07-27-98 Council Meeting Minutes

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REGULAR MEETING JULY 27, 1998 rehabilitated to meet local code standards for habitability. B. The deduction will not be allowed unless the dwelling rehabilitation is completed within five (5) calendar years from the date of the adoption of this Resolution by the Common Council. C. That the description of the proposed redevelopment meets the applicable standards for such development. D. That the estimate of the value of the redevelopment is reasonable for projects of this nature; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment; 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 IV. The Common Council hereby determines and finds that the proposed described redevelopment can be reasonably expected to yield benefits identified in the Statement of Benefits and 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 V. The Common Council hereby accepts the report and recommendation of the Community and Economic Development Committee that the areas herein described be designated as Residentially Distressed Areas and hereby adopts a Resolution designating these areas as Residentially Distressed Areas for purposes of real property tax abatement. SECTION VI. The designation as a Residentially Distressed Areas shall be limited to five (5) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VII. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of five (5) years. SECTION VIII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code 5 -3 -1 and Indiana Code 6 -1.1- 12.1 -2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION IX. Pursuant to Indiana Code 6 -1.1- 12.1 -2, the rehabilitation must meet all local code standards for habitability as a specific condition of having such properties be designated as residentially distressed areas. SECTION X. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. Is/ Sean Coleman Member of the Common Council A public hearing was held on the resolution at this time. Council Member Kelly reported that the Community and Economic Development Committee had met on this resolution and recommended it to Council favorable. Tom Ford, president of Value Plus made the presentation for the resolution. He urged the Council to approve these abatements for inner -city affordable housing. Council Member Hosinski made a motion to adopt this resolution, seconded by Council Member Pfeifer. The resolution was adopted by a roll call vote of nine ayes. RESOLUTION NO. 2661 -98 A RESOLUTION AUTHORIZING THE TEMPORARY TRANSFER OF IDLE FUNDS OF THE CITY OF