12-09-02 Council Meeting Minutes

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REGULAR MEETING DECEMBER 9, 2002 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 sea. 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 /Roland Kelly Member of the Common Council Ms. Marcia Adelman, representing Cooreman Real Estate, 24545 Brick Road, South Bend, Indiana, made the presentation for this Resolution. Ms. Adelman advised that the Villas at Lake Blackthorn will consist of approximately one hundred fourteen (114) new single family homes situated around a ten (10) acre lake. The homes will average approximately eighteen hundred (1,800) square feet with values of approximately one hundred seventy -five thousand ($175,000.00) to three hundred thousand ($300,000.00) plus. The project site is adjacent to the Blackthorn Corporate Park providing convenient and quality housing for the growing employee population in the area. When it is fully built out and after the abatement period, this project should generate approximately four hundred sixty five thousand ($465,000.00) a year in tax revenues. A Public Hearing was held on the Resolution at this time. There being no one present wishing to speak to the Council either in favor of or in opposition to this Resolution, Councilmember Aranowski made a motion to adopt this Resolution. Councilmember Varner seconded the motion which carried and the Resolution was adopted by a roll call vote of nine (9) ayes. -15-