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REGULAR MEETING JUNE 9, 2003 <br />designation is for Real property tax abatement only and is limited to five (5) calendar years from the <br />date of adoption of the Declaratory Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is qualified for and <br />is granted Real property tax deduction for a period of five (5) years, and further determines that the <br />petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and <br />Indiana Code 6 -1.1 -12.1 et se q. <br />SECTION VI. This Resolution shall be in full force and effect from and after its adoption by the <br />Common Council and approval by the Mayor. <br />s/Karen L. White <br />Member of the Common Council <br />Mr. Tiberius Mihalache, 117 South Main Street, Mishawaka, Indiana, made the presentation for <br />this Resolution. <br />Mr. Mihalache advised that he proposes to build a new two thousand twenty -six (2,026) square foot <br />two (2) story house with eight (8) rooms which includes three (3) bedrooms, two (2) full baths, a <br />full basement and a two (2) car garage. The house will be built on a lot which is 107 by 55. He <br />noted that a new house in the area will increase the value of the existing homes in the area and the <br />property tax cash flow will be increased from two hundred forty one dollars ($241.00) per year to <br />more than three thousand dollars ($3,000.00). Mr. Mihalache advised that this project is going to <br />promote future improvements and development in the area. The total estimated dollar value of this <br />project is over one hundred forty thousand dollars ($140,000.00). <br />A Public Hearing was held on the Resolution at this time. <br />There being no one present wishing to speak to the Council either in favor of or in opposition to this <br />Resolution, Councilmember Varner made a motion to adopt this Resolution. Councilmember <br />Coleman seconded the motion which carried and the Resolution was adopted by a roll call vote of <br />nine (9) ayes. <br />RESOLUTION NO. 3199 -03 A RESOLUTION OF THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND DESIGNATING CERTAIN <br />AREAS WITHIN THE CITY OF SOUTH BEND, <br />INDIANA, COMMONLY KNOWN AS 2020 KENWOOD, <br />318 N. OBRIEN, 2021 S. CHAPIN, 729 N EDDY, 2422, <br />2432, 2505 AND 2509 W. LINDEN AS A <br />RESIDENTIALLY DISTRESSED AREA FOR PURPOSES <br />OF A FIVE (5) YEAR RESIDENTIAL REAL PROPERTY <br />TAX ABATEMENT FOR HABITAT FOR HUMANITY OF <br />ST. JOSEPH COUNTY <br />WHEREAS, a Statement of Benefits and a petition for residential real property tax abatement has <br />been submitted to and filed with the City Clerk for consideration by the Common Council of the City <br />„E' C,. A, 11)__A r «,7:,,...,, «,.,..,,...+,,,_ +U_+ A­ i....,.__,__ ,__ 'Inman T7__, -A ')1 o XT <br />