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REGULAR MEETING <br />AUGUST 10. 1998 <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 <br />the 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 <br />of 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 <br />Residentially Distressed Areas for the purposes of tax abatement. <br />Such designation is for Real property tax abatement only and is <br />limited to five (5) calendar years from the date of adoption of <br />the Declaratory Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the <br />property owner is qualified for and is granted Real property <br />tax deduction for a period of five (5) years, and further <br />determines that the petition complies with Chapter 2, Article 6, <br />of the Municipal Code of the City of South Bend and Indiana Code <br />6 -1.1 -12.1 et sea. <br />SECTION VI. 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. Peter <br />Barberino, 20200 Jewell, made the presentation for the <br />resolution. He advised there are twenty -nine lots in this <br />development that are eligible for tax abatement. He advised that <br />tax abatement was important of the City of South Bend as it <br />attracts citizens back to the City. Council Member Hosinski made <br />a motion to adopt this resolution, seconded by Council Member <br />Aranowski. The resolution was adopted by a roll call vote of <br />eight ayes. <br />RESOLUTION NO. 2664 -98 A RESOLUTION CONFIRMING THE ADOPTION OF <br />A DECLARATORY RESOLUTION DESIGNATING <br />CERTAIN AREAS WITHIN THE CITY OF SOUTH <br />BEND, INDIANA, COMMONLY KNOWN AS 2918 <br />AND 2924 ELWOOD, 2516 BERGAN STREET, <br />2005 AND 2045 MEADE STREET, AND 1350 <br />BISSELL RESIDENTIALLY DISTRESSED AREAS <br />FOR PURPOSES OF A FIVE (5) YEAR <br />RESIDENTIAL REAL PROPERTY TAX ABATEMENT <br />FOR VALUE PLUS CONSTRUCTION, INC. <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 />1I <br />I- <br />I <br />