05-27-08 Common Council Minutes - Laserfiche WebLink

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REGULAR MEETING MAY 27, 2008 Parcel I: LOT 113 & S ½ VAC ALLEY N & ADJ EUCLID PARK ADDN; Parcel II: 18T 114 & S ½ VAC ALLEY N & ADJ EUCLID PARK ADDN; Parcel III: LOT 112 & N ½ ALLEY S & ADJ EUCLID PARK ADDN; Parcel IV: LOT 110 EUCLID PARK ADD LOT 111; and Parcel V: LOT 109 & ½ VAC ALLEY N & ADJ EUCLID PARK and which has Key Numbers 18-6026-0707; 18-6026-0708; 18-6026-0706; 18-6026- 0704; and 18-6026-0703, as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for Real property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. The Common Council hereby determines that the annual amount for which similar buildings in the county were leased or rented or offered for lease or rent during the period the eligible vacant building was unoccupied is approximately in the amount of $70,616. SECTION III. The Common Council hereby determines that the property owner is two (2) qualified for and is granted Real property tax deduction for a period of years, and further determines that the petition, the Memorandum of Agreement between the Petitioner and the City of South Bend, and the Statement of Benefits comply with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq. SECTION IV. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor. s/Timothy A. Rouse Member of the Common Council Mr. David Morgan, Force 5 Media, Inc., d/b/a River Rock, Inc. (Real Estate Holding Company), 115 N. William, Suite 300, South Bend, Indiana, made the presentation for this bill. Mr. Morgan advised that River Rock, Incorporated recently acquired the building located at 1433 Northside Boulevard that was formally owned and occupied by the LaSalle Council of the Boy Scouts of America. Force 5 Media is proposing to occupy it. River Rock is the real estate holding company for Force 5. Force 5 is an advertising and marketing company currently located in leased space in South Bend. Its operations 15