03-12-98 Council Meeting minutes

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REGULAR MEETING MARCH 12,1998 rehabilitation is reasonable for projects of this nature; C. That the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment or rehabilitation; D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed redevelopment or rehabilitation: E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. 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. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits set forth as Sections I through II of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Indiana Code 6 -1.1- 12.1 -3. SECTION IV. The Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committee that the area herein described be designated an Economic Revitalization Area and hereby adopts a Resolution designating this area as an Economic Revitalization Area for purposes of real property tax abatement. SECTION V. The designation as an Economic Revitalization Area shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VI. The Common Council pursuant South Bend Municipal Code finds that six designation in light of the following: 1. The enormous risk the petitioner this type of development. 2. The additional costs associated development. to Section 2 -84 of the (6) years is a proper takes associated with with this particular 3. The huge overall cost of the development, which is expected to exceed $10 million. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of ten (10) years. SECTION VII. The Common Council further exercises its authority to waive certain compliance requirements of Indian Code 6 -1.1- 12.1-1 et seq., as permitted by Indiana Code 6 -1.1- 12.1- 11.3(c), to the extent necessary to give effect to this Resolution, with such waiver taking place after public hearing. Without limiting the general scope of this waiver, the Common Council hereby approves Form SB -1 Statement of Benefits and specifically waives the Petitioner's failure to submit said Statement of Benefits to the Common Council before initiating the redevelopment project, in accordance with Indiana Code 6 -1.1- 12.1- 11.3(a)(2). The Common Council further funds that each of the additional findings required pursuant to Indiana Code 6 -1.1- 12.1 -2 have been met, and that the property located at Lot #8 West Cleveland Road Industrial Park (4101 William Richardson Drive) is declared an Economic Revitalization Area. 1 1