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REGULAR MEETING JUNE 24, 1996 <br />SECTION I. The Common Council hereby determines and finds <br />that the petition for Real Property Tax Abatement and the <br />Statement of Benefits form completed by the Petitioner meet the <br />requirements of Indiana Code 6 -1.1- 12.1 -1 et sea., and qualifies <br />under the relevant provisions of South Bend Municipal Code <br />Sections 2 -76 et sea., for tax abatement. <br />- SECTION II. The Common Council hereby determines and finds <br />the following: <br />A. That the description of the proposed redevelopment or <br />rehabilitation meets the applicable standards for such <br />development. <br />B. That the estimate of the value of the redevelopment or <br />rehabilitation is reasonable for projects of this nature; <br />C. That the estimate of the number of individuals who will <br />be employed or whose employment will be retained by the <br />Petitioner can reasonably be expected to result from the proposed <br />described redevelopment or rehabilitation; <br />D. That the estimate of the annual salaries of those <br />individuals who will be employed or whose employment will be <br />retained by the Petitioner can be reasonably expected to result <br />from the proposed redevelopment or rehabilitation; <br />E. 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 or rehabilitation; and <br />F. 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- 12.1 -3. <br />SECTION III. The Common Council hereby determines and finds <br />that the proposed described redevelopment or rehabilitation can <br />be reasonably expected to yield benefits identified in the <br />Statement of Benefits set forth as Sections I through II of the <br />petition for Real Property Tax Abatement Consideration and that <br />the Statement of Benefits form prescribed by the State Board of <br />Accounts are sufficient to justify the deduction granted under <br />Indiana Code 6- 1.1- 12.1 -3. <br />SECTION IV. The Common Council hereby accepts the report <br />and recommendation of the Human Resources and Economic <br />Development Committee that the area herein described be <br />designated an Economic Revitalization Area and hereby adopts a <br />Resolution designating this area as an Economic Revitalization <br />Area for purposes of real property tax abatement. <br />SECTION V. The designation as an Economic Revitalization <br />Area shall be limited to two (2) calendar years from the date of <br />the adoption of this Resolution by the Common Council. <br />SECTION VI. The Common Council hereby determines that the <br />property owner is qualified for and is granted property tax <br />deduction for a period of three (3) years. <br />SECTION VII. The Common Council directs the City Clerk to <br />cause notice of the adoption of this Declaratory Resolution for <br />Real Property Tax Abatement to be published pursuant to Indiana <br />Code 5 -3 -1 and Indiana Code 6 -1.1- 12.1 -2.5, said publication <br />providing notice of the public hearing before the Common council <br />on the proposed confirming of said declaration. <br />SECTION VII. This Resolution shall be in full force and <br />effect from and after its adoption by the Common Council and <br />approval by the Mayor. <br />Is/ ROLAND KELLY <br />