06-23-97 Council Meeting Minutes

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REGULAR MINUTES JUNE 23, 1997 CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 130 S. MAIN, AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN (10) YEAR REAL PROPERTY TAX ABATEMENT FOR TRAMMELL CROW MW,L.L.C. WHEREAS, a petition for real property tax abatement has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana requesting that the area commonly known as 130 S. Main, South Bend, Indiana, and which is more particularly described as follows: All of lots Numbered Thirty (30), Twenty -nine (29) and Twenty - eight (28), the South 38 feet of Lot numbered Twenty -seven (27) of the Original Plat of the town now (now City) of South Bend, St. Joseph County, Indiana, and All of lots Numbered Thirty -one (31), Thirty -two (32), and Thirty -three (33) and Thirty -four (34) of the Original Plat of the town (now City) of South Bend, St. Joseph County, Indiana, and A 14 foot wide alley, running North and South which lies between Lots 27 to 30 and Lots 31 to 34 in the Original Plat of the town (now City) of South Bend; ALSO the 14 foot wide alley running East and West lying between Lots 33 t o 34 and Lots 27 to 28 in the Original Plat of the town (now City) of South Bend. and which has Key Number 18- 3006 -0188 through 18- 3006 -0205 and 18- 3006 -0205 through 18- 3006 -0215, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1-1 et. seq. and South Bend Municipal Code Sections 2 -76 Et Seq. Whereas, the Department of Economic Development has concluded an investigation and prepared a report with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6 -1.1- 12.1 -1, et seq., and South Bend Municipal Code Sections 2- 76, et seq., and has further prepared maps and plats showing the boundaries and such other information regarding the area in question as required by law; and Whereas, the Human Resources and Economic Development Committee of the Common Council has reviewed said report and recommended to the Common Council that the area qualifies as an Economic Revitalization Area. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby determines and finds that the Petition for Real Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of Indiana Code 6 -1.1- 12.1 -1 et seq., and qualifies under the relevant provisions of South Bend Municipal Code Sections 2 -76 et seq., for tax abatement. SECTION II. The Common Council hereby determines and finds the following: A. That the description of the proposed redevelopment or rehabilitation meets the applicable standards for such development. B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; C. That the estimate of the number of individuals who will