03-22-04 Council Meeting Minutes

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REGULAR MEETING MARCH 22, 2004 i. have been sold and not redeemed under IC 6-1.1-24 and IC 6-1.1-25; or ii. are owned by a unit of local government; or D. A significant number of dwelling units within the area are not permanently occupied or a significant number of parcels in the area are vacant land; or E. A significant number of dwelling units within the area are: i. the subject of an order issued under IC 36-7-9; or ii. evidencing significant building deficiencies; or F. The area has experienced a net loss in the number of dwelling units, as documented by census information,local building and demolition permits,or certificates of occupancy, or the areas are owned by Indiana or the United States; or G. The area (plus any areas previously designated under this subsection) will not exceed ten percent (10%) of the total area within the Council's jurisdiction. SECTION III. The Common Council also hereby determines and finds the following: A. That the description of the proposed redevelopment meets the applicable standards for such development. B. That the estimate of the value of the redevelopment is reasonable for projects of this nature; C. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment; and D. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code 6-1.1-12.1-3. E. The deduction will not be allowed unless the dwelling is rehabilitated to meet local code standards for habitability. F. The deduction will not be allowed unless the dwelling rehabilitation is completed within five(5) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION IV. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as a Residentially Distressed Area for the purposes of tax abatement. Such designation is for Real property tax abatement only and is limited to five(5)calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION V. The Common Council hereby determines that the property owner is qualified for and is granted Real property tax deduction for a period of five(5)years, and further determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12.1 et seq. SECTION VI. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. s/Karen L. White Member of the CommonCouncil Ms. Charlotte B. Sobel,South Bend Heritage Foundation,Inc.,803 Lincolnway West,South Bend, Indiana made the presentation for this bill. Ms. Sobel advised that the development of these last 5 remaining lots will complete the project for this area. Ms. Sobel further advised that the homes will be approximately 1,035 to 1,200 square feet, one and two stores, two-three bedrooms, two bathrooms, full basements and some will have two car garages. Ms. Sobel advised the Council that two car garages have become more desirable. The estimated value of the homes will be approximately$85,000.00 to $95,000.00 per lot. The total cost for the new homes is estimated to be $450,000.00. -14- •