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REGULAR MEETING MAY 14, 2007 <br />SECTION IV. The Common Council hereby determines and fmds that the proposed <br />described redevelopment can be reasonably expected to yield benefits identified in the <br />Statement of Benefits and the petition for real property tax abatement consideration and <br />that the Statement of Benefits form prescribed by the State Board of Accounts are <br />sufficient to justify the deduction granted under Indiana Code 6-1.1-12.1-3. <br />SECTION V. The Common Council hereby accepts the report and recommendation of <br />the Community and Economic Development Committee that the area herein described be <br />designated as a Residentially Distressed Area and hereby adopts a Resolution designating <br />this area as a Residentially Distressed Area for purposes of real property tax abatement. <br />SECTION VL The designation as a Residentially Distressed Area shall be limited to five <br />(5) calendar years from the date of the adoption of this Resolution by the Common <br />Council. <br />SECTION VII. The Common Council hereby determines that the property owner is <br />qualified for and is granted property tax deduction for a period of five (5) years. <br />SECTION VIII. The Common Council directs the City Clerk to cause notice of the <br />adoption of this Declaratory Resolution for Real Property Tax Abatement to be published <br />pursuant to Indiana Code 5-3-1 and Indiana Code 6-1.1-12.1-2.5, said publication <br />providing notice of the public hearing before the Common Council on the proposed <br />confirming of said declaration. <br />SECTION IX. Pursuant to Indiana Code 6-1.1-12.1-2, the rehabilitation must meet all <br />local code standards for habitability as a specific condition of having such property <br />designated as a residentially distressed area. <br />SECTION X. This Resolution shall be in full force and effect from and after its adoption <br />by the Common Council and approval by the Mayor. <br />s/Timothy A. Rouse <br />Member of the Common Council <br />Councilmember Puzzello, Member, Community and Economic Development Committee, <br />reported that this committee held a Public Hearing on the bill this afternoon and voted to <br />send it to the full Council with a favorable recommendation. <br />J. Patrick Matthews, 52127 Fall Creek Drive, Granger, Indiana, made the presentation for <br />this bill. <br />Mr. Matthews advised that he and his wife Aimee intend to construct thirty new three <br />bedroom, two and one-half bathroom condo townhouses of approximately 1,500 square <br />feet, each with either a single or two-car attached garage. Each townhouse will have two <br />stories. The development will contain a private street with ten (10) buildings consisting <br />of three townhouses each. The buildings will cover 30% of the land, driveways and <br />streets 27% and green space and water retention areas covering the remaining 43%. The <br />townhouses will be constructed on the 2.786 acre site of the old McKinley Terrace <br />Community Club swimming pool. The price of each home will be approximately <br />$150,000 for atotalproject cost of $4,500,000. <br />A Public Hearing was held on the Resolution at this time. <br />There being no one present wishing to speak to the Council either in favor of or in <br />opposition to this Resolution, Councilmember Dieter made a motion to adopt this <br />Resolution. Councilmember Puzzello seconded the motion which carried and the <br />Resolution was adopted by a roll call vote of eight (8) ayes. <br />20 <br />