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REGULAR MEETING <br />DECEMBER 12, 2005 <br />redevelopment; and <br />D. That the totality of benefits is sufficient to justify the requested deduction, <br />all of which satisfy the requirements of Indiana Code 6-1.1-12.1-3. <br />E. The deduction will not be allowed unless the dwelling is rehabilitated to <br />meet local code standards for habitability. <br />F. The deduction will not be allowed unless the dwelling rehabilitation is <br />completed within five (5) calendar years from the date of the adoption of this <br />Resolution by the Common Council. <br />SECTION IV. The Common Council hereby determines and finds 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/Charlotte D. Pfeifer <br />Member of the Common Council <br />Councilmember Puzzello, Chairperson, Community and Economic Development <br />Committee, reported that this committee held a Public Hearing on this bill this afternoon <br />and voted to send it to the full Council with a favorable recommendation. <br />Mr. Derek Spier, Abonmarche Consultants, L.L.C., 750 Lincoln Way East, South Bend, <br />Indiana, made the presentation for this bill. <br />Mr. Spier advised that this is section four (4) of the project and will develop thirty-five <br />(35) losts on 11.3 acres of a total development that will eventually contain two hundred <br />sixty-six (266) homes on 116.206 acres on the south side of Kern Road. This section of <br />the development will include a portion of two retention areas, 1,535 linear feet of new <br />streets, and the associated public and private utilities. The property was recently annexed <br />into the City of South Bend. The homes will be stick-built, single family homes <br />approximately 1,800to over 2,000 square feet. The homes will be constructed by Weiss <br />Homes, Inc. The average cost of homes within this development is expected to be <br />$135,000 with a total value for this section of $4,725,000. <br />17 <br />