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REGULAR MEETING APRIL 12. 1999 <br />40'-03 " E. ALONG THE EAST RIGHT -OF -WAY LINE OF CHAPIN STREET, 154.80 FT. <br />(REC NORTH 153.98 FT.) TO THE POINT OF BEGINNING. <br />CONTAINING 0.85 ACRES AND COMPRISED OF ONE (1) LOT. SUBJECT TO ALL <br />LEGAL HIGHWAYS, EASEMENTS AND RESTRICTIONS OF RECORD. <br />and which has Key Number 18 -3051 -1977, be designated as an Economic Revitalization Area <br />under the provisions of Indiana Code 6 -1.1 -12.1 et sea., and South Bend Municipal Code <br />Sections 2 -76 et. sea.,and; <br />WHEREAS, the Department of Community and Economic Development has concluded <br />an investigation and prepared a report with information sufficient for the Common Council to <br />determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6 -1.1- <br />12.1, et. sea., and South Bend Municipal Code Sections 2 -76, et sea., and has further prepared <br />maps and plats showing the boundaries and such other information regarding the area in question <br />as required by law; and <br />WHEREAS, the Community and Economic Development Committee of the Common <br />Council has reviewed said report and recommended to the Common Council that the area <br />qualifies as an Economic Revitalization Area. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South <br />Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds that the Petition for <br />Real Property Tax Abatement and the Statement of Benefits form completed by the Petitioner <br />meet the requirements of Indiana Code 6 -1.1 -12.1 et. sea., for tax abatement. <br />SECTION II. The Common Council hereby determines and finds the following: <br />A. That the description of the proposed redevelopment or rehabilitation meets <br />the applicable standards for such development. <br />B. That the estimate of the value of the redevelopment or rehabilitation is <br />reasonable for projects of this nature; <br />C. That the estimate of the number of individuals who will be employed or <br />whose employment will be retained by the Petitioner can reasonably be <br />expected to result from the proposed described redevelopment or <br />rehabilitation; <br />D. That the estimate of the annual salaries of those individuals who will be <br />employed of whose employment will be retained by the Petitioner can be <br />reasonably expected to result from the proposed redevelopment or <br />rehabilitation; <br />E. That the other benefits about which information was requested are benefits <br />that can be reasonably expected to result from the proposed described <br />redevelopment or rehabilitation; and <br />F. That the totality of benefits is sufficient to justify the requested deduction, <br />all of which satisfy the requirements of Indiana Code 6- 1.1- 12.1 -3. <br />SECTION III. The Common Council hereby determines and finds that the proposed <br />described redevelopment or rehabilitation can be reasonably expected to yield benefits identified <br />in the Statement of Benefits set forth as Sections I through II of the Petitioner for Real Property <br />Tax Abatement Consideration and that the Statement of Benefits form prescribed by the State <br />Board of Accounts are sufficient to justify the deduction granted under Indiana Code 6- 1.1 -12.1- <br />3. <br />SECTION IV. The Common Council hereby accepts the report and recommendation of <br />