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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 />
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