08-10-98 Council Meeting Minutes

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REGULAR MEETING AUGUST 10. 1998 the applicable standards for such development. B. That the estimate of the value of the redevelopment is reasonable for projects of this nature; C. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment; and D. 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 -3. E. The deduction will not be allowed unless the dwelling is rehabilitated to meet local code standards for habitability. F. The deduction will not be allowed unless the dwelling rehabilitation is completed within five (5) years from the date of the adoption of this Resolution by the Common Council. SECTION IV. The Common Council hereby confirms its Declaratory Resolution designating the areas described herein as Residentially Distressed Areas for the purposes of tax abatement. Such designation is for Real property tax abatement only and is limited to five (5) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION V. The Common Council hereby determines that the property owner is qualified for and is granted Real property tax deduction for a period of five (5) years, and further determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6 -1.1 -12.1 et sea. SECTION VI. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. /s/ Sean Coleman Member of the Common Council A public hearing was held on the resolution at this time. Tom Ford, president of Value Plus, made the presentation for the resolution. He urged the Council to approve this request for tax abatement. Council Member Hosinski made a motion to adopt this resolution, seconded by Council Member Ujdak. The resolution was adopted by a roll call vote of eight ayes. BILLS, FIRST READING BILL NO. 59 -98 A BILL AUTHORIZING THE ISSUANCE AND SALE OF AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000) OF CITY OF SOUTH BEND, INDIANA VARIABLE RATE ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1998 (SGW REALTY LLC PROJECT); DESIGNATING THE BONDS AS LIMITED OBLIGATIONS OF THE CITY; APPROVING THE FORM OF, AND AUTHORIZING THE EXECUTION AND DELIVERY OF, THE TRUST INDENTURE, LOAN AGREEMENT AND OTHER DOCUMENTS RELATED TO THE ISSUANCE AND SALE OF THE BONDS; AND AUTHORIZING PROPER OFFICERS TO DO ALL OTHER THINGS DEEMED NECESSARY OR ADVISABLE IN CONNECTION THEREWITH AND APPROVING AND AUTHORIZING OTHER ACTIONS IN RESPECT THERETO This bill had first reading. Council Member Kelly made a motion to refer this bill to the Community and Economic Development Committee and set it for public hearing and third reading on August 24, seconded by Council Member Pfeifer. The motion carried. BILL NO. 60 -98 A BILL AMENDING AND SUPPLEMENTING ORDINANCE NO. 4990 -68, AS AMENDED OF THE ORDINANCES OF THE CITY OF SOUTH BEND, INDIANA, FOR 712 NORTH NILES AVENUE, SOUTH BEND, INDIANA FOR MADISON CENTER, INC. 1 1