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REGULAR MEETING AUGUST 13, 2012 <br /> <br /> <br /> <br /> <br /> <br />And which has Key Numbers 025-1009-014605 presently at this point in time, be <br />designated as an Economic Revitalization Area under the provisions of Indiana Code § 6- <br />1.1-12.1 et seq., and South Bend Municipal Code Sections 2-76 et seq., and; <br /> <br /> WHEREAS, petitioner has agreed to and has accepted responsibility to report any <br />changes in the final legal description and to report the final, appropriate Key Number to <br />the Department of Community and Economic Development and to the Office of the City <br />Clerk; and <br /> <br />WHEREAS, the Department of Community and Economic Development has <br />concluded an investigation and prepared a report with information sufficient for the <br />Common Council to determine that the area qualifies as an Economic Revitalization Area <br />under Indiana Code § 6-1.1-12.1, et seq., and South Bend Municipal Code Sections 2-76, <br />et seq., and has further prepared maps and plats showing the boundaries and such other <br />information regarding the area in question as required by law; and <br /> <br /> <br />WHEREAS, the Community and Economic Development Committee of the <br />Common Council has reviewed said report and recommended to the Common Council <br />that the area qualifies as an Economic Revitalization Area. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br />South Bend, Indiana, as follows: <br /> <br /> <br />SECTION I. The Common Council hereby determines and finds that the Petition for <br />Real Property Tax Abatement and the Statement of Benefits form completed by the <br />Petitioner meet the requirements of Indiana Code § 6-1.1-12.1 et seq., for tax abatement. <br /> <br />SECTION II. The Common Council hereby determines and finds the following: <br /> <br />A. That the description of the proposed redevelopment or rehabilitation meets <br />the applicable standards for such development; <br /> <br />B. That the estimate of the value of the redevelopment or rehabilitation is <br />reasonable for projects of this nature; <br /> <br />C. That the estimate of the number of individuals who will be employed or <br />whose employment will be retained by the Petitioner can reasonably be expected to result <br />from the proposed described redevelopment or rehabilitation; <br /> <br />D. That the estimate of the annual salaries of those individuals who will be <br />employed or whose employment will be retained by the Petitioner can be reasonably <br />expected to result from the proposed redevelopment or rehabilitation; <br /> <br />E. That the other benefits about which information was requested are benefits <br />that can be reasonably expected to result from the proposed described redevelopment or <br />rehabilitation; and <br /> <br />F. 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 /> <br />SECTION III. The Common Council hereby determines and finds that the proposed <br />described redevelopment or rehabilitation can be reasonably expected to yield benefits <br />identified in the Statement of Benefits, Sections 1 through 3 of the Petition for Real <br />Property Tax Abatement Consideration and the Memorandum of Agreement between the <br />Petitioner and the City of South Bend, and that the Statement of Benefits form completed <br />by the petitioner, said form being 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 /> 8 <br /> <br />