12-13-93 Counicl Meeting Minutes

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Excepting therefrom the following described parcel, beginning in the southwesterly line of Portage Avenue in the City of South Bend, at a point south 37 degrees 48 minutes East 197.0 feet from the intersection of the south line of Elwood Avenue with the southwesterly line of said Portage Avenue running thence south 37 degrees 48 minutes east along said southwesterly line of said Portage Avenue, 152.0 feet to a point 39.5 feet, measured at right angles from the northwesterly right -of -way line of the Chicago, Indiana & Southern Railroad; thence south 37 degrees 20 minutes west 103.6 feet on the long chord of a curve to the left, which curve is parallel to and at all points 39.5 feet distant from he said northeasterly right -of -way line of said Chicago, Indiana & Southern Railroad; thence north 37 degrees 48 minutes west 178.65 feet; thence north 52 degrees 12 minutes east 100 feet to the place of beginning. Also excepting therefrom the following described parcel, beginning at the intersection of the westerly line of Portage Avenue and the south line of Elwood Avenue in the City of South Bend, indiana, thence southeasterly along the easterly line of Portage Avenue 112 feet; thence angle southwesterly 90 degrees a distance of 80 feet; thence northwesterly parallel with the westerly line of Portage Avenue, 123.75 feet; thence north 39.57 feet, to the south line of Elwood Avenue, said point being 70.4 feet west of the intersection of said Elwood Avenue and Portage Avenue; thence East along the South line of Elwood Avenue 70.4 feet to the place of beginning. and which has Key Number 18 1094 3941 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, Indian, 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. 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 be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment or rehabilitation; E. That the other benefits about which that can be reasonably expected to redevelopment or rehabilitation; and information was requested are benefits result from the proposed described 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. G. That the area is located in an Economic Development Target Area designated as such under Indiana Code 6 -1.1- 12.1 -7. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits set forth as Sections I through II of 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 IV. The Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committee that the area herein described be designated an Economic Revitalization Area and hereby adopts a Resolution designating this area as an Economic Revitalization Area for purposes of real property tax abatement. SECTION V. The designation as an Economic Revitalization Area shall be limited to Two (2) calendar years from the date of the adoption of this Resolution by the Common