08-10-92 Council Meeting Minutes

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eD 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 be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment of rehabilitation: D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed redevelopment or rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. That the totality of benefits is sufficient to justify the deduction, all of which satisfy the requirements of I.C. 6 -1.1- 12.1 -3. 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 Section 6 -1.1- 12.1 -3 of the Indiana Code. 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 purposed 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 Council. Section VI. The Common pursuant to Section 2 -84 of the South Bend Municipal Code finds that ten (10) years is a proper designation in light of the following: (1) 100% of he units will be rented to low income families; (2) $3,450,000 in hard dollar costs is 80% of the $4,000,000 guideline for a six (6) year abatement; and (3) The project would be an integral part of the neighborhood's larger revitalization plan and the City's redevelopment plan for the area. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of ten (10) years. Section VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. Section VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. /s/ Stephen Luecke Member of the Common Council A public hearing was held on the resolution at this time. Council Member Kelly reported that the Human Resources Committee had met on this bill and recommended it to the Council favorable. Council Member Coleman made a motion to amend the bill, as on file with the City Clerk, seconded by Council Member Washington. The motion carried. Ann Mannix, South Bend Heritage, indicated they planned to construct 22 duplex and 7 triplex buildings, containing 65 apartments for rent to low income families. Council Member Washington made a motion to adopt this resolution, seconded by Council Member Duda. The resolution was adopted by a roll call vote of nine ayes. BILLS. FIRST READING BILL NO. 63 -92 A BILL AMENDING THE ZONING ORDINANCE FOR PROPERTY LOCATED AT 702 LINCOLNWAY EAST IN THE CITY OF SOUTH BEND, INDIANA. This bill had first reading. Council Member Coleman made a motion to refer this to Area Plan, seconded by Council Member Washington. The motion carried. BILL NO. 64 -92 A BILL TO VACATE THE FOLLOWING DESCRIBED PROPERTY: THE ALLEY TO BE VACATED IS DESCRIBED AS THE FIRST NORTH -SOUTH ALLEY EAST OF S.