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REGULAR MINUTES APRIL 27,1998 <br />x <br />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 of <br />South Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds that the <br />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 />sea., 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 />is reasonable for projects of this nature; <br />G. That the other benefits about which information was <br />requested are benefits that can be reasonably expected to result <br />from the proposed described redevelopment; and <br />SECTION III. The Common Council also hereby determines and finds <br />the following: <br />A. That the description of the proposed redevelopment meets <br />the applicable standards for such development. <br />B. That the estimate of the value of the redevelopment is <br />reasonable for projects of this nature; <br />C. That the other benefits about which information was <br />requested are benefits that can be reasonably expected to result <br />from the proposed described redevelopment; and <br />D. That the totality of benefits is sufficient to justify the <br />requested deduction, all of which satisfy the requirements of <br />Indiana Code 6- 1.1 -12 -3. <br />E. The deduction will not be allowed unless the dwelling is <br />rehabilitated to meet local code standards for habitability. <br />F. The deduction will not be allowed unless the dwelling <br />rehabilitation is completed within five (5) years from the date of <br />the adoption of this Resolution by the Common Council. <br />SECTION IV. The Common Council hereby confirms its Declaratory <br />Resolution designating the areas described herein as Residentially <br />Distressed Areas for the purposes of tax abatement. Such <br />designation is for Real property tax abatement only and is limited <br />to five (5) calendar years from the date of adoption of the <br />Declaratory Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property <br />owner is qualified for and is granted Real property tax deduction <br />