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REGULAR MEETING JANUARY 22, 2001 <br />Mr. Foster noted that he has been discussing this matter with Mr. Mike Beitzinger of the Department <br />of Economic Development to determine what kind of tax abatement is appropriate and this type of <br />abatement was filed at Mr. Beitzinger's suggestion. <br />Councilmember Coleman asked Mr. Foster to elaborate on the lease purchase contract that he would <br />enter into with tenants and whether it is a tenants contract or if there is a lease purchase provision <br />built into the contract. Mr. Foster replied that that is one of the things that has to be worked out. He <br />noted that the Indiana Housing Finance Agency indicated that the contract needs to comply with <br />IRS Rule #99 or #99 -46. The purchase price, the terms and those kinds of things will be worked out <br />and he noted that he envisions that whatever first time home buyer program the State of Indiana has <br />at that time will dovetail into that. <br />Council Attorney Cekanski- Farrand suggested that the public portion not continue at this time. <br />Therefore, Councilmember Coleman made a motion to continue this Resolution until the February <br />12, 2001 meeting of the Council and refer it back to the Community and Economic Development <br />Committee. Councilmember Ujdak seconded the motion which carried by a voice vote of eight (8) <br />ayes. <br />RESOLUTION NO. 2965 -01 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 5570, 5575, 5580, <br />5585, 5614, 5626, 5627, 5637, 5644, 5657, 5668 GARDEN <br />TERRACE; 915, 920, 926, 934, 942,950, 955, 958, 965, 966, <br />974, 975, 985, 986, 1008, 1038, TEALWOOD LANE; AND <br />5582, 5572, 5573, 5583, 5612, 5622, 5625, 5635, 5642, 5645, <br />5655, AND 5675 PLACE DRIVE AS A RESIDENTIALLY <br />DISTRESSED AREA FOR PURPOSES OF A FIVE (5) <br />YEAR RESIDENTIAL REAL PROPERTY TAX <br />ABATEMENT FOR GARDEN PLACE LLC <br />WHEREAS, a Statement of Benefits and a petition for residential real property tax abatement <br />has been submitted to and filed with the City Clerk for consideration by the Common Council of the <br />City of South Bend, Indiana, requesting that the area commonly known as 5570, 5575, 5580, 5585, <br />5614, 5626, 5627, 5637, 5644, 5657, 5668 Garden Terrace; 915, 920, 926, 934, 942, 950, 955, 958, <br />965, 966, 974, 975, 985, 986,1008,1038, Tealwood Lane; and 5582, 5572, 5573, 5583, 5612, 5622, <br />5625, 5635, 5642, 5645, 5655, and 5675 Place Drive, South Bend, Indiana, and which is more <br />particularly described as follows: <br />Address <br />5575 Garden Terrace <br />5585 Garden Terrace <br />5627 Garden Terrace <br />5637 Garden Terrace <br />5657 Garden Terrace <br />915 Tealwood Lane <br />5570 Garden Terrace <br />5580 Garden Terrace <br />5614 Garden Terrace <br />5626 Garden Terrace <br />5644 Garden Terrace <br />5668 Garden Terrace <br />920 Tealwood Lane <br />926 Tealwood Lane <br />934 Tealwood Lane <br />942 Tealwood Lane <br />Legal Description Key No. <br />Lot 1 Garden Place <br />01- <br />1018 - 0383,10 <br />Lot 2 Garden Place <br />01- <br />1018 - 0383,11 <br />Lot 3 Garden Place <br />01- <br />1018 - 0383,12 <br />Lot 4 Garden Place <br />01- <br />1018 - 0383,13 <br />Lot 5 Garden Place <br />01- <br />1018 - 0383,14 <br />Lot 6 Garden Place <br />01 -1018- 0383,15 <br />Lot 7 Garden Place <br />01 <br />-1018- 0383,16 <br />Lot 8 Garden Place <br />01- <br />1018 - 0383,17 <br />Lot 9 Garden Place <br />01- 1018 - 0383,18 <br />Lot 10 Garden Place <br />01 -1018- 0383,19 <br />Lot 11 Garden Place <br />01- <br />1018 - 0383,20 <br />Lot 12 Garden Place <br />01- <br />1018 - 0383,21 <br />Lot 13 Garden Place <br />01- <br />1018 - 0383,22 <br />Lot 14 Garden Place <br />01 <br />-1018- 0383,23 <br />Lot 15 Garden Place <br />01- <br />1018 - 0383,24 <br />Lot 16 Garden Place <br />01- <br />1018 - 0383,25 <br />