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REGULAR MEETING <br />MARCH 12,1998 <br />result from the proposed redevelopment or rehabilitation: <br />E. That the other benefits about which information was <br />requested are benefits that can be reasonably expected to <br />result from the proposed described redevelopment or <br />rehabilitation; and <br />F. That the totality of benefits is sufficient to justify <br />the requested deduction, all of which satisfy the <br />requirements of Indiana Code 6- 1.1- 12.1 -3. <br />SECTION III. The Common Council hereby determines and finds that <br />the proposed described redevelopment or rehabilitation can be <br />reasonably expected to yield benefits identified in the Statement <br />of Benefits set forth as Sections I through II of the Petition <br />for Real Property Tax Abatement Consideration and that the <br />Statement of Benefits form prescribed by the State Board of <br />Accounts are sufficient to justify the deduction granted under <br />Indiana Code 6 -1.1- 12.1 -3. <br />SECTION IV. The Common Council hereby accepts the report and <br />recommendation of the Human Resources and Economic Development <br />Committee that the area herein described be designated an <br />Economic Revitalization Area and hereby adopts a Resolution <br />designating this area as an Economic Revitalization Area for <br />purposes of real property tax abatement. <br />SECTION V. The designation as an Economic Revitalization Area <br />shall be limited to two (2) calendar years from the date of the <br />adoption of this Resolution by the Common Council. <br />SECTION VI. The Common Council pursuant <br />South Bend Municipal Code finds that six <br />designation in light of the following: <br />1. The enormous risk the petitioner <br />this type of development. <br />2. The additional costs associated <br />development. <br />to Section 2 -84 of the <br />(6) years is a proper <br />takes associated with <br />with this particular <br />3. The huge overall cost of the development, which is <br />expected to exceed $10 million. <br />The Common Council hereby determines that the property owner is <br />qualified for and is granted property tax deduction for a period <br />of six (6) years. <br />SECTION VII. The Common Council directs the City Clerk to cause <br />notice of the adoption of this Declaratory Resolution for Real <br />Property Tax Abatement to be published pursuant to Indiana Code <br />5 -3 -1 and Indiana Code 6 -1.1- 12.1 -2.5, said publication providing <br />notice of the public hearing before the Common Council on the <br />proposed confirming of said declaration. <br />SECTION VIII. This Resolution shall be in full force and effect <br />from and after its adoption by the Common Council and approval by <br />the Mayor. <br />/s/ Sean Coleman <br />Member of the Common Council <br />A public hearing was held on the resolution at this time. <br />Council Member Kelly reported that the Community and Economic <br />Development Committee had met on this bill and recommended it to <br />the Council favorable. Christopher Davey, a real estate broker, <br />made the presentation for the resolution. He advised they were <br />interested in development of three "spec" buildings in the <br />industrial park. He informed the Council that this venture will <br />represent an investment of approximately $9 million, and create <br />450 to 500 new jobs. He explained that there is not an abundance <br />of space available in this area. He indicated they were asking <br />for a special exception in order to construction buildings on <br />"spec ". Roger Voelker, 1713 Franklin indicated there were <br />concerns because they were constructing buildings and giving <br />1 <br />1 <br />