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REGULAR MEETING APRIL 13, 1998 <br />PURPOSES OF A FIVE (5) YEAR RESIDENTIAL <br />REAL PROPERTY TAX ABATEMENT FOR SFI /LDI <br />PARTNERSHIP <br />WHEREAS, the Common Council of the City of South Bend, Indiana, <br />has adopted a Declaratory Resolution designating certain areas <br />within the City as Residentially Distressed Areas for the purpose <br />of tax abatement consideration; and <br />WHEREAS, a Declaratory Resolution designated the areas commonly <br />known as Lots #4, 5, 5a, 11, 12, 12a, 13, 13a, 14, 15 AND 16 - <br />Southfield Subdivision Section 1A, South Bend, Indiana, and which <br />are more particularly described as follows: <br />Street Address Legal Description Kev Number <br />6304 <br />Cedar <br />court <br />Lot <br />#4 Southfield Subdivision Section <br />la 23 -1037- <br />2073* <br />6303 <br />Cedar <br />Court <br />Lot <br />#5 Southfield Subdivision Section <br />la <br />301 <br />Cedar Court <br />Lot <br />#5a Southfield Subdivision Section <br />la <br />6306 <br />Maple <br />Court <br />Lot <br />#11 Southfield Subdivision section <br />la <br />6304 <br />Maple <br />Court <br />Lot <br />#12 Southfield Subdivision section <br />la <br />6302 <br />Maple <br />Court <br />Lot <br />#12a Southfield Subdivision section la <br />6301 <br />Maple <br />court <br />Lot <br />#13 Southfield Subdivision 'Section <br />la <br />6303 <br />Maple <br />Court <br />Lot <br />#13a Southfield Subdivision section la <br />6305 <br />Maple <br />Court <br />Lot <br />#14 Southfield Subdivision Section <br />la <br />6307 <br />Maple <br />Court <br />Lot <br />#15 Southfield Subdivision Section <br />la <br />6309 <br />Maple <br />Court <br />Lot <br />#16 Southfield Subdivision Section <br />la <br />(* - the master key number s currently being split and separate key numbers will be assigned to <br />each of the above lots) <br />as Residentially Distressed Areas; and <br />WHEREAS, notice of the adoption of a Declaratory Resolution and <br />the public hearing before the Council has been published pursuant <br />to Indiana Code 6 -1.1- 12.1 -2.5; and <br />WHEREAS, the Council held a public hearing for the purposes of <br />hearing all remonstrances and objections from interested persons; <br />and <br />WHEREAS, the Council has determined that the qualifications for a <br />residentially distressed areas have been met. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City <br />of South Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds that <br />the petition for real property tax abatement and the Statement of <br />Benefits form meet the requirements of Indiana Code 6 -1.1 -12.1 et <br />seq., for tax abatement. <br />SECTION II. The Common Council hereby determines and finds the <br />following: <br />A. A significant number of dwelling units within the <br />areas are not permanently occupied or a significant number of <br />parcels in the areas are vacant land; <br />B. A significant number of dwelling units in the areas <br />are: <br />i. the subject of an order issued under IC36 -7 -9; or <br />ii. evidencing significant building deficiencies; <br />C. The Areas have experienced a new loss in the number <br />of dwelling units, as documented by census information, local <br />building and demolition permits, or certificates of occupancy, or <br />the areas are owned by Indiana or the United States. <br />D. The areas (plus any areas previously designated) do <br />not exceed ten percent (10 %) of the total area within the <br />designating body's jurisdiction. <br />E. That the description of the proposed redevelopment <br />meets the applicable standards for such development. <br />F. That the estimate of the value of the redevelopment <br />