose employment will be retained by the Petitioner can be reasonably expected to
result from the proposed redevelopment or rehabilitation;
E. .That the other benefits about which information was requested are benefits that can
be reasonably expected to result from the proposed described redevelopment or
rehabilitation; and
F. That the totality of benefits is sufficient to justify the requested deduction, all of
which satisfy the requirements of Indiana Code § 6-1.1-12.1-3.
SECTION III. The Common Council hereby determines and finds that the proposed described
redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the
Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Real Property Tax
Abatement Consideration, the Memorandum of Agreement between the Petitioner and the City of
South Bend, and that the Statement of Benefits form completed by the petitioner, said form being
prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under
Indiana Code § 6-1.1-12.1-3.
SECTION N. The Common Council hereby accepts the report and recommendation of the
Community and Economic Development Committee that the area herein described be designated as
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. 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. The Common Council hereby determines that the property owner is qualified for and
is granted property tax deduction for a period of 9 years.
SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this
Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code §
5-3-1 and Indiana Code § 6-1.1-12.1-2.5, said publication providing notice of the public hearing
before the Common Council on the proposed confirming of said declaration.
SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the
Common Council and approval by the Mayor.
--~
Member of the Co on Council
SBDS02 R]D 316304v1
PRESENTED S -L~ ~~~ A S 5~.~~3~}-l"~ ~Q
NOT APPROVED
/ADOPTED ~-2..~1 -d~ Q S Scti~s~~~
Filed In Ci~rk'S Office
~" AY 2 9 2007
JOt?H VOORDE
CITI' CLERK, S0. BEPID, IN.
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
07-78 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY
OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 202 SOUTH
MICHIGAN STREET, FLOORS 1, 2, 4, 5, 9 AND 11 TO 14 AN
ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN-
YEAR REAL PROPERTY TAX~ABATEMENT FOR KEY SB. LLC, THE
HINMAN COMPANY
Respectfully report that they have examined the matter and that in their opinion, this bill
is being recommended to the full Council with a favorable recommendation as
substituted, Nine year tax abatement instead of a ten year tax abatement.
Karen L. White
Chairperson