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REGULAR MEETING SEPTEMBER 13, 2004 <br /> i. the subject of an order issued under IC 36-7-9; or <br /> ii. evidencing significant building deficiencies; or <br /> F. The area has experienced a net loss in the number of dwelling units, as <br /> documented by census information, local building and demolition permits, or certificates <br /> of occupancy, or the areas are owned by Indiana or the United States; or <br /> G. The area(plus any areas previously designated under this subsection) will not <br /> exceed ten percent (10%) of the total area within the Council's jurisdiction. <br /> SECTION III. The Common Council also hereby determines and finds the following: <br /> A. That the description of the proposed redevelopment meets the applicable <br /> standards for such development. <br /> B. That the estimate of the value of the redevelopment is reasonable for projects of <br /> this nature; <br /> C. That the other benefits about which information was requested are benefits that <br /> can be reasonably expected to result from the proposed described redevelopment; and <br /> D. That the totality of benefits is sufficient to justify the requested deduction, all of <br /> 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 meet <br /> local code standards for habitability. <br /> F. The deduction will not be allowed unless the dwelling rehabilitation is completed <br /> within five (5) calendar years from the date of the adoption of this Resolution by the <br /> 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 VI. 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 be <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/Karen L. White <br /> Member of the Common Council <br /> 33 <br />